Solana ICO - A new architecture for a high-performance blockchain
Blockchain is an implementation of a fault tolerant replicated state machine.
Current publicly available blockchains do not rely on time, or make a weak
assumption about the participants abilities to keep time [4, 5]. Each node in
the network usually relies on their own local clock without knowledge of any
other participants clocks in the network. The lack of a trusted source of time
means that when a message timestamp is used to accept or reject a message,
there is no guarantee that every other participant in the network will make
the exact same choice. The PoH presented here is designed to create a ledger
with verifiable passage of time, i.e. duration between events and message
ordering. It is anticipated that every node in the network will be able to rely
on the recorded passage of time in the ledger without trust.
REBUILT FOR S
710,000 tx/s with off-the-shelf hardware and no sharding. Scales with Moore's Law.
Proof of History: The Key to Speed
- Similar to Google’s TrueTime, which relies on synchronized atomic clocks for a trusted source of time and ordering, Solana has created a cryptographically secure and trustless time source--and built a blockchain around it. We call it Proof of History.
- By weaving this standardized timestamp into the blockchain, nodes in the network can verify the time and order of events without witnessing them directly. This drastically reduces messaging overhead and is one example of the many optimization capabilities that become available through Solana’s Proof of History.
(Some) Use Cases
Imagine a decentralized trading system that never touches users’ private keys. The entire order book is securely included in the blockchain replicated state while retaining all the performance characteristics of Nasdaq. At 710k tps, Solana can fit Nasdaq's volumes with room to spare. We enable this using atomic cross chain transactions combined with tradable swaps.
Payments are the holy grail of blockchain, but adoption and scalability are inevitable hurdles. Solana's transaction costs are to be on the order of $0.000001 and lightning fast. Bitcoin's throughput, at 3 payments per day per person, is only enough to service the population of Berkeley, California. We can do better. Solana lays the foundation for the payments platform that blockchain has always promised.
Distributed Web Services and Storage
The future of cloud storage and web services can be decentralized, encrypted, permissionless, and secure. Decentralized file storage systems have the potential to eliminate high markup and human capital costs, and set new standards of unit economics for distributed data storage. Solana provides a scalable path for this future to become a reality.
Distributed Ad Exchanges
If ads are traded on a single, transparent platform, all sorts of ancillary data-driven industries can sprout up: tracking and measurement, rating, and industry reporting. These business models would require nodes to keep much more extensive ledgers than just day-of transactions. At the same time so we need a highly scalable chain to support this future of ad tech (Google serves up 340,000 ads per second). What distributed solutions are there that can support high speed on-chain data collection? You guessed it, this is where Solana’s high throughput blockchain shines
Single node testnet
Public testnet alpha
Smart contracts engine