Founded in late 2017 by former Qualcomm, Intel, and Dropbox engineers, Solana is a single-chain delegated proof-of-stake protocol focused on providing scalability without compromising decentralization or security. At the heart of Solana's scaling solution is a decentralized clock called Proof of History (PoH), designed to solve the problem of time in a distributed network without a single trusted source of time. By using a verifiable delay function, PoH allows each node to generate timestamps locally using SHA256 calculations. This eliminates the need to broadcast timestamps across the network, increasing overall network efficiency.
SOL is the native token of the Solana blockchain. Solana uses a Delegated Proof-of-Stake consensus algorithm to incentivize token holders to validate transactions. As part of Solana's secure design, all fees will be paid in SOL and burned, reducing the total supply. This deflationary SOL mechanism incentivizes more token holders to participate, thereby increasing network security.

Project Features

In order to create a distributed ledger with encoded, trustless time, SOLANA designed Proof of History, which is proof of the passage of time between verification orders and specific events.
Proof of History will work with Proof of Work (the consensus algorithm used by Bitcoin etc.) or Proof of Stake (the consensus algorithm used by Ethereum's Casper). This reduces the messaging overhead that leads to sub-second termination times.
Beyond that, Solana is working on generating up to 710K transactions per second on a 1 GB network basis without data partitioning. Do you want to know how they plan to achieve this great victory?
In the race to develop high-throughput (Tps) and highly secure blockchains, teams are devising new ways to create highly scalable solutions that allow Conduct high transaction volumes.
"A matter of time?". In the age of computing and information, there is a fundamental need waiting to be solved. Fair coordination between events. This means: for example, when a computer sends a message to another computer, they need to synchronize the time between transactions. So this means that if they each have their own internal clock, they may or may not be able to coordinate correctly.
Coordinating events with timestamps is not only a system requirement, but also a huge cost in money, people and effort.
Developers have started using a technique to increase the overall throughput of the chain. Sharding is a technique used to improve the TPS (system throughput) of the overall chain and has proven successful, but it is not a complete solution by itself, as this may introduce vulnerabilities.
The biggest vulnerability is fragmentation of transactions which, if not handled properly, can open the chain to fraudulent transactions, double spends, or fragments of the same transaction lacking shared knowledge.
To provide some general perspective, Google Spanner (Google's scalable, multi-versioned, globally distributed and synchronously replicated database supporting read-write transactions, read-only transactions and snapshot reads) spends a lot of resources synchronizing its data Atomic clocks between data centers.
They need to be maintained precisely and there are tons of engineers working on it. It may seem like coordinating time is an easy task, but it is not, and this is the Proof-of-History solution proposed by Solana.
By enabling trusted time coordination, Solana not only increases blockchain throughput in terms of speed and reliability, but also reduces average cost.
A team that successfully solves this problem will likely have a highly adopted blockchain.

Technical Overview

Digging into the solutions proposed by Solana raises questions such as how to implement proof of history on the blockchain and how exactly does Solana work and what tools do they use?
First, we need to understand how the web is designed, and what it consists of.
Proof of history is a high frequency verifiable delay function. This means that it will require a determined number of relevant steps to be assessed. But on the other hand, these steps end up producing a unique output, which is easy to verify.
In the solution section, we discussed how Solana can increase the number of TXN/s and reduce the resources required to run them. The interpretation of this possibility is consistent with the interpretation of hash functions.
Hash functions as a way of compressing data so that larger amounts of data can end up being compressed into a small number of bits encourages reduced tx weights, resulting in increased efficiency and faster sequences.
As mentioned above, proof-of-history sequences are designed to work with cryptographic hash functions.
Of particular relevance to cryptographic hash functions is the use of raw input to predict the final result (output) without executing the entire function from scratch. So if you have an input and trying to predict the output is impossible, you will need to run the function to get the result.
With this in mind, suppose this hash function is run from some random starting point (initial input), and once the process is complete, the first output (hash) is obtained. Here's where it gets interesting, feeding the input into the input of the next hash along with the output you get from running the function.
If we want to repeat this process, say 300 times. You can start to see that we've created a single-threaded process where the final output (hash 300) is completely unguessable except by whoever executes the whole thread.
This cycle of providing output to the next function's input and generated data is represented as the passage of time and the creation of history, in Solana parlance, as ticks. Every output carries detailed information that cannot be predicted without running the function. Like the Marvel films in the above example, each work represents a period of time that happens to be its place in the thread of continuous time.
Therefore, Solana recommends not to use unreliable times, but to use these sequential ordered and unpredictable outputs to determine a specific moment, that is, a specific moment in the thread process. We can call it history.

Proof of project equity

Solana uses Proof-of-Stake (POS) for consensus, and it shares many of the same characteristics of other POS-based tokens. As a refresher here are some key features of POS tokens:
Proof of POS tokens use validators
POS can be verified
1. Lock the tokens in the wallet
2. Put Tokens are locked on the masternode, which contributes to the stability of the chain
Payment order is determined by the "age" of the POS token or masternode reward program.
Each POS wallet or masternode reward program receives minted or newly forged tokens.
Wallets or masternode reward programs that have been offline for too long no longer "pay" and may be removed from the network.
The role of POS is to prevent bad actors from introducing invalid transactions by undermining the security of the network.
The penalty for "bad actors" may be loss of POS tokens and rewards.
Trust is guaranteed as long as the reward of proving benefits outweighs the chance of gaining gains through fraud.
Solana has a very similar structure, but they implemented their POS in a slightly different way.
Solana selects a validator (ie, stakes a token) among those nodes that are connected.
Validator voting and selection will then be determined by the node that has been the longest or most bound node.
Solana relies on fast confirmation; if a node does not respond within a specified time, it is marked as dead and removed from voting, and if the node was a validator at the time, a new election is held to select a new validator device.
If a super-majority node (two-thirds of nodes) votes within this timeout, the fork is considered valid.
Clipping is the act of invalidating stake, which prevents validators from committing fraud or attempting to validate multiple nodes, as bonded tokens will be lost.
A major difference is the concept of secondary election nodes. Once elected, a secondary node can take over the primary role in the event of a network outage or other failure.

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