High Performance Ledger Scales With the Passage of Time
The quest for a scalable blockchain protocol that does not degrade performance in other areas of a blockchain network continues. Many developers have met the call for a higher speed and capacity consensus algorithm to verify digital transactions on the blockchain, but few solutions are flawless.
While all agree that the proof of work (PoW) protocol is abysmally slow and consumes a lot of electricity, not all agree that the preferred replacement, proof of stake (PoS), is the best solution.
A new entrant, Solana, believes the complete solution to blockchain scalability requires three verification protocols.
The Proof of History Protocol
Solana has introduced the proof of history (PoH) protocol to verify transactions by cryptographically encoding the chronological sequence of hashes—the unique digital identifier of a transaction. The proof of stake consensus mechanism is then used to confirm the PoH sequence and vote on the next PoH generator node. Like under normal PoS conditions, those who validate nodes which do not form the consensus are punished. The PoH, together with a proof of replication (PoRep) protocol—which provides fast streaming verifications of time in the proof of history sequence—prevent double spending, spam and fraud.
THE solana transaction flow
How does Solana plan to outpace Google, Facebook and NASDAQ on transaction capacity?
Solana has borrowed technology from ancient mariners to build its high throughput blockchain. The analogy of a water clock is aptly used to explain the proof of history (PoH) protocol. In the same way the ancient Greeks recorded the passage of time by marking the rising water level on a ship, the sequential output of a hashed Blockchain state and count can be cryptographically recorded to reliably signify the order in which the hashes were generated.
the solana architecture
The solution avoids the popular sharding approach—partitioning a database into smaller chunks and processing them in parallel. The Solana approach allows the data structure to be sliced and verified via parallel processing that is limited only by the capacity of the computer. Nodes can be added without slowing down the transaction processing speed or sacrificing security, whereas sharding requires increasing the number of validators at each node, and thus introducing security risk. To avoid the PoS challenge of verifiers approving every hash, an invalid hash is randomly injected and voters for that hash eliminated.
Meanwhile, bandwidth is minimized by a “ledger replication architecture,” allowing the Solana blockchain to scale to tens of thousands of nodes while maintaining its subsecond finality times.
The Performance Difference?
The Nasdaq network processes about 5,000 transactions a second. The Solana blockchain is initially scaling to 710,000 tps and 10,000 nodes. With these network efficiencies, transaction costs will fall to $0.000001. As more applications use the Solana blockchain, Solana expects to expand to 28.4m TPS on a 40 gigabit network and is confident it can meet this future capacity demand.
The Solana team is not likely to buckle under the competition to become the highest performing blockchain. Solana’s executive management and four of its principal engineers were in key positions in the evolution to higher speed mobile networks at Qualcomm, as well as other mobile and technology companies.
The Solana exchange will facilitate the trading of different cryptocurrencies across different blockchains called atomic cross chain transactions, as well as tradable swaps. Solana will be attractive to applications with large data processing needs, such as marketing data collection, decentralized exchanges and payments.. The platform recently partnered with Helium, developer of the Helium Decentralised Machine Network, a blockchain that makes it easy to create IoT ecosystems of networked devices.
Symbol: Solana (ERC-20)
Pre-sale: Q1 2019
Token Sale: Q1 2019
Token Rate: To be announced
Available Tokens for Sale: To be announced
Token Supply: To be announced
Hard Cap: To be announced
The Solana blockchain is currently in the testing phase and will go live at the end of 2018. In May, the Solana Blockchain testnet zipped through 250,000 transactions and 870,000 signature verifications per second. The token sale will start in Q1 2019.
Anatoly Yakovenko – CEO and Founder
Greg Fitzgerald – CTO
Raj Gokal – COO
Eric Williams, PhD – Data Science/Token Economics
Stephen Akridge – Engineering
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