Solana offers some key innovations that make it quick and cheap for developers to build dApps on it.

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An important focus for innovation in the crypto industry is blockchains, on which developers can quickly and cheaply build decentralized apps (dApps). Solana has recently emerged as a top contender for such a blockchain-but what is really behind it –

Solana uses a new consensus system

The consensus system for Solana is based on two major innovations: Proof of History and Tower BFT. Proof of History focuses on the question of”agreement on time”.

In a trustless situation such as a blockchain, ” the nodes on the network cannot trust an external time source or timestamp that appears in a message.”Solana uses a different model and works by proving that a particular message occurred before and after other events. This system allows Solana to order messages without needing a timestamp.

Proof of history is a verifiable delay function in which the states of a sequential hash function are recorded to represent the passage of time.

A new message can refer to a specific recorded state to prove that it happened after that. It can be added to the Sha256 loop to be hashed with the state and prove that it happened before the next recorded state.

On Proof of History builds its own implementation of Practical Byzantine Fault Tolerance called Tower BFT. Here, the validators vote on a specific Proof of History ledger and guarantee that they do not vote for another conflicting ledger for N hashes, i.e. a certain amount of time.

The timeout doubles for each vote-and that means that if, for example, there were 32 votes in the last 12 seconds, “the vote of 12 seconds ago now has a timeout of 232 slots, or about 54 years.”

Solana generates a lot of attention

Top investors are now becoming aware of Solana. The startup received $ 314 million from a16z and Polychain Capital earlier this month. Exchanges also include SOL in the program, such as Coinbase.

With a market capitalization of $1 billion, SOL is ranked 14th in the crypto top 100. Developers are starting to work with the platform.

Solana currently has an average transaction fee of $0.00025 and a block time that is mostly under a second. This is significantly faster and cheaper than some of the other major blockchain platforms.

Some high-profile projects on SOL include Akash, an open cloud network, the Graph Protocol, an indexing protocol for blockchains, and USDC. According to the Akash team, Solana was “the only platform that meets our requirements” regarding smart contracts.

It remains exciting to see how the Solana platform will develop further.

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Text credit: Cryptoslate

Last updated on June 27, 2021

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