(Note: SOLDEFI will also be a sub-pool in the ALTL1DEFI Pool)
Described as a ‘high-performance’ blockchain, Solana was created in 2017 by Anatoly Yakovenko to solve the throughput problems of both Bitcoin and Ethereum.
Unlike the previous two—which use a Proof-of-Work (Ethereum moving now to proof of Stake) consensus design relying on miners—Solana was based on a ‘Proof of History’ mechanism, one that creates historical records that prove that an event occurs during a specific moment in time.
This allows for a faster and more secure network. Solana’s transactions per second (tps) count is an estimated 65,000 (faster than the Visa network), and it is capable of supporting dApps, non-fungible tokens, and other blockchain applications atop its chain.
Solana isn’t natively compatible with the Ethereum Virtual Machine (EVM) as a way of attracting developers to the ecosystem. Rather, Solana allows on-chain logic to be written in the performant Rust programming language, while providing enough of an advantage to the developer experience that potential businesses will choose Solana as their go-to platform. Additionally, Rust is a widely used programming language beyond the blockchain space, which helps attract talent from areas such as traditional finance (TradFi).
While Solana doesn’t natively support an EVM development experience, Wormhole has been developed as a bridge between Solana, Ethereum, BSC & Terra. This bidirectional, decentralized bridge between the fungible ERC-20 standard which powers many DeFi projects and the SOL token is a promising way of porting over existing projects to benefit from Solana’s high speed and low cost.
In a trustless situation like a blockchain, “nodes in the network can’t trust an external source of time or any timestamp that appears in a message.” Solana uses a different model and works on proving that a certain message occurred before and after other events. This system allows Solana to order messages without needing a timestamp. Proof of History is a Verifiable Delay Function where a sequential hash function’s states are recorded to represent the passage of time. A new message can refer to a specific recorded state to prove that it happened after that and can be added to the Sha256 loop to be hashed with the state to prove that it happened before the next recorded state.
Built on top of Proof of History, is a custom implementation of Practical Byzantine Fault Tolerance called Tower BFT. It works by having validators vote on a certain Proof of History ledger and guarantee that they will not vote for another contradicting ledger for N hashes which is a timeout.
Scalable Blockchain Infrastructure: Billions of transactions & counting
Join the fastest growing ecosystem Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with over 400 projects spanning DeFi, NFTs, Web3 and more.
Neon Labs is deploying the Ethereum Virtual Machine (EVM) on Solana
Neon Labs, a company building secure blockchain solutions, announced today that it will be deploying its cross-chain EVM solution on the Solana testnet. The Neon EVM will grant any dApp in the Ethereum ecosystem access to high throughput and fast block time on Solana, as well as lower gas prices without requiring code changes.
Step Finance | Solana
Step Finance is the front page of Solana. Visualize, Analyze, Aggregate and Execute transactions across Solana in one easy to use Dashboard.
Start your new fund and begin attracting investors. Create a Fund Get hedge-fund level returns from your capital with the click of a button Start Investing DECENTRALIZATION FOR FINANCIAL EQUALITY We've seen recently that centralized platforms designed to "democratise finance" just can't be trusted - as Robinhood's response to the trading of GME on their platform demonstrated.