QUESTION 1
Explain in detail the PoH of Solana
The PoH of Solana
The Solana blockchain proof of history is based on the cryptography which uses the SHA256 in carrying out its transactions. Explaining vividly how this works, it is carried out by running hash functions continuously such that the hash becomes the input of the next hash which makes to form a hash chain.
The proof of history system therefore allows the system to order transactions in a chain-like manner which makes it to transmit mush less information in a block. This has a major advantage in that transactions are confirmed in far less time. With this, we see the PoH of solona blockchain makes it very efficient especially when referring it to transaction time.
When trying to get a contrast of how the poof of history in the Solana blockchain works, we see that we can compare it with the proof of stake mechanism in complimentary. This is because it is not a consensus mechanism. In the proof of history, the key take away point is the usage of nodes in validating transactions in very less time.
QUESTION 2
Explain at least 2 cases of use of Solana
Use Cases of the Solana
1) Cyclos.io
Beginning with the cyclos.io, it is a platform belt on the Solana and the Serum. Which is the first concentrated liquidity AMM which is built on the Solana blockchain with its token the cys token of value $3.1. The particular advantage of the cyclos.io is that it has a high return on its liquidity pool. This actually brings about more investors based on this particular advantage.
The main reason for the high returns on the liquidity pool is due to the merging of the concentrated liquidity alongside the aforementioned serum central limit order book.
Exploring the Cyclos.io
I will begin by logging into the cyclos.io platform and clicking on the Trade tab to connect wallet.
On the connect wallet, we can chose which wallet to connect which include the phantom, the coin98, sollet, solong, ledger, blocto, mathwallet. This is as shown in the screenshot below.
2) Orca.so
Next I will be exploring is the orca platform. Beginning with a brief description of the orca before exploring the platform, we see that the orca.so is an exchange built on the Solana blockchain. The orca.so is a decentralixed exchange known to have very low transaction fees in exchanging cryptocurrencies.
Exploring the Orca.so
Exploring the orca.so platform, after logging in, we can click on the connect wallet tab, where we can connect our wallet which are the phantom, the sollet, the sollet extension, the solflare, the solflare extension and the mathwallet. This is as shown in the screenshots below.
We also have the pools the staking and the staking core features which we can use to participate in the liquidity pool after connecting our wallet.
From the screenshot below we can see that we have a total of $893,047.22 in the locked up value with the orca price at $19.29 currently.
QUESTION 3
Detail and explain the SOLA token
Detail Explanation of the SOLA Token
The SOLA token, it is the native token of the solatoken platform. And the Sola platform is a decentralized exchange for the exchange of cryptocurencies. The sola token is currently trading at a price of $0.069. The sola is a social layer which is social layer acting as an open source ecosystem in producing its source codes. This source codes are therefore available for improvements, audits and usage by anyone.
Statistics of the Sola token
As taken from the coingecko market;
- Market capitalization = $1898304
- 24 hour trading volume = $68402
- Circulating supply = $27153077
- Total supply = $27153077
- Maximum supply of $27153077
- Diluted valuation of $1898304
This is shown in the screenshot below.
QUESTION 4
When did Solana blockchain see its operations interrupted? Why? Explain
When Solana Blockchain saw its operation interruption
Beginning with the stating of the date when the date when the Solana blockchain witness its interruption, it was on 14th of September 2021.
The main fault behind the interruption was explained by the Solana team that it was due to a large number of transactions which was carried out at the same time. It was so severe that it lasted for 17 hours distorting the transaction flow which paralyzed the Solana blockchain for that amount hours.
Briefing on the vivid cause which paralyzed the transaction flow, we see that the transaction peak was surpassed. This was a total transaction of 400000tps when the Solana blockchain could accommodate a maximum transaction of 64000tps. Meaning that transactions were flooded in the transaction queue which exceeded the capacity of the Solana blockchain.
QUESTION 5
Check the last block generated in Solana and make an approximate calculation of how many blocks per second have been generated in Solana, taking into account from the initial block to the current one? Justify your answer and show screenshots.
Block Generation in Solana
Step 1
Logging into the solanabeach.io to check the last block. We begin by logging into the solanabeach platform then click on the menu bar and taking blocks. From there we can see the last block, and we copy. Which is 99434682
Step 2
I then copy the block and log into the solscan.io platform where I search the last block and the details is as shown below.
Now, calculating the last block, using its launch date March 2020, it indicates 18 months to date.
- Time of operation is 18 months
- Last block: 99434682
- Time of operation in seconds we: 18 * 2630000 = 47340000
Calculating the average time per block, we have 47340000 / 99434682
= 0.47s
1 block = Approximately 0.5s
Conclusion
The Solana Blockchain is a very fast and cheap blockchain type which functions on the Proof of History mechanism. The Solana is known to have relatively cheaper transaction fees when compared with other blockchains. Practical example has been seen with the exploitation of the cyclos.io and the orca.so
We have also seen the breakdown of the Solana blockchain on September 14 which was caused by the number of transactions exceeding the orginal capacity of the Solana blockchain which paralysed the blockchain for a period of 17 hours.