May 18, 2021
There have been many new blockchains popping up in recent years to fill the void left by the current state of Ethereum in terms of transaction speed and scale. One of them is Solana, and it seems to be the only one focused on a “proof of history” consensus versus the proof of work consensus systems of Bitcoin and Ethereum.
What is “proof of history”
Anatoly Yakovenko, the founder of Solana, explains that “proof of history” involves assigning a timestamp for each transaction which takes away the ability for miners and bots to decide the order in which transactions get recorded on the blockchain. According to Yakovenko, this allows for greater security and “censorship resistance.” The company boasts transaction speeds of more than 50,000 TPS and block times as low as 400 ms. By comparison, that’s around 10,000X faster than Bitcoin (~5-7 TPS) and more than 3,000X faster than Ethereum (~15 TPS).
Still a ways to go
- Solana: 608 validators and 47 decentralized applications (dapps) powered by Solana.
- Ethereum: 33,700 active validators helping to secure “Eth 2.0” as of late December and 3,000 dapps running on the Ethereum blockchain as of February.
Solana has been in development since 2017 but just did its beta launch on mainnet in March 2021, so its story is still being written in a sense.
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