By CoinList

Solana SOL

The world’s first web-scale blockchain, with speeds of 50,000 tps without sharding
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It’s possible for a centralized database to process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes. A centralized database can also replicate itself and maintain high availability without significantly compromising that transaction rate using the distributed system technique known as Optimistic Concurrency Control. At Solana, we’re demonstrating that these same theoretical limits apply just as well to blockchain on an adversarial network. The key ingredient? Finding a way to share time when nodes can’t trust one-another. Once nodes can trust time, suddenly ~40 years of distributed systems research becomes applicable to blockchain.

Furthermore, and much to our surprise, it can be implemented using a mechanism that has existed in Bitcoin since day one. The Bitcoin feature is called nLocktime and it can be used to postdate transactions using block height instead of a timestamp. As a Bitcoin client, you’d use block height instead of a timestamp if you don’t trust the network. Block height turns out to be an instance of what’s being called a Verifiable Delay Function in cryptography circles. It’s a cryptographically secure way to say time has passed. In Solana, we use a far more granular verifiable delay function, a SHA 256 hash chain, to checkpoint the ledger and coordinate consensus. With it, we implement Optimistic Concurrency Control and are now well en route towards that theoretical limit of 710,000 transactions per second.

Recent News
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Fed Up With Its Fork of Stellar, Kin Is Looking to Move Onto Solana
May 22 · CoinDesk · The kin cryptocurrency is exploring a move from its own fork of Stellar to the Solana blockchain.
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May 13 · CoinDesk · Silicon Valley blockchain startup cLabs just raised $10 million for the Celo project through a token sale to accredited investors on the CoinList platform.
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Bison Trails Announces Support for Celo Platform
May 07 · The Cointelegraph · Bison Trails has announced support for the Celo open network, which enables smartphone users to send crypto directly to a phone number instead of a blockchain address.
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Ethereum Developers Roll Up Their Sleeves in Hunt for Scalability Cure
Apr 23 · Coin Telegraph · At the same time, Ethereum network’s throughput didn’t exceed 15–20 transactions per second in 2019, and was considered insufficient for making the blockchain suitable for large-scale use.
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Blockchain’s Need for Speed Brings New Tools to the Crypto Industry
Apr 19 · Coin Telegraph · Like many other blockchain projects, the Solana team has the scalability challenge in mind while developing the platform.
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