In November 2017, Solana was born. Let’s see how Solana is by far the most interesting blockchain out there.
Solana is so complicated! that even some gurus of blockchain technology were having their heads wrapped to understand this insane project when interviewing Anatoly.
At a glance, Solana is a high-performance layer one proof of stake blockchain, Which means. It is not needed to use a second layer or other solutions to handle transactions. Solana can proceed with 65k transactions per second, making it the fastest layer one blockchain right now. Like Ethereum, Solana is smart contract compatible, meaning that developers can create decentralized applications on it.
Proof of history
Proof of history is not a consensus mechanism! It is a critical component of Solana’s proof of stack consensus, which makes Solana clock tick. Simply said, Proof of history added something called a verifiable delay function to the SHA256 bitcoin mining algorithm, which makes it possible for all transactions on Solana to be timestamped.
Not yet clear, well! Let me recap. Every transaction needs to be written on the Solana blockchain record. It needs to follow the ticking clock. Every tick clock on Solana counts 400 ms, to be exact.
Now we know how Solana organizes its data, but how is it possible to validate so many transactions per second on the Solana blockchain?
A reason for its fast network is the low barrier to entry for participating as a validator node on the network. Solana doesn’t require any validator node to have a minimum stack .
With that been said. As a validator, You can validate a transaction, store a transaction record and produce a new block. Moreover, Solana blockchain has what we call a leader validator which each validator takes a turn to be a leader, The leader has only 4 blocks to produce which takes 1.6 s to be done. This technique makes it hard for a group of validators or a leader to corrupt the entire network.
The other reason that makes the network fast is what we call Solana clusters. Solana clusters are a group of validators that are dedicated to a specific category of transactions on the Solana blockchain.
Tour de sol
Tour de Sol is an incentivize Solana testNet, that consists of various events, which reward users with 30k Sol when successfully attacking the network, or even for just being the most active validator node. If you want to participate in the Solana event, make sure you provide KYC documentation and make sure, your computer meets the required spec to be a validator node.
Solana had 4 funding round, from seed to the launch round. Private investors bought Over 32% , 13% to the founders and team, 10% for Solana foundation and a remaining 39% for community initiative such as the Tour de sol.
Is Sol, Inflationary or deflationary
It is not clear whether Sol is inflationary or deflationary. Although Sol is burned in transaction fees, inflation would be when paying block reward to validator nodes.
Although it is still in technical development, Solana is already able to host something as demanding as the Serum dex. Thanks to its unique design based on the proof of history which takes the proof of stake to the next level by time stamping transactions. The low barrier to becoming a validator on the network is one of its major selling points.