An Introduction To Solana: Innovations, Characteristics, And Criticism

Will Solana be the one? The race to be the prime smart-contract-enabled blockchain is heating up. Many projects are chasing Ethereum’s tail, offering faster and cheaper transactions plus technological innovations. What does Solana offer? An internal clock. An incredibly higher number of transactions. Fees so low that are almost non-existent. The possibility to scale to global adoption in their layer 1. Related Reading | Solana to Launch Stake Pools, This Is How It Will Enable Rewards For SOL Holders Will this be enough to capture the market? Is Solana the mythical Ethereum-killer that everyone is looking for? Keep reading and get enough info to make your own mind. We’ll summarize the good, the bad, and the ugly in digestible bullet points and short text. What Is Proof Of History And How Does It Work? Contrary to what the name suggests, proof of history is not a consensus mechanism. Solana uses Proof-Of-Stake to validate its blocks. “The core Solana innovation is Proof of History (POH), a globally-available, permissionless source of time in the network that works before consensus,” says the following video’s information box. To drive the point home, let’s also quote Techcrunch: Enter Yakovenko’s big idea, which he calls “proof of history,” wherein the Solana blockchain has developed a kind of synchronized clock that, in essence, assigns a timestamp for each transaction and disables the ability for miners and bots to decide...