An Overview of Solana Blockchain Network!

source

Solana was founded in 2017 as part of the Solana Labs project by Anatoly Yakovenko with the aim of creating a totally new and unique transaction verification system called POH (Proof of History), Solana has had a great reception between Users, mostly by entering the NFT tokens network which serves for validity and verify any NFT, either music or painting that is being sold, furthermore, has focused on the DEFI project, which eliminate intermediaries And transactions are executed through Blockchain.

Solana is a Blockchain project based on open source to develop new DAPPS, offering a highly scalable, decentralized and safe platform for users and developers. It is based on the consensus POS (Proof of Stake), this project was developed from scratch, in this way it would be much more scalable and with the POH system can withstand approximately 50,000 transactions per second with a fee of 0.00001$ .

This great project required a great investment and was just as an ICO was launched in 2017 which was a success, raising more than 25 million dollars and in 2020 the main network of Solana was launched.

Unlike consensus Pow used by Bitcoin and Ethereum, which generates a timestamp, which may vary or even be false, so it is necessary to validate it. With this I mean that the poh is not a consensus exactly, but an alternative to solve the problems of time and expenditure of resources to confirm and validate a transaction.

With this, it is normal that both small users and great merchants like the idea of ​​Solana and their approach is to reach more people, especially by the innovative hybrid consensus model which reduces the time of validation in intelligent contracts and transactions, Also, that there will be no great rates increases, thanks to the protocol that is designed so that the cost of transactions are low, scalable and fast.

Thanks to all this, Solana has positioned itself as one of the fastest Blockchain of all and a strong competition for the Bitcoin and Ethereum, because in a short time they have shown what they are capable of doing and the problems that have been able to solve.

The consensus POS (Test of Participation) follows the processes of POH and validity The sequence of blocks produced by the POH mechanism, this great union allows Solana to excel among other Blockchain because the order and time of the message of the historio record and allows the Validators of the Network Being able to observe the state of the network thanks to the Ledger, giving the guarantee that each message was created at the moment.

source

How does POH work?
Although explaining a bit as it works, I want to detail some things, as you mention, the poh is not really a consensus at the bottom of the letter, but one of the best solutions to the problems of time and scalability present in the POW system despite Be incomplete This protocol creates a history of time brands of everything that happens within the Blockchain, exact time marks that proves that a message occurred by that exact moment, so it is not necessary to verify whether time is true or false.

With this record, the system will become much easier to trace the transactions because it will be neatly ordered, so, if we want to know for example, past events from a specific tokens, it will only be suddenly with reviewing the past temporary record, where it is Save information from the source to the present.

Each transaction generates a hash which is based on the Encryption algorithm SHA256, which takes the entrance and generates a very difficult output to predict, that is, use an exit hash and this uses it for the next input hash, creating it In this way, a long chain, which can not be interrupted, with this we have an order and transactions can be verified quickly and reduce communication on the network.

During September 14, last year, many users reported delay in carrying out their transactions, so that the Solana team had to manifest through Twitter about this problem, is hard inactivity more than 8 hours and although it is not it knows exactly what caused it, is suspected that it was a saturation for the large amount of transactions so that the resources of the network had been exhausted. Solana received more than 400,000 transactions per second, when the maximum should be 60,000 transactions per second, so it was imminent that this would happen.

The nodes that validate the transactions (1,000 in total) which were quite limited and these nodes were required more than they could and therefore, a reboot occurred and several nodes came out of the service and that is why the protocol stopped, having more 8 hours without producing a single block. Solana was not the only affected, Arbitrium and Phantom also presented problems on your platform.

The funny thing, is that this fall that could mean in other cases, the Token, in this case, was not the case, the Token was maintained without having serious alterations possibly by the amount of Token that were on the wallets. However, it happened that the network will be bifurcated involuntarily which caused excessive consumption of memory and therefore, the nodes were disconnected, among the possible causes of this sudden fell, there is the launch of an initial offer of a cryptocurrency in a Decentralized Exchange and for this, a group of bots tried to promote the price of the Token Raydium, which caused the collapse.

The validators decided to update the software and this was how version v1.6.24 was launched which would restart the network which solves some problems and subsequently released version v1.6.25 which would put the system into operation again, but at the time, This problem could not be resolved by experts. This is a big problem that does not look very often, so it was a big surprise for many overweight in a decentralized network.

The Blockchain of Solana resolved two great problems with the Blockchain in general: time and scalability which to many people like and thanks to it, many users use the Blockchain of Solana and have a lot of confidence, so much so that the interruption On September last year it was not a serious problem for the Token that almost did not have lost and is currently higher. Undoubtedly Solana is a great project that in a little time is kept at the top and only time will tell us that it will be from it.

Posted Using LeoFinance ^Beta