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So, let’s start with the first basic question, WHAT THE HELL IS SOLANA?? WHAT IS THE BUZZ??
So Solana is one of the fastest-growing Blockchain which is crushing with HIGH TPS and LOW gas fees, you might wonder, HOWWW?
Solana works on 8 pillars which makes it better than other blockchains, they are
Proof of History
So Solana works on Proof of History and not on traditional Proof of Work or Proof of Stake.
To give you an example of how Proof of History works, let’s assume you are cooking an omelet and are taking a picture during each step! So you would eventually know the order in which the events occurred. That is somewhat how the PoH works, it uses cryptographic timestamps in an irreversible hash function to add blocks.
[Everything occurring in sequential video animation/stock footage]
Tower BFT
It sounds way too complicated and somewhat boring to understand, but it is the opposite. Basically what Tower Byzantine Fault Time means is, as the blockchain works on the function of time, it is possible that there is a requirement of the fork as some blocks are generated at the same time, this may lead to multiple chains with the same previous block! Now Tower BFT incentives the validators to pick the chain with the heaviest weight.
Basically, to explain with an example, let’s say you and your friends are building a treehouse, you all agree on working together and doing all the tasks, the problem arises when two of friends bring 2 types of nails on which you all should choose on. So, not everyone would be inclined to choose the better kind of nail, so there is an incentive, everyone who votes for a better nail, would get a lemonade during the work, but not specifying the nail. This is how Tower BFT works.
Turbine
The turbine is one of the most interesting pillars in the Solana ecosystem. So, it addresses the problem if there are too many validators, the block time will increase as the data to send to a lot of people would take time. So what it does is, it forms a group of validators and calls it a neighborhood, each neighborhood consists of 200 validators, and that too in a hierarchical form. So the data is passed from one neighborhood to another and the effective time is reduced, to address the security concerns, not all data is transmitted to the neighborhood, it is transmitted in the form of Erasure code, a form of code from which the whole message can be formed.
So, let’s start with the first basic question, WHAT THE HELL IS SOLANA?? WHAT IS THE BUZZ??
So Solana is one of the fastest-growing Blockchain which is crushing with HIGH TPS and LOW gas fees, you might wonder, HOWWW?
Solana works on 8 pillars which makes it better than other blockchains, they are
Proof of History
So Solana works on Proof of History and not on traditional Proof of Work or Proof of Stake.
To give you an example of how Proof of History works, let’s assume you are cooking an omelet and are taking a picture during each step! So you would eventually know the order in which the events occurred. That is somewhat how the PoH works, it uses cryptographic timestamps in an irreversible hash function to add blocks.
[Everything occurring in sequential video animation/stock footage]
Tower BFT
It sounds way too complicated and somewhat boring to understand, but it is the opposite. Basically what Tower Byzantine Fault Time means is, as the blockchain works on the function of time, it is possible that there is a requirement of the fork as some blocks are generated at the same time, this may lead to multiple chains with the same previous block! Now Tower BFT incentives the validators to pick the chain with the heaviest weight.
Basically, to explain with an example, let’s say you and your friends are building a treehouse, you all agree on working together and doing all the tasks, the problem arises when two of friends bring 2 types of nails on which you all should choose on. So, not everyone would be inclined to choose the better kind of nail, so there is an incentive, everyone who votes for a better nail, would get a lemonade during the work, but not specifying the nail. This is how Tower BFT works.
Turbine
The turbine is one of the most interesting pillars in the Solana ecosystem. So, it addresses the problem if there are too many validators, the block time will increase as the data to send to a lot of people would take time. So what it does is, it forms a group of validators and calls it a neighborhood, each neighborhood consists of 200 validators, and that too in a hierarchical form. So the data is passed from one neighborhood to another and the effective time is reduced, to address the security concerns, not all data is transmitted to the neighborhood, it is transmitted in the form of Erasure code, a form of code from which the whole message can be formed.
Sealevel
Okay, so let’s take a step back and see what are the applications of blockchain, it validates transactions, executes smart contracts, and runs Dapps. Each time one of the applications is being used, the others are halted. What sea level does is execute everything in parallel so that the overall waiting time for each of the applications is reduced. To take an example, you have 3 tasks, cleaning dishes, walking your dog, and writing a code. You’ll first clean dishes then walk your dog and then at the end write a code, imagine if you code make 2 clones of yourself and work all three together, that’s Sealevel, your ability to do all the tasks together.
Gulf Stream
Major Blockchains like Bitcoin and Ethereum have protocols that take a lot of time to verify transactions and the users have to wait because they don’t know are validated or not. To explain it simply, Solana hands a receipt to the user which references them to if or not the transaction is successful or not. This also addresses the problem of MemPool that currently Ethereum and Bitcoin are facing. A MemPool is a list of unverified transactions that are in line to be verified. Currently, Ethereum has on an average 120K transactions in its MemPool. But Solana is so fast, that it could verify about 100K transactions in 2 seconds. That’s how fast Solana is.
Pipeline
To achieve sub-second confirmation times, a quick validation of massive blocks and replication across the network is vital in addition to the fast consensus. Solana uses the pipeline technique to achieve this, which is commonly used in designing optimized CPUs. Let’s say you are making pasta but you have a single gas stove. So you’ll have to wait 2 times as first you’ll to boil the pasta and second when you are making the puree for the pasta. What if you had a microwave oven, now you’ll have to wait less time to make the pasta as you are using different resources to achieve the same result. This is what the pipeline does in Solana, it uses different resources of the hardware to get the same result in less time.
Cloud Break
It is essential to scale memory along with the computation power when scaling a blockchain without sharding. Solana wishes to address this via Cloudbreak, which uses techniques such as memory-mapped files and sequential operations to achieve optimal hardware utilization.
Archives
The Archivers store blockchain data of Solana’s distributed ledger. The network is expected to generate 4 PetaBytes of data every year, and archivers are responsible for storing this data. Archivers do not participate in the consensus. They download the data assigned for them and they will be challenged occasionally to prove that they are storing data by completing a Proof-of-replication. Archivers are awarded for their efforts. To give an example, you rented out a warehouse, you get paid for the space, but then just so you aren’t doing anything illegal or out of rules, you are occasionally asked to give proof that the warehouse is being following the rules of the rental agreement.
Now that you are all caught up on the Solana blockchain, let’s talk about the SOL token, the coin that runs on Solana Blockchain. When the Solana network first launched, it had an initial total supply of 500,000,000 SOL. However, the Solana Foundation previously burned 11 million SOL. This reduced the total supply down to around 488,000,000 SOL. While 488,000,000 SOL is often touted as the max supply cap, Solana’s inflation schedule shows this is not the case. With new SOL rewarded as Solana staking yield, Solana’s initial inflation is at 8%. This inflation rate will reduce 15% year on year until it settles on what Solana described as its ‘Long-term Inflation Rate’ of 1.5%. According to SolanaBeach, Solana’s total inflation is currently 8%. Based on the Solana inflation schedule, Solana will hit this inflation rate after 10 years. From Solana’s inflation proposal, the total supply of SOL will reach 550,000,000 after two years. By the eighth year, it should hit 700,000,000. After reaching its long-term inflation rate, it will consistently increase by 1.5%.
Now let’s talk about the Solana ecosystem, Solana is already powering more than 350 projects around the world with the names like Brave, Phantom, Audius, and FTX. It is one of the fastest-growing ecosystems attracting developers all over the world with low transaction fees and high transaction speed. You can find all kinds of projects in the ecosystem, from the DEX’s, NFT marketplace to Wallets and top Defi protocols. Defi on Solana took off in the autumn of 2021, catching the right timing of the crypto market. Multiple Defi projects have been deployed on the Sonala blockchain, creating a Defi surge. First, they attracted new users to the platforms and let them experience the outstanding Defi products. The users then loved the seamless experience and overall increased the Solana Market cap to 60 billion dollars. Moreover, Solana smart contracts work on Rust. RUst is a low-level language that provides more security to the programs which are written and deployed in it. So if you are a programmer, founder, entrepreneur, NFT collector, investment specialist, or just a Blockchain enthusiast this is the place for you.
Sealevel
Okay, so let’s take a step back and see what are the applications of blockchain, it validates transactions, executes smart contracts, and runs Dapps. Each time one of the applications is being used, the others are halted. What sea level does is execute everything in parallel so that the overall waiting time for each of the applications is reduced. To take an example, you have 3 tasks, cleaning dishes, walking your dog, and writing a code. You’ll first clean dishes then walk your dog and then at the end write a code, imagine if you code make 2 clones of yourself and work all three together, that’s Sealevel, your ability to do all the tasks together.
Gulf Stream
Major Blockchains like Bitcoin and Ethereum have protocols that take a lot of time to verify transactions and the users have to wait because they don’t know are validated or not. To explain it simply, Solana hands a receipt to the user which references them to if or not the transaction is successful or not. This also addresses the problem of MemPool that currently Ethereum and Bitcoin are facing. A MemPool is a list of unverified transactions that are in line to be verified. Currently, Ethereum has on an average 120K transactions in its MemPool. But Solana is so fast, that it could verify about 100K transactions in 2 seconds. That’s how fast Solana is.
Pipeline
To achieve sub-second confirmation times, a quick validation of massive blocks and replication across the network is vital in addition to the fast consensus. Solana uses the pipeline technique to achieve this, which is commonly used in designing optimized CPUs. Let’s say you are making pasta but you have a single gas stove. So you’ll have to wait 2 times as first you’ll to boil the pasta and second when you are making the puree for the pasta. What if you had a microwave oven, now you’ll have to wait less time to make the pasta as you are using different resources to achieve the same result. This is what the pipeline does in Solana, it uses different resources of the hardware to get the same result in less time.
Cloud Break
It is essential to scale memory along with the computation power when scaling a blockchain without sharding. Solana wishes to address this via Cloudbreak, which uses techniques such as memory-mapped files and sequential operations to achieve optimal hardware utilization.
Archives
The Archivers store blockchain data of Solana’s distributed ledger. The network is expected to generate 4 PetaBytes of data every year, and archivers are responsible for storing this data. Archivers do not participate in the consensus. They download the data assigned for them and they will be challenged occasionally to prove that they are storing data by completing a Proof-of-replication. Archivers are awarded for their efforts. To give an example, you rented out a warehouse, you get paid for the space, but then just so you aren’t doing anything illegal or out of rules, you are occasionally asked to give proof that the warehouse is being following the rules of the rental agreement.
Now that you are all caught up on the Solana blockchain, let’s talk about the SOL token, the coin that runs on Solana Blockchain. When the Solana network first launched, it had an initial total supply of 500,000,000 SOL. However, the Solana Foundation previously burned 11 million SOL. This reduced the total supply down to around 488,000,000 SOL. While 488,000,000 SOL is often touted as the max supply cap, Solana’s inflation schedule shows this is not the case. With new SOL rewarded as Solana staking yield, Solana’s initial inflation is at 8%. This inflation rate will reduce 15% year on year until it settles on what Solana described as its ‘Long-term Inflation Rate’ of 1.5%. According to SolanaBeach, Solana’s total inflation is currently 8%. Based on the Solana inflation schedule, Solana will hit this inflation rate after 10 years. From Solana’s inflation proposal, the total supply of SOL will reach 550,000,000 after two years. By the eighth year, it should hit 700,000,000. After reaching its long-term inflation rate, it will consistently increase by 1.5%.
Now let’s talk about the Solana ecosystem, Solana is already powering more than 350 projects around the world with the names like Brave, Phantom, Audius, and FTX. It is one of the fastest-growing ecosystems attracting developers all over the world with low transaction fees and high transaction speed. You can find all kinds of projects in the ecosystem, from the DEX’s, NFT marketplace to Wallets and top Defi protocols. Defi on Solana took off in the autumn of 2021, catching the right timing of the crypto market. Multiple Defi projects have been deployed on the Sonala blockchain, creating a Defi surge. First, they attracted new users to the platforms and let them experience the outstanding Defi products. The users then loved the seamless experience and overall increased the Solana Market cap to 60 billion dollars. Moreover, Solana smart contracts work on Rust. RUst is a low-level language that provides more security to the programs which are written and deployed in it. So if you are a programmer, founder, entrepreneur, NFT collector, investment specialist, or just a Blockchain enthusiast this is the place for you.
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