Solana Blockchain - Crypto Academy / S4W4 - Homework post for pelon53.
Greetings, I welcome you all to our wonderful steemit academy, this is a piece of my assignment. Enjoy every bit of it
Solana gets it's from a beach in California, Solana is a blockchain that comes with what most people are looking for in the crypto space, being the fastest, most secure, and high scalability solution. Solona’s team is comprised of people from former leading technologists like Google, Intel, Qualcomm, and Netscape, with the leader Anatoly Yakovenko who has a vase software engineering knowledge when he was working with Dropbox and Qualcomm.
When it came out, Solana did a $20 million fundraising which was led by multicoin capital, Blocktower capital, passport capital, distribution global and so many. it is also a decentralized blockchain. Solona claims that it can carry out 300,000 transactions per second which are almost times 3 the number of visa transactions per second. with over 50,000 transactions per second, executed at the same time, makes it is the fastest blockchain in the world. Some features of Solana include
Scalability: Solona scales as a layer 1 blockchain at the rate of Moore’s law, which states that processing speed are double every two years, by using the CPU and GPU power, there is no need for other complicating layer 2 solutions that compromise security and stability
Speed: Solona creates a block every 400 milliseconds , with sub-second confirmation and it has done some transaction which has the of 50,000 per second. Solona has already passed etherum with such a speed making the fastest in the world.
Solana put forward 8 strong innovation that makes it different from other of its competition. This includes Proof of History, Turbine, pipeline, archivers, sea level, Gulfstream, Tower BFT, and Cloud break. But we will be looking at Proof of History.
Proof of history is Solana's greatest innovation and its secret sauce which increases its scalability to a whopping amount of 50,000 transactions per second which can be compared to the internet alone.
Proof of History, PoH is not a consensus mechanism like proof of stake or proof of work. PoH is a cryptographic clock in Solana's blockchain that allows nodes to agree on the time and the ordering of events, without having to talk to each other. Every Solana node maintains its clock by encoding the passage of time in a simple, SHA -256, sequential-hashing verifiable delay function. PoH works in a similar way to record time. It is like a cryptography timestamp. This decreases node messaging overhead and other computation bulk.
Solana’s unique features have made it been used in 100 different projects in Blockchain, Web3, and Defi and so many more. so let's look at some cases where Solana have been used today;
FTX: FTX is a crypto derivatives platform founded by Sam Bankman fried, FTX launched a high-speed decentralized exchange which is called Serum on Solana. FTX using Solana capabilities to offer a sub-second settlement with minimal transaction fees. They use it to run a massive volume of trading through Solana.
Audius:This is a community-owned audio streaming platform that uses Solana, to store over 150,000 audio music on the Solana blockchain.
Chainlink: Chainlink is an oracle that provides data feeds to decentralized exchanges. Chainlink uses Solana to develop a high-frequency oracle that will be able to provide price updates every 400 milliseconds
The SOLA token is the native cryptocurrency on Solana's network and is used for transactions on the blockchain including for micropayment. There is currently a circulating supply of 26 million $SOL, with its maximum supply capped at 489 million. Everybody that holds an SOL token can be a network validator.
In coinmarketcap.com, today being the 30th of September, 2021, the SOL token is ranked 7th, its current price is $140.20 with a market capitalization of $41,744,613,954.
On the 21st of September, 2021, Solana experienced an outage that lasted for 17 hours. Before this crash occurred, the SOL token was making a massive rise, which at January of 2021 the SOL token was at $1.86, and at this time is September of 2021, the SOL token is ar $171 before it crashed.
For the 17hours, the investor's money was locked down, the total money summed up to $11 billion, which is a huge amount of money. The crash was 5.06% which brought down the price from $171.78 to $142.86.
The primary cause of the interruption was due to transaction load, which has never happened before, the transaction reached 400,000 transactions per second. These transactions were generated by bots and IDO on Raydium which Grape protocol launched at noon UTC on the 20 September 2021. The transaction was too much for Solana to handle, the made the memory is be overfilled and it crashed many validators, which caused the network to slow down and eventually stopped.
For you to calculate the number of blocks per second generated in Solana, we will determine the number of months firstly.
from March 16, 2020 to October 1st 2021
= 555 days
if calculated in seconds= 24 X 555 X 60 X 60 = 47,952,000
number of block per seconds= 47,952,000/99207433
Approximately = 0.5
Truly Solana blockchain has come to solve a lot of problems which scalability is one of them, and it is really important. Solana also has a great innovation called the Proof of History which is a wonderful one. I will do more research about it. I must the professor for making my eyes open.
Cc: @pelon53