[Solana Blockchain] - Steemit Crypto Academy | S4W4 | Homework Post for @pelon53
Hello All Steemians !!!
Today I'm going to make my Steemit Crypto Academy Homework task by professor @pelon53 that talking about Solana Blockchain. Very interesting lessons. Actually I have very little knowledge about this, but I will try to discuss it to improve my writing skills. On this occasion I will try to discuss it.
Explain in Detail the PoH of Solana
Solana Blockchain is a new innovation that is present in the blockchain ecosystem and cryptocurrency world which is called the third generation blockchain. Solana Blockchain uses PoH (Proof-of-History) technology in the system. Its presence is very useful and beneficial for blockchain users, especially in developing and improving the quality of DApps. Solana's technology is expected to be able to overcome the problems that exist in the blockchain system so far by combining a series of algorithms that function to create a fast, scalable, secure blockchain system.
The use of PoH technology greatly benefits users and eases the workload of the system where PoH serves to lighten the burden on the validator in terms of the verification process. Every transaction that enters the network will be processed by SHA256 and generate a Hash. Input will be processed and produce an output that can't be hacked and predictable. Then the output hash will be used as the next input Hash. This mechanism will form a long chain of transactions that are sequential, unique, secure, unbroken, unpredictable and unhackable.
PoH technology is an important factor that is very reliable, especially in accelerating the time of verification carried out by validators. The processes and systems that are executed provide a clear indication of the sequence of transactions. All transactions in the network have a history of exact timestamps within a certain period of time. This is very useful and has a positive impact because it increases speed and provides accurate results. The speed of solana blockchain in processing transactions and forming blocks is proven by forming 2 new blocks every second and processing 50.000 transactions per second.
In this case, the highlight and important point of PoH technology in solana blockchain is the time required by the validator in the verification process. Here the validator can rely on the history of timestamps and the order of transactions received without having to verify it and can immediately create the next block. Or in other words the validator can use the last hashed information and data to create a new block so that the process is faster. Solana blockchain is known to be fast and scalable blockchain.
Explain at least 2 Cases of Use of Solana
Raydium
Raydium is the best platform that runs on the Solana blockchain network and is widely used by users in the cryptocurrency world. The presence of raydium is very influential and has a positive impact, especially in supporting the use of DeFi. Raydium has special functions and characteristics which provide liquidity for users to carry out transaction activities in the entire serum ecosystem. The interesting and profitable thing here is that the liquidity provider will get a reward from the transaction results paid by the user.
Raydium has many features that help and facilitate its users. Various ways and strategies can be done on this platform to increase capital and get profit from time to time. The trade feature allows users to trade or swap tokens at a low cost. The yield feature can be used to get passive income from farming within a certain period of time. The pool feature offers users to get token liquidity. And the acceleRaytor feature that provides users with information and data about Solana's new project.
Raydium has launched a token in the cryptocurrency market namely RAY. The use of the Solana blockchain allows users to transact RAY tokens with high speed and scalability. Based on CoinMarketCap data, RAY Token is ranked 112 on the crypto market list. The current price is $9.88. The market cap is $703.475.884. The trading volume is $97.970.137. And the total supply is 555.000.000 RAY. This shows that the Raydium platform and the RAY token have great potential for users in the cryptocurrency market.
Audius
Audius is the best music platform that runs on the Solana blockchain network and is widely used by users in the world of music and cryptocurrency. The presence of Audius offers users access to enjoy all kinds of music in the world by relying on blockchain ecosystem and the cryptocurrency market. Audius has special functions and characteristics that are very helpful and facilitate all activities carried out by users which have a very fast and scalable system.
Audius has many features that help and facilitate its users. Various ways and strategies can be used on this platform to develop skills in the music world. Audius offers users a large selection of music suitable for application in games. Audius offers users to create their own suitable and good visuals. Audius offers users to build their own music player which can be profitable. Audius offers users the ability to discover and share new ideas that will be very useful in the development of the platform.
Audius has launched a token in the cryptocurrency market namely AUDIO. The use of the Solana blockchain allows users to transact AUDIO tokens with high speed and scalability. Based on CoinMarketCap data, AUDIO Token is ranked 99 on the crypto market list. The current price is $2.24. The market cap is $922.804.007. The trading volume is $25.489.318. And the total supply is 1.055.192.308 AUDIO. This shows that the Audius platform and the AUDIO token have great potential for users in the cryptocurrency market.
Detail and Explain the SOLA Token
SOLA is a token that is considered new in the cryptocurrency market and is a token of the Solatoken.net platform. This token can only be transacted by users on the Decentralized Exchanges (DEX) platform. The presence of SOLA tokens provides privileges and benefits for every token holder. In this case, token holders have influence and play an important role in managing policies and determining decisions made on Solatoken.net platform. The number of token holdings is a reference the power of user has where the more SOLA tokens held, the greater the influence they have on the platform.
The presence of the SOLA token in the fledgling cryptocurrency market made this token is not currently listed on several well-known exchanges. This is proven by trading this token can only be done on the Solatoken.net platform and the Raydium platform with the SOLA/USDC pair. The use of the Solana blockchain allows users to transact SOLA tokens with high speed and scalability. Based on CoinMarketCap data, SOLA Token is ranked 1903 on the crypto market list. The current price is $0.051119. The market cap is $1.338.042. The trading volume is $69.480. And the total supply is 27.153.077 SOLA.
When did Solana Blockchain see its operations interrupted? Why? Explain
Solana Blockchain had its operation disrupted on September 14, 2021. This case mentions that there were process and system delays reported by users. This is rare and users find it strange because the Solana blockchain usually has high speeds. Failure occurred after a while. This is evidenced by a tweet by Solana's Twitter account where the network has experienced intermittent instability.
This case mentions that the failure on the Solana blockchain network was caused by overloaded operations reaching a peak of 400.000 TPS. The system has been inundated with transaction queues in a period of time and due to lack of priority, the network becomes branched. The number of transactions that are large and not in accordance with their capacity causes a number of nodes to go offline. This is because these transactions have used up most of the memory space.
Various ways and efforts were made by the Solana blockchain team to overcome this problem. The validator restarts the network until this process is successful. The validator managed to restore the network in a few moments. This is evidenced by a tweet by Solana's Twitter account on September 15, 2021 where the network functionality will be restored.
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?
Here I will verify the last block of the Solana blockchain by visiting https://explorer.solana.com/. On the main page I can identify the last block as I marked on the screen.
Source Solana I filled in and put the last block in the search option. Here I can find all the data and information about the last block as I marked on the screen. The last block is 99228489. Timestamp (local) is October 1, 2021 at 16:44:53 GMT +7. Timestamp (UTC) is October 1, 2021 at 09:44:53 UTC.
Source Solana Here I will find out how many blocks have been formed on the Solana blockchain. On the main page I filled in and put the block 1 in the search options as I marked on the screen.
Source Solana I can find all data and information about block 1. I find no timestamp or unavailable. But I found 4 transactions that can be used to find out the timestamp as I marked on the screen.
Source Solana I clicked on one of the transactions from the 4 available options as I marked on the screen.
Source Solana I found the data and information of the transaction. Timestamp is March 16 2020 at 21:30:51 Indochina Time as I marked on the screen.
Source Solana
Calculation:
Block 1
Timestamp is March 16, 2020 at 21:30:51 Indochina TimeLast Block: 99228489
Timestamp is 1 Oct 2021 at 16:44:53 GMT +7The calculation is that the total time between March 16, 2020 at 21:30:51 to October 1, 2021 at 16:44:53 is 563 days 10 hours 51 minutes 14 seconds or = 48682274 seconds.
Last Block / Time = 99228489 / 48682274 seconds = 2.03828788 Blocks
99228489 x 0.5 = 49614224.5 seconds
In this case, based on the previous calculations, it is stated that the formation of Block 99228489 takes 48682274 seconds. Based on theoretical calculations, it is stated that the formation of Block 99228489 takes 49603863.5 seconds. This shows that the calculation gives a result that is not too different because only a few seconds apart.
Conclusion
Solana Blockchain is a platform that is present in the blockchain ecosystem and cryptocurrency world that provides many benefits and is very useful for users. The use of PoH (Proof of History) technology is a important factor in providing a fast and scalable operating system. The use of this blockchain can be found on many well-known platforms from various sectors that users often use to generate profits or fulfill needs.
SOLA token has good potential due to the use of the Solana blockchain which is increasingly being adopted by several platforms and cryptocurrency market players. Solana blockchain operations were disrupted some time ago, but this problem can be resolved properly by the parties involved. This blockchain is believed to continue to grow and will have a positive impact on the blockchain ecosystem and the world of cryptocurrencies.