What is Solana: Cryptocurrency Universe Guide Part Three


Solana is an open-source project that implements a blockchain that does not need high performance and permits. If the operations are not more than 176 bytes, a central database is possible to perform 710,000 operations per second in a standard Gigabit network. A centralized database at the same time, optimistic concurrency control (Optimistic Concurrency Control), using the distributed system technique known as the Optimistic Concurrency Control, can reproduce itself without compromising significantly and maintain high availability.


The most striking difference between the algorithms obtained by Solana is that the use of timeout is producing a traditional distributed algorithm that which the processes work asynchronously, Solana produces a globally synchronized algorithm that which each transaction does the same thing.


Although the Solana appears to operate independently to work independently and fulfill different functions, a distributed system is a single system, the processes must be synchronized in a way.


Conceptually the easiest way to synchronize processes is to enable them to do the same thing at the same time. Therefore, the Solana is used to apply a core that performs the required synchronization. Transactions can spend only a small part of their time carrying out the synchronization core; They can also work independently for the rest of the time. Examples of this can be given to access different files. This is an advocate approach even when error tolerance is not required.


What is the Solana? 

The Solana is known as a highly functional open source project based on blockchain technology to provide non-center finance (Decentralized Finance) solutions. In 2017, the project relevant to the project, the Solana was officially initially launched in March 2020 by the Solana Foundation in Central Switzerland's Geneva city.


The Solana protocol is designed to facilitate creating the non-central application (decentralized applications). The proof of shares underlying the blockchain (Proof Of Stake) consensus aims to improve the scalability by offering the consensus of the consensus. Due to the innovative hybrid consensus model, Solana is interested in both small-scale trading individuals and institutional-selling institutions. A significant focus for the Solana Foundation is to make non-central financing accessible on a larger scale.


The left is called the name of the local token of Solana, which can be transmitted to the nodes in the Solana set to the nodes on the chain of a chain. The system can perform micropayments of fractional sols called LAMPORT. Left is called the honor of Leslie Lamport, the largest technical effect of Solana. A Lamport has a left value of 0.0000001.


Who are the founders of Solana?

The most important person behind the Solana is known as Anatoly Yakovenkool. Yakovenko has been starting a professional career at Qualcomm and has rapidly risen and has been a senior staff engineer manager in 2015. The way later in professional alive has changed and dropbox has entered a new position as a software engineer. In 2017, Yakovenko has begun to work on a project that will first go to live as "Solana". Qualcomm Colleague Greg Fitzgeraldile has established a project called Solana Labs. In this process, the solan protocol and left token of several former Qualcomm colleagues were presented to the public in 2020.


A few quick facts:

  • Solana is a proof-of-stake cryptocurrency that supports smart contracts such as DeFi dApps and NFTs.
  • Solana has a theoretical throughput of 65,000 transactions per second and charges next to nothing.
  • The development in the DeFi and NFT spaces has sent Ethereum costs sky high, prompting crypto consumers to look for alternatives like Solana.
  • Solana has sparked debate in the crypto community, with critics claiming that its transaction speed is only achievable because the chain has compromised decentralization.


What makes Solana different?

In the manner consensus is formed among the nodes, Solana differs from other blockchains. While proof-of-history has its advantages, some people are concerned about Solana's voting process and whether it leads to centralization.


In Solana, nodes must vote on the legality of blocks and transactions before they may join the chain. Nodes communicate their votes to the leader, who is then in charge of collecting the votes and signing off on the block. Validators are chosen through proof-of-stake on a standard blockchain. They then generate the next block of transactions and disseminate it to the rest of the network's nodes.


The process continues until a majority of nodes agree on a single new chain version. While time-consuming, allowing nodes to reach an agreement without the need for an intermediary to count votes has been at the heart of decentralized blockchains since the inception of Bitcoin.


How is the Solana network protected?

The Solana rely on the unique combination of consensus mechanisms of the past proof (Proof of History) and Proof of History) and Share evidence (Proof Stake). Since it is responsible for a large part of the transactions, past evidence is considered the main component of the Solana protocol. 


POH provides the unreliable nature of the blockchain by saving successful operations and the time between them. The PROOF-OF-STAKE (POS) consensus confirms each block of each block produced by using a monitoring tool for POH processes. The combination of the two consensus mechanisms makes Solana a unique phenomenon in the blockchain industry.


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