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The differences between Web 2.0 and Web 3.0
The future of the internet
Understanding the potential of Web 3.0
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 model that incentivizes token holders to have their tokens delegated for long periods of time.
At the same time, the goal of a validator is to get more people to delegate tokens because the delegated stake size determines how often a validator is chosen to write new transactions to the ledger. In addition, similarly to other PoS protocols, Solana employs a slashing mechanism – which removes and destroys tokens from a stake – to penalize malicious behavior, which creates a financial incentive for validators to perform their duties diligently.
Validators also charge delegators with a commission fee, which is calculated as a percentage of rewards earned. This fee is meant to cover the costs validators incur when running and maintaining their systems. And since validators always look to attract more deligators, this encourages them to compete on fees – naturally, validators who offer lower fees for their services are more attractive.
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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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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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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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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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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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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....
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Polygon validators periodically perform checkpoints against the Ethereum main chain, as a mechanism to settle any transaction disputes that occur on the sidechain through cryptographic proof.
Similar to Proof-of-work, Proof-of-Stake is a consensus mechanism which underpins security of the blockchain by preventing doubles...
The Terra blockchain is secured using a proof-of-stake consensus algorithm based on Tendermint, in which LUNA token holders stake their tokens as collateral to validate transactions, receiving rewards in proportion to the amount of LUNA staked. Token holders may ...
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