In solana every node has its own clock and they take decisions, without consulting each other. In simple terms proof of history means a new block can be added to the blockchain network without any mutual agreement. Proof of Work (PoW ) is quite complex and slows down the speed of transactions, keeping in consideration the disadvantages of the PoW system, PoH (Proof of History) was introduced. Proof of History: Bitcoin and ethereum’s blockchain network follows a “proof of work” (proof of work means every node on the blockchain network will arrive at a consensus before any new entry ) approach for allowing and restricting entries on its database. Let’s take a closer look at “distinct features” of solana. You can watch the following video for a concise explanation of Solana blockchian network. (Related Blog: Polkadot Cryptocurrency: Structure and Working) Solana is a distinct cryptocurrency, it is fast and cost efficient, and follows Proof of History for providing an efficient and scalable network. (Must Check: Blockchain Technology Explained- Components and Applications) It is built on RUST programming language which provides it a robust base in safeguarding transactions. The “decentralized” blockchain network that solana offers, is a combination of proof stake and proof of history. Solana’s protocol is fast, secure and censorship resistant. This cryptocurrency is often hailed as “ethereum’s competitor”. Solana can quickly add multiple properties to its existing network, whether its building applications or mining SOL tokens, this network can perform it all within microseconds. This new to the fame blockchain network can perform 50,000 transactions per second, and that’s what makes it unique. The only difference between solana and ethereum is the former's high speed of transactions. Solana is a blockchain network for building cryptocurrencies just like ethereum and bitcoin. Let’s understand the basic terminologies associated with solana step by step. While solana is still in beta it has attracted many to its new energy efficient ecosystem. Solana, is a blockchain network that can be used for building DeFi applications and SOL tokens. (Related Reading: How to Mine Bitcoin? Bitcoin Mining)Īnd from here the concept of Solana gained recognition. Include all of the required fields on your Devpost submission form, BEFORE the final deadline on Octoat 11:45pm PST.Ever since the concept of cryptocurrencies came into limelight world was worried about the impact of “crypto mining”, cryptocurrencies like bitcoin and ethereum consume 91 terawatts of energy for mining, which is way more than the energy consumption of 5.5 million people. Access must be provided to the working application or code for judging and testing by providing a link to a website, functioning demo, or a Github repository. Access to your working application or Github code repository.Your video should be around 3 minutes long and include a demo of your working project. A description of what your project does and why you decided to build it.Project name and a list of team members (if applicable).Let's ignite the next wave of projects joining the Solana ecosystem! Just make sure your project integrates with the Solana protocol. The Solana community is excited to jumpstart its 4th virtual hackathon focused on allowing developers to experiment and leverage the Solana blockchain to create a plethora of projects spanning DeFi (Decentralized Finance), blockchain gaming, Web3, Digital Art/Collectibles, and everything in-between.Īs long as you have an internet connection, you're invited to join the hackathon. Solana is a fast, low-fee, censorship-resistant blockchain designed to enable builders to quickly deploy and scale applications to billions of users globally.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |