How Solana solves the time problem in crypto? How Solana is revolutionizing Scalability in a Blockchain?
Table of contents
What is Solana ?
Solana is a fast -growing blockchain with striking similarities to Ethereum. It is a cryptocurrency that was designed to work similarly to and improve upon Ethereum.
It is often referred to as an “Ethereum killer”. Like Ethereum, the SOL token can be purchased on most major exchanges.
The token’s real value is in conducting transactions on the Solana network. Which has unique advantages.
Solana blockchain – How does it work? – The Solana blockchain uses a proof-of-history consensus mechanism . This algorithm uses timestamps to define the next block in Solana’s chain.
Read More Solana Pay – How Does It Work ? 2023
Is Solana a Blockchain?
It is a blockchain platform designed to host decentralized, scalable applications . It can process many more transactions per second . Additionally, it charges lower transaction fees than rival blockchains like Ethereum.
In short, Solana is a public , open-source blockchain. It was built to host a wide array of scalable decentralized applications (dApps). Like the rest of the world’s most popular blockchains ,Solana supports smart contracts.
Other Layer 1 blockchains have to rely on external central clock to timestamp transactions. But this defeats the purpose of decentralization.
But Anatoly Yakovenko solves this problem by building into the blockchain itself. He solves this issue with proof of history method.
So in this post I have tried to explain what is POS & how it solves the time problem which makes the blockchain faster.
So keep reading this post till the end .
Let’s go back in time…
Historically, people used sun to tell time.
But when transport got fast (like trains) ,they made “time zones” to be on the same time and schedule.
Nowadays, things like phones and computers use central clocks to make sure the time is right.
But how do you determine time when there is no single , centralized clock?
Problem in Blockchains :
When you have multiple systems, it’s hard to keep track of time accurately (distributed systems)
In order to process fast transactions ,it is necessary to measure time in small intervals.
Other chains like ETH use external programs to timestamp transactions . Rather than having it built in.
This relying on external programs for timestamp defeats the purpose of decentralization.
Read More Asset Tokenization-Why It Is Important?
Move Quick with time? (1)
Solana solves this externally relying problem by a tech called “Proof of history”
This allows the “timestamp of transactions ” to be built into the blockchain itself.It
This is done through Verifiable delay function (VDF) by POH
With VDF ,it ensures that the block producers (validators) add new information in a tamper-proof manner.
Read More Deposit Token – What Is It ? 2023
Move Quick with time ? (2)
Then POH sets a time limit on transactions ,making it impossible to fake or change the data.
Those block producers are able to to do this by using SHA-256 which helps to keep track of time
This means that by looking at the system (the ledger) , you can figure out when certain events (transactions) happened.
Solana – The scenario is about sending a letter on a train from New York to Chicago with stops in different cities
|Other Railways||SOLANA Railways|
|Verifying the correct train for a letter would take a lot of time as there is no schedule or marking on letter.||Verifying the correct train for a letter is fast because everytime the train stops ,letter gets a stamp from that city with the time.|
|Station Master would have ato contact each other to confirm that letter is on the correct train.||They can easily verify the letter is the right train by checking for stamps from previous cities.|
|The process is affected by inaccurate or tampered information.||The process is not affected as it is based on stamps from previous cities.|
|The process takes hours.||The process take mins.|
Solana price today is $23.35 with a 24-hour trading volume of $874,291,313. SOL price is down -5.9% in the last 24 hours.
It has a circulating supply of 370 Million SOL coins and a total supply of 539313023.935086
Read here Market stats
4-Step Plan to Revive the Network
Solana has huge capacity ,but activity is dead. In a recent interview ,Solana Co-founder Raj Gokal laid out the project’s plan to revive the network.
Scale the ecosystem 100 times by focusing on small-cap businesses.SCaps are agile and better able to integrate blockchain thanks to their size.
Invest in developers! You want dApps,you need devs. Incentivise them and they will come running.
Solana is working on partnerships with Google Cloud and Stripe. Integrating with these companies could 10X reach and acitivity.
Solana wants to become the Apple of crypto, and its Saga phone will help fulfill that goal.
What is Sol’s Saga Phone?
The Solana Saga Phone is a groundbreaking Web3 smartphone specifically designed for the Solana network.
Its release date is 23rd june 2023.
As the first-ever Layer 1 blockchain to develop and release a native Web3 smartphone, it supports applications built with native programming language, Rust.
Solana Labs yesterday revealed the Solana Mobile Stack (SMS) software kit, which provides tools for developing native Android mobile apps, walls, and games, and also includes a decentralized app store.
The company also revealed the Saga, a powerful Android smartphone that will be released in early 2023.
Anatoly Yakovenko, co-founder of Solana and CEO of Solana Labs, told Decrypt that his team has been working on the SMS push for about five months, and the hardware itself for a bit longer.
But the idea of improving Web3 access and functionality on mobile has been in his head for years, particularly given his past experience as a Qualcomm engineer.
Solana Saga Prototype
What does it look like with 1 billion people using [crypto]? What do you imagine? It’s in this device—the device you use everyday,” he said, holding up the Solana Saga prototype. “That has to be your hardware wallet. That’s just something that we always felt.”
Yakovenko said the idea went from concept to reality once he met Jason Keats, founder and “Chief Hooligan” at OSOM Products.
Solana Saga Phone
Keats was previously the R&D head at Essential, a startup that made its own Android phone, and OSOM will be doing much the same: the previously announced OSOM OV1 will now be rebranded as the Solana Saga.
It’s a powerful device. The sizable Android handset will feature a Qualcomm Snapdragon 8+ Gen 1 processor, a 6.67” OLED display, 12GB RAM, and 512GB of internal storage.
Given the chance to briefly hold the phone, we can say it very much looks and feels like a premium Android phone that you’d find from Google or Samsung, with a dash of iPhone-like minimalism.
Pre-order at http://SolanaMobile.com
Revolutionizing Scalability in Blockchain
In the competitive landscape of blockchain technology, Solana has emerged as a prominent contender.
Mainly, by addressing Ethereum’s scalability limitations head-on. With its remarkable speed and efficiency, Solana provides developers with a highly scalable solution.
Thereby, enabling seamless development of decentralized applications (dApps).By prioritizing scalability, security,and decentralization,Solana has firmly established itself as one of the fastest and most reliable blockchain platforms available in the market today.
Chiefly, Solana takes a pioneering approach to overcome the limitations of traditional blockchains that have scalability challenges.
By seamlessly integrating the power of Proof of History and Proof of Stake mechanisms ,Solana achieves remarkable transaction speeds . While ensuring robust network security.
This innovative blend of technologies positions Solana as an appealing choice for both developers and investors.
Especially, as it opens up a world of possibilities for creating sophisticated applications without sacrificing speed or security.
Powered by its unique combination of proof of history and what’s referred to as delegated proof-of-stake algorithms.
The main problem Solana was attempting to solve was Ethereum’s scalability issues. Delegated proof-of-stake is a variation of the more traditional proof-of-stake algorithm.
For those who need a refresher ,the proof-of-stake mechanism is a process of transactions . For creating new blocks in a blockchain. By using a system of validators.
It brings users several advantages with its delegated proof-of-stake mechanism. The history algorithm add a layer of security to the network.
Ethereum Co-founder –
In essence, Solana addresses 2 out of 3 issues identified by Ethereum co-founder Vitalik Buterin.
In his blockchain trilemma. It is of scalability, security and decentralization .
It is addressing two parts of the trilemma : security and scalability. SOL’s proof of history algorithm provides unique security for the network.
While the speed with which the Solana platform performs computations allows for increased scalability.
Solana’s all time high was in November 2021. When it peaked at nearly $260 during the height of crypto bull run.
Is Solana better than Ethereum?
Ethereum is more popular, but Solana has faster speeds and lower transaction costs.
Does Solana have a future?
SOL is currently ranking as the 11th biggest crypto asset . If we are talking market capitalization. Last but not least, Solana is also included in the list of “the coins that will explode”.
Could Solana be the next Bitcoin?
Solana is the one cryptocurrency with the greatest potential . To become the next Bitcoin.
It has an unbeatable value proposition and a rapidly growing ecosystem of users ,developers . And brand advocates besides entrepreneurs.
Who owns the most Solana?
As of 6 January 2023, Alameda was said to still hold over 48 million locked and stacked SOL tokens . Representing 66.1% of all locked stake.
Who owns Solana blockchain?
Named after a small Southern Californian coastal city, Solana is the brainchild of software developer Anatoly Yakovenko. Yakovenko first proposed the innovative blockchain in 2017 .
And Solana launched in March 2020. It has quickly become a popular crypto . Ranking among the top 15 cryptocurrencies by market cap.