Anatoly Yakovenko, founder of Solana, in 2017 published a draft about a new technique called Proof of History. He claimed that this new technique would allow simple synchronization, making the network blazing fast.
Solana is an open-source project that allows a high-performance, public blockchain, and proportional bandwidth allocation through removing performance bottlenecks. A set of computers that work as a single system, known as clusters, run the network. Solana is a revolutionary innovation. In the following, we will talk more about this particular cryptocurrency.
How Does Solana Work?
Speed and scalability are two of the most exciting features of this unique cryptocurrency. Now it claims a throughput of 50,000 TPS and block times as low as 400 ms, making it an ideal blockchain for decentralized financial affairs and trades and arguably the fastest blockchain.
This cryptocurrency enjoys a centralized database with self-replication capability. It can maintain high availability without reducing the transaction rate utilizing a technique known as Optimistic Concurrency Control.
Algorithms in this method produce a globally synchronous process. Every process does the same thing at (approximately) the same time. Still, the ones based upon timeout make a traditional distributed algorithm in which the methods do not operate synchronously.
Therefore, our method uses a kernel that performs the necessary synchronization and guarantees that two different processes do not modify a file simultaneously.
Besides that, we can mention the Proof of Stake (PoS) consensus system as one of Solana’s key features. This system enables distributed networks to get consensus despite attacks from malicious nodes known as Practical Byzantine Fault Tolerance (PBFT).
This system combines Proof-of-Stake with Proof-of-History (PoH), which records the previous events on the blockchain, of what happened and when for permanent reference. Do you want to know how to but the king of this market?
8 Core Innovations of Solana
The Solana team developed eight key technologies to create a decentralized, permissionless network according to the performance of a single node.
These innovations are centered upon the circulation of information in a network and aim to change this cryptocurrency to the first fast network for data transfer. These eight key innovations are as follow:
Proof of History (PoH): To get a more decentralized blockchain
Tower BFT: To improve network consensus and decrease the time and cost of many node communication and transaction delays.
This feature reduces transaction confirmation time and makes a more straightforward block verification process.
It is an engine for highly parallel transaction processing
Pipeline or assembly line: It is a transaction processing module for optimizing the verification function
This cloud storage can achieve simultaneous parallel data reading and writing of the whole network.
This feature helps solve the problem of bandwidth limitation, and increase its overall capacity, to have a faster transaction.
A distributed ledger storage helps to ensure that the data stored in these nodes is correct.