Sol (5)

...of Anatoly Yakovenko.

Anatoly Yakovenko

CEO at Solana Labs

The brain behind the innovation.

The Man! The Myth! The Legend!

An internet personality, widely know for his contributions in the creation of early operating systems at Qualcomm.

Also worked as an engineer at Dropbox and Mesosphere.

Once he planned starting a cryptocurrency mining booth, but was made to wait 6-months later than he expected.

Had a wavering curiousity for cryptocurrency until the BTC mining incident, that waver beame voracious 🔥

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So Why Solana?

It was 2017, when Solana was born.

I will not bore you...

1. To increase the rapidity of Blockchain transactions

2. To increase adoption by smart contract developers.

3. Cutting cost off

4. To ensure a greener environment

Solana statistics

You may be perturbed to know that $Sol was launched at March 2020 at about $0.95 and it's highest attained ATH is about $260.

The price sits at $141 as of the time of this documentation

Market cap. $65,412,631,478

Max supply infinity

Fully diluted market cap $81,942,324,355

Total Supply 579,070,743 Sol

From CoinMarketCap

What about the maximum supply?

Your mind should wonder why Sol is high despite the fact that it has no upper limits dor its maximum supply?

There's a novel technique used by the Solana team to combat inflation rate of Sol, with this technique as documented by CoinTelegraph () Sol inflationary rate sits at 8% currently with prospects of decreasing by 15% every year till year 2031 when it comes to 1.5 %, a stable long term inflationary rate.

Consensus

Solana uses the PoS Consensus mechanism dubbed with PoH.

PoH in itself is not a Consensus mechanism but an invention by Anatoly Yakovenko to help ensure faster block confirmation time , thus, ensuring transactions are done as fast as possible.

Solana boasts of TPS reaching 65,000 transactions per second.

However, I believe this is theoretical

Currently, the TPS of Solana stands at about over 1000 transactions per second

PoS, Proof of Stake

Solana, Ton amongst others are notable Blockchains we've looked at that make use of this Consensus mechanism.

PoS is a Consensus that demands staking of some tokens (native to that particular crypto Blockchain) in other to be able to run a validator node and validate transactions in the Blockchain. Now this is where PoH comes in.

It may interest you to know that when new blocks are created, they include a timestamp to show the particular time that very Blockchain was created.

Believe you me when I tell you that PoH is not as simple as it may look.

The technicalities is one of its kind.

However, basically, PoH allows for faster block confirmation time.

Most times there'd be a great workload on the Blockchain and different validators will be validating different transactions.

Transactions cannot be added anyhow to the chain of blocks, it has to be added in the order in which it was confirmed.

When a particular validator confirms a transaction he'll need to add it to the the transaction list which all validator will confirm to be following in the order that they were confirmed, when this order is confirmed....next slide

...., this list will be added as a block to the chain of blocks.

The question is : "How will I know that I completed confirmation for this transactions before this particular validator's confirmed transaction?" Or "how will I know this transaction was completed before this other one?"

This is what PoH helps Solana do.

For each transaction, a timestamp in the form of a hash is given. This hash is created by the hash function SHA256 which is notable to be a one-way hash function ie an input gives a 64 stringed output, if you input the same output it gives another different 64 stringed output.

With this method, a validator does not need to gossip with other validators to find out the expected order of the transaction.

I kinda asked myself, what's the point of all these cryptic things?

Why not record the exact time in yr:mm:dd:hr:mn:ss (year, month, day, hour, minute, second)?

But then, validators are in different countries and different time zones so that will be practically impossible and if possible, way cumbersome.

My brain 😂😂😂

In fact, just understand that PoH helps to ensure faster transactions in Solana Blockchain.

Thank you for reading