Fast Rising Public Chain Rising Star: 6 Things You Need to Know About Solana

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Fast Rising Public Chain Rising Star: 6 Things You Need to Know About Solana


Fast Rising Public Chain Rising Star: 6 Things You Need to Know About Solana


Rise Background

In the past two years, as the crypto market has become more and more popular, Ether has become the mainstream operating system of crypto, with a large number of users and traffic. As the saying goes, while Ether is recognized, it also brings many problems: network congestion, high fees and so on. In terms of usage experience, the current ethereum can no longer meet the needs of users well, and the DeFi application alone has brought ethereum to an unbearable congestion for users. However, the development of the Ether 2.0 solution, which aims to address the performance criticisms of Ether, is progressing slowly and has been delayed until June 2022. This has forced some users to look for a new public chain to replace Ether.

At this point, theSolana Solana has positioned itself as "the world's fastest high-performance public chain" with very cheap fees, and users have found that Solana has a lot of technical advantages against the flaws of ethereum, such as super-fast speed, executing up to 65,000 transactions per second. For example, it can perform up to 65,000 transactions per second, compared to Bitcoin's 5 transactions per second and Ether's 15 transactions per second. In real-world comparison, Visa's payment network can process close to 20,000 transactions per second on average; followed by ultra-low fees, with Solana's transaction fees being only one thousandth of Ether's compared to Ether's.

Fast Rising Public Chain Rising Star: 6 Things You Need to Know About Solana

Fast Rising Public Chain Rising Star: 6 Things You Need to Know About Solana

As a result, Solana has been dubbed by users as the new generation of "ethereum killers".

The next step is to enter the brainstorming time.

Public Chain Technology

The current blockchain faces a clock problem.

Time has a very important meaning for blockchain technology, and any ledger needs to achieve 'orderly' proceeding. Because of the loss of a third party that can be fully trusted, it is difficult for us to rely on time concepts such as years and months, early and late, to determine the order of events in the blockchain. Through the time mechanism, we can verify that one event occurred before, after, or at the same time as another, and we can't spend money that we haven't received, or money that we have already spent. So time is crucial, without time and order, there is no blockchain.

The Proof of Work (PoW) mechanism that Bitcoin and Ether are based on, you can think of it as a large decentralized clock where nodes pack multiple transactions into blocks and distribute the blocks to other nodes in the network, and when all nodes in the network have accepted and updated the block chain, the packaged transactions are officially confirmed. Since there is a timestamp in the block, this clock will "tick" once for each block update and the time will be updated globally. Although this mechanism is very secure, waiting for nodes to confirm in order to update the global state consumes a lot of time.

In order to separate time from state updates, Solana has created a globally available clock, the Proof of History (PoH) mechanism, which is equivalent to a solution to the clock problem. The proof-of-history mechanism is like a stopwatch. Think of runners in a sprint race, each of them receives an exact time at the moment they cross the finish line, so that there is an order of priority, who is first and who is second or third. Then Solana has a global clock, and each Solana node has both a concept of time and an idea of the order of events on the network. In this way, there is no need to wait for the entire blockchain nodes to synchronize their data and status updates, thus improving the overall efficiency of the blockchain.

In addition to the Proof of History (PoH) mechanism, the Solana public chain uses the Tower BFT algorithm to reduce message delivery latency and compress the average block-out time to 400 milliseconds; the Turbine propagation protocol to address the blockchain malleability challenge; and the Sea Level Engine (Sealevel) to allow network to run in parallel with tens of thousands of smart contracts.

 Thanks to these technical advantages, the Solana public chain far surpasses Ether in terms of throughput (TPS), speed and performance.

Development Team

From the whitepaper, the development team's vision is to make Solana a fourth-generation blockchain, dedicated to solving the crypto industry's most pressing "blockchain trilemma", which is to increase speed and scalability without sacrificing blockchain decentralization and security, so that it can be adopted worldwide.

Initially, Anatoly Yakovenko, who worked at Qualcomm, published a white paper on Solana in 2017 and worked with Greg Fitzgerald, a former colleague at Qualcomm, to complete the development of the test network in 2018.

The duo then co-founded the blockchain company Loom, which later changed its name to Solana Labs. This is the company behind Solana, which remains a core contributor to the network even now.

With the innovative proof-of-history mechanism being truly implemented, this has attracted a number of eagle-eyed investors. solana Labs closed a $20 million Series A funding round led by Multicoin Capital in 2019 and received $314.15 million in venture capital in June of this year, led by prominent investment firms A16z and Polychain Capital, with participation from familiar names like Firecoin, NGC and HashKey.

Bó Lè SBF helps Solana

Although Solana has been around for 4 years, many people first learned about it in the last year, and in July 2020, Solana hit its first major turning point: crypto derivatives exchange FTX announced that it was adopting Solana as the underlying public chain to build their decentralized exchange, Serum. The CEO of FTX is Sam Bankman-Fried, a talented trader who is already a billionaire at the age of just 29.

Fast Rising Public Chain Rising Star: 6 Things You Need to Know About Solana

In his speech at the 2021 World Blockchain Conference Hangzhou in August, Sam repeatedly praised Solana as the kind of blockchain that has the ambition to be able to be decentralized, especially geographically, and also to handle tens of thousands of transactions per second.

Ecological construction

 How dedicated is Solana's development team to make them release at least one instructional video per week on building apps for developers?

The second hackathon, held in February, saw 3,000 registrants, three times as many as the first, and 100 final project submissions. The third time was in May this year, when more than 13,000 developers registered and 350 projects were submitted.

Fast Rising Public Chain Rising Star: 6 Things You Need to Know About Solana

The back-to-back hackathons have delivered a steady stream of quality projects to Solana's ecosystem, making Solana's ecological development very bright among many emerging public chains.

 Since Solana itself provides the two most important factors needed to build decentralized applications - high speed and low fees - more and more developers are choosing the Solana public chain. According to Solana's official website, there are more than 400 projects in Solana's ecosystem, covering DeFi, NFT, stablecoin, wallet, prophecy machine and other applications.

 In addition, a large number of established projects are being integrated into the Solana public chain, such as the public chain Terra, the prophecy machine Chainlink, the bulk economy protocol Oxygen, the data retrieval tool The Graph, Tether's stablecoin USDT and Circle's stablecoin USDC.

Future Development

Commenting on Solana's future direction after a lucrative investment this year, founder Jacovenko said, "The next phase is to attract 1 billion users, as the Solana blockchain was built from the ground up to accommodate this scale since its inception. With this funding, Solana Labs can now bring in more of the right partners to build the products and tools to achieve the goal."

 To conclude, Solana's rise to prominence was driven by a combination of several reasons: high performance of blockchain, access to financing with the ability to pay, boosted by FTX and SBF, focus on ecological development, three hackathon events in a year, etc.

Growing up in the bear market and taking off in the bull market, it has gained enough attention and has stood firm in the blockchain world, and the era belonging to Solana is worth waiting for.

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Copyrights:Dexnav Posted on March 24, 2022 at 6:46 pm.
Please specify source if reproducedFast-rising Public Chain Rising Star: 6 Things You Need to Know About Solana | Dexnav Blockchain Navigator

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