Our synopsis:
Given its unique blockchain architecture and the possibility of achieving 710K transactions per second with today's hardware, it is no surprise that it has caught the attention of the institutional investors.
The abstract to Solana's Whitepaper reads:
This paper proposes a new blockchain architecture based on Proof of History (PoH) - a proof for verifying order and passage of time between events. PoH is used to encode trustless passage of time into a ledger - an append only data structure. When used alongside a consensus algorithm such as Proof of Work (PoW) or Proof of Stake (PoS), PoH can reduce messaging overhead in a Byzantine Fault Tolerant replicated state machine, resulting inn sub-second finality
times. This paper also proposes two algorithms that leverage the time keeping properties of the PoH ledger - a PoS algorithm that can recover from partitions of any size and an efficient streaming Proof of Replication (PoRep). The combination of PoRep and PoH provides a defense against forgery of the ledger with respect to time (ordering) and storage.
As the abstract states, Solana uses a proof of stake consensus along with timestamped transactions which makes it a high-performance cryptocurrency blockchain, with incredible transactions speeds per second. It is this potential TPS that gives Solana tremendous scope for a wide variety of practical applications that no other cryptocurrency can match.
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