What is blockchain?
Blockchain is a chain of blocks built according to certain rules. Each of these blocks contains some information (the hash sum of its own block and the previous one). The term blockchain first appeared in the Bitcoin system, after which the term came to be identified with the register of transactions in various cryptocurrencies.
The Solana blockchain, founded in 2017 by Anatoly Yakovenko of Solana Labs, uses a new method to verify transactions. Solana uses a number of innovations, such as PoH and parallelization, to efficiently process thousands of transactions per second (TPS). Solana is a third-generation Proof-of-Stake (PoS) blockchain that features a number of unique innovations to ensure high throughput, fast transactions and low fees:
- Proof of History (PoH): a method of checking the time without the need for a regular timestamp.
- Parallelization: the ability to process more than one transaction at any time.
- Tower Byzantine Fault Tolerance (BFT): an optimized PoH version of the practical BFT.
- Turbine: block distribution protocol.
- Gulf Stream: a protocol for forwarding transactions without a mempool.
- Sealevel: the execution time of parallel smart contracts.
- Pipeline processing: transaction processing block to optimize checking.
- Cloudbreak: a horizontally scalable database of accounts.
Read more about why our project chose Solana blockchain in the next chapter. Подробнее