Solana — The new way of scaling
since our last post, a lot of time has passed. Many promising projects have entered the ICO stage with high expectations. Unfortunately, these expectations are often a bit emotional based, due to the strong correlation between money and feelings. Thus, many investors become tired of new but similar projects launching and asking for funds again and again. Of course, we could jump on the train and do a review of every average project daily, but we have decided to give only these projects an audience we truly believe they can succeed.
One of the remarkable new projects is Solana, a new blockchain-based project that uses Proof-of-History to achieve multiple advantages, as scalability improvement, security and decentralism.
As we take a look at different consensus models we can clearly see that two are dominating dlt platforms at the moment: Proof-of-Work and Proof-of-Stake. While it is no secret that PoW requires a lot of resources to maintain its functionality, there are some other less known disadvantages: Its insecurity for example. If the difficulty changes, miners can easily switch to mine more profitable currencies. This makes it easier for malicious actors to gain 51% of the hashpower and therefore the control over a certain network. Solana’s Proof-of-History is different: It’s a PoS based consensus, means no mining and thus no wasting of resources. Proof-of-History is the core of Solana’s network structure as it provides major improvement of scalability and security. A PoS elected leader node runs the function and puts input (transaction data) in the function, the output of the leader will be put in the function again by the verifier nodes. The Counts work as a timestamp, to proof that an event has happened before or after a specific date, because real time has passed between the counts. This idea can be extended to the point where different kinds of data can be tracked and dated on the blockchain with the transaction counts (btw a great condition for a supply chain).
The really big advantage in this PoH based concept is however horizontal scalability: By synchronizing multiple PoH generators there is nearly no limit when it comes to scaling. Solona exceeds all expectations with 710k tps without sharding! That’s a new standard we could get used to. While Ethereum (14 tps) and Bitcoin (7 tps) with their long-known scaling problems aren’t a match for Solana, Solana’s tps is even ten times higher than Visa’s (65k tps). Of course, at the end of the day it’s not all about tps, but we can clearly see that the whole technical structure of Solana makes it far easier to scale and deal with high traffic. However, the probably most remarkable things is that these 710k tps are an on-chain solution without sharding, achieved on a blockchain. That’s insane!
With such a high on-chain tps, Solana could become the platform to deploy several dapps, for example a decentralized twitter. It would be great to deploy a cryptokitties similar project to demonstrate the high-traffic capability of Solana. I’m looking forward to seeing their testnet as I believe they will have some surprises for us. Mainnet will be launched probably in Q1/2019 in regard to their roadmap.
This is by far one of the most interesting scaling solution I’ve seen for a long time. I will follow the project closely as it has the potential to become a real gamechanger. Currently they aren’t running an ICO, but in my opinion it’s a project you should keep in mind. Join their telegram (https://t.me/solanaio) or Twitter (https://twitter.com/SolanaLabs) if you want to not miss any updates.
In the future we want to make more posts about upcoming ICOs, but as always only really good, interesting and innovative projects.
I hope you enjoyed today’s review, would be great if you could give us some claps. Stay tuned for our next articles!
Disclaimer: THIS IS NOT FINANCIAL ADVISE! DO NOT INVEST IN CRYPTOCURRENCIES ONLY BASED ON OUR REPORTS. DO ALWAYS YOUR OWN RESEARCH. YOU ARE FULLY RESPONSIBLE FOR YOUR OWN DECISIONS. WE ARE NOT PAID BY ANYONE FOR OUR CONTENT.