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      Home Featured

      Solana is faster than Ethereum and is being followed by top crypto investors

      by Editorial Team
      May 16, 2021
      in Featured, News-Curated
      Reading Time: 2 mins read
      0
      Solana is being followed by top crypto investors

      Top crypto investors are following Solana

      Share on FacebookShare on Twitter

      Table of Contents

      • Introduction:
      • Transition to “Proof of stake”:
      • How Yakovenko thinks about it:
      • “Proof of history”:

      Introduction:

      Insiders think that the blockchain platform, Solana, is interesting for various reasons. This begins with its amiable founder known as Anatoly Yakovenko. He spent more than a dozen years as an engineer working on wireless protocols at Qualcomm. According to him, he had a lightbulb moment at a San Francisco cafe years ago following two coffees and a beer. 

      Right now consensus is reached on various blockchains when members solve a mathematical puzzle which is called “proof of work”. But the process takes an hour in Bitcoins case and a minute in the case of ethereum. It is very energy-intensive and that is why neither Bitcoin nor ethereum has proved very scalable. 

      Transition to “Proof of stake”:

      The crypto watchers and developers are excited about ethereum and other currencies. This currency is transitioning to a new system called “proof-of-stake”. In this people who agree to lock up a certain amount of the cryptocurrency are invited to activate so-called validator software. This validator software enables them to store data, process transactions, and add new blocks to the blockchain. 

      Like miners, “validators” take up the role to earn more cryptocurrency. But they require less sophisticated equipment which opens up opportunities for more people. Meanwhile, because more validators can participate in a network consensus is fast to be reached. 

      How Yakovenko thinks about it:

      Yakovenko is very enthusiastic about the shift. He is not rooting against ethereum. He says that it would be devastating for the entire industry if ethereum is unable to pull off its transition to proof of stake. This is because its mind share is roughly a $500 billion market cap. 

      Yet he argues that not even proof-of-stake is sufficient enough. The reason is that even with proof of states miners and bots have advanced access to transaction information. This information allows them to exploit users or front-run transactions because they can control the transaction ordering. 

      “Proof of history”:

      On the big idea from Yakovenko, he terms it as “proof of history”. Solana blockchain has developed a synchronized clock. It assigns a timestamp for each transaction. This disables the ability of miners and bots to decide the order in which transactions get recorded onto the blockchain. According to him doing this allows greater security and “censorship resistance”.

      According to a new explainer of Solana, it has innovated in other ways. This reportedly helps “maximize confirmation speed and boost the number of transactions that can be handled both concurrently and in parallel.”

      “Basically, the speed of light is how fast we can make this network go,” says Yakovenko. Solana has sold tokens to investors but never equity in the company. This excites so many people because of its prospects. Garry Tan of initialized capital and CEO Joe Lallouz appeared in an interview as investors. Both of them mentioned Solana as the project they find most interesting right now. 

      mm

      Editorial Team

      We at Appedus are a group of digital nomads aggregating, writing, and publishing the best of the tech news in the mobile app ecosystem. Our constant endeavor is to get the most actionable news for you to use.

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      Mobile App Development | Design | Marketing Magazine: Appedus

      Appedus is a mobile app ecosystem focused news publishing platform which covers various topics like app design, app development, app marketing and other relevant news, views or opinions. We also publish industry insights, e-books, developer interviews and e-magazines. You can get in touch with us on hola@appedus.com or you can snail mail us at

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