SOL is a cryptocurrency native to the Solana blockchain. This makes Solana decentralized, scalable, and secure without compromise. This means that a cluster of nodes (Solana Cluster) could be responsible for hosting a DeFi platform such as Uniswap, and another Solana Cluster could be responsible for processing microtransactions made in Decentraland’s virtual world. The key takeaway about Solana is that it allocates different tasks to different nodes on the network as needed to optimize speed, and all transactions are timestamped to ensure they are correct. Misbehaving nodes see their stakes slashed and the slashed funds are added to block generation rewards.Ī technical overview of Solana’s architecture. While Leader selection is pseudorandom, the amount of SOL you stake also influences your likelihood of becoming a Leader which actually produces blocks. Naturally, the amount of block rewards you get is proportional to the amount of SOL tokens you have staked on the network. In contrast to other PoS cryptocurrencies, there is no minimum stake required to be a node on the Solana blockchain. These nodes validate the transactions using digital timestamps as reference and then rapidly pass on the records to other relevant nodes on the network. While a node occupies a Leader position, they basically cram as many transactions as they can into the four blocks they are producing and show these blocks containing the transactions to the relevant groups of nodes, called Solana Clusters. Leaders rotate every 4 blocks (1.6 seconds). Image via SolanaBeach, Solana’s blockchain explorerįor example, Leaders on Solana are tasked with producing new blocks. SHA256 may sound familiar because it is used in Bitcoin’s Proof of Work consensus mechanism. A new block on Solana is generated every 400ms (compared to Ethereum’s roughly 15 seconds and Bitcoin’s 10 minutes).Without getting into too much detail, the decentralized clock which is used as reference for the timestamps is the SHA256 hash function. PoH involves timestamping transactions when they are added to a Solana block. Rather, it is a component in Solana’s Proof of Stake consensus. Let us start with a term you may have heard if you have looked at the project before: Proof of History (PoH). In addition to being based on similar database technologies used by Google and Microsoft, Solana’s architecture is also inspired by Filecoin, a decentralized data storage cryptocurrency project.ĭisclaimer: Solana is incredibly complex. The Solana team consists of former Qualcomm, Google, Apple, Microsoft, and Dropbox employees. Solana is developed by a company of the same name which is based in San Diego, California. This comes from founder Anatoly Yakovenko’s own experience watching telecommunications technologies almost double in capability every year during his time at Qualcomm. The team at Solana has designed their blockchain with a long-term vision in mind. In contrast to other similar projects such as Polkadot and Ethereum 2.0 (once it is released), Solana is a single blockchain (layer 1) and does not delegate operations to other attached chains (layer 2). This allows Solana to process 50-65 000 transactions per second with a theoretical limit of over 700 00 transactions per second (compared to Bitcoin’s 7 TPS and Ethereum’s 15 TPS). It uses a proof of stake consensus mechanism with a low barrier to entry along with timestamped transactions to maximize efficiency. Solana is a high-performance cryptocurrency blockchain which supports smart contracts and decentralized applications. Solana’s revolutionary whitepaper was quietly published in November 2017. ![]() He knew it was possible to build since Google and Intel had both implemented similar technologies in their own databases, albeit in a centralized manner. ![]() Yakovenko theorized that timestamping transactions would exponentially increase the scalability of a cryptocurrency blockchain without sacrificing its security or decentralization.
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