3/25/2023 0 Comments Solana transactions per secondIt creates a historical record of events with their timestamps, each validator is able maintain and align their own clock, which helps them to agree on the sequence of events independently. Proof of history offers a way for validators to keep time in a trustless system. Validators being able to verify and agree on the order of blocks in a blockchain is the whole basis of a blockchain network but it’s also what makes it slower than alternative network solutions. Proof of history is based on the concept that having a reliable clock between computers in a network makes synchronization simple and results in high TPS. Proof of history is Anatoly’s solution to the blockchain trilemma, creating a highly scalable decentralized network that’s capable of rivaling the speed of traditional payment networks such as Visa. The first wave of blockchain networks such as Bitcoin and Ethereum max out at around 15 transactions per second (TPS) in their current state. It runs on a proof of stake consensus model which has been improved upon by the proof of history concept that was pioneered by Anatoly Yakovenko, who’s one of the co-founders of Solana. Solana is an open source, permissionless blockchain maintained by the Solana foundation. Solana was created with that understanding in mind and aims to achieve high transaction rates, extremely low fees while maintaining proper security, decentralization and censorship resistance in the long run. There is a real need for blockchains that can achieve speeds similar to that of existing networks or to quote the founding team at Solana for “decentralized network of nodes to match the performance of a single node”. While fast transaction speeds are not a core requirement in every situation, it is for things such as payment networks, gaming and trading. For web3 to become a reality, blockchains need to cater for a wide range of activities.
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