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What is Solana’s Proof of History?
Yakovenko and the Solana team found a way to utilize that method in a blockchain-based system by using a similar mechanism to the nLocktime feature that can be found in the original blockchain protocol – Bitcoin. NLocktime allows for postdate transactions using block height instead of timestamps. As it turns out, this is a cryptographically-secure way to show that time has passed.
The same principle is used to power Solana’s key innovation – the novel Proof of History algorithm. However, the Solana team has refined the approach by using a much more granular verifiable delay function, a SHA 256 hash chain, which is used to checkpoint the Solana ledger and coordinate consensus. Essentially, this method assigns a cryptographic clock to every transaction.
According to Solana, thanks to this method, the protocol could theoretically reach 710,000 transactions per second, or the theoretical limit of a 1GB centralized network.
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What are Solana’s Ups and downs?
Solana’s impressive performance in terms of transaction throughput and cost effectiveness has allowed the protocol to emerge as one of the most prominent players in the DLT space. The recent boom of Solana-based NFTs and the rise of NFT marketplaces like Solanart has shown that the platform is ca...
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What is Solana’s Proof of Stake?
In addition to Proof of History, Solana utilizes a Proof of Stake algorithm which lets users stake tokens to help secure the Solana network. The protocol uses a delegated stake model, which sees users delegating their tokens to established network validators. This is a shared-risk, shared-reward ...
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Even though Solana is a relative newcomer to the blockchain space, the protocol has already established itself as one of the most prominent blockchain projects out there. The rising popularity of NFT marketplaces running on Solana ha...
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What is Solana’s Programmability?
For starters, smart contracts in Solana are called programs and are stateless. This means that, unlike Ethereum smart contracts which contain both the program logic and state, Solana programs contain only the logic and are deployed on-chain in a ‘read-only’ mode. Once deployed, the programs can b...
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Every Solana dApp consists of two parts: a blockchain-based program (or set of programs) and a web application through which users can interact with the blockchain code. The blockchain program is deployed directly to a Solana cluster and users can then send instructions to the program via transac...
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Architecture
At the heart of the protocol’s architecture lies the Solana cluster – a set of validators working together to serve client transactions and maintain a ledger. At any given moment, a cluster has a leader, with the role being in rotation among all validators participating in that cluster. The clust...
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