This is probably the most in-depth and well written review I’ve seen of the project to date.
Learnt a lot reading this - thanks! [Short general description]: Solana is a new architecture for a high performance blockchain. It aims to support over 700 thousand transactions per second on a gigabit network. [Main contribution proposal]: Solana 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. The combination of PoRep and PoH provides a defense against forgery of the ledger with respect to time (ordering) and storage. The protocol is analyzed on a 1 gbps network, and this paper shows that throughput up to 710k transactions per second is possible with todays hardware. [Main problems tackled]: Solving the agreement on time by using Proof of History. A Verifiable Delay Function requires a specific number of sequential steps to evaluate, yet produces a unique output that can be efficiently and publicly verified. Solana’s implementation uses a sequential pre-image resistant hash that runs over itself continuously with the previous output used as the next input. Periodically the count and the current output are recorded. Inputs into Proof of History can have references back to Proof of History itself. The back reference could be inserted as part of a signed message with the users signature, so it cannot be modified without the users private key. While the recorded sequence can only be generated on a single CPU core, the output can be verified in parallel. [Innovation]: 1) Performant System Architecture - The network is arranged for maximum throughput and high availability. Solana’s smart contracts bytecode is based on Berkeley Packet Filter designed for fast execution. 2) Proof of History - Encoding time as data in the replicated state allows for simple and efficient proofs and protocols. 3) Fast Proof of Replication - A fast streaming Proof of Replication is designed for storing a large distributed ledger. 4) Consensus independent from transaction flow - Transactions flow through the network independent of consensus and are limited only by hardware. They only have a whitepaper, they haven’t done tests on testnet thus they don’t know what their tps will be. No links to code, nothing, just a whitepaper. They don’t even have an ongoing ICO. It’s Not an Endorsement. Today we are looking at Solana. What problem(s) does it target? In comparison, Bitcoin can process less than 10 transactions per second, and Ethereum less than 25, while the Visa payment network can handle 65,000 transactions per second. The purpose of PoH is used to encode the trustless passage of time into a ledger. Who are the team members? The CEO, CTO and head of engineering of the team have all worked at Qualcomm, a leading multinational telecommunications equipment company producing wireless telecom products. At what stage is the project? It has passed the initial testnet and whitepaper production, and their testnet 2.0 and public demo is set for June 2018. What are the main future milestones in their roadmap? For September 2018, they have planned a public beta, the mainnet launch is set for Q4 of 2018, partnerships and token distribution should happen in the first quarter of 2019. The team has not yet announced token metrics and token sale dates. The only thing we know is that token will be released in Q1 2019, after mainnet launches. Most important partnerships? Solana promises to announce partnerships in decentralized exchanges, ads, marketplaces, and others “as they come”. How large is their community? Their Telegram channel has more than 22,000 members, while Twitter - over 3,000, and almost 600 readers on their subreddit. Most of their discussions are focused on the technical sides of the project, asking about and debating the restrictions of such an endeavour. What are other similar projects? DFINITY, Kadena, Plasma, Thunder. We’ve heard bold claims of high TPS so let’s get the eye-rolling out of the way and taper our expectations. With that said, let’s dig in to see how they will achieve their claims. The team has criss-crossed paths during their university days at University of Illinois, working at Qualcomm, and working at health startups such as Omada. Token Metrics: Testnet Roadmap Let’s start with the consensus algorithm. This section will be longer than the rest because we view it as one of the most critical differentiators for Solana. Remember in every blockchain, transactions are grouped together in a “block”. The miner or group that validates the block becomes the leader – they have the authority to create the next block on the blockchain. The leader broadcasts the latest copy of the blockchain and selects the next leader. In Bitcoin, the leader is chosen by competition. First miner to solve Bitcoin’s Proof-of-Work algorithm claims the role of leader. In other protocols, such as Dfinity the Leader is chosen by a lottery. In Ethereum, the Leader is chosen by a lottery with increased chances of winning based on how much coin a validator owns. Consensus algorithms come in a variety of flavors. Solana proposes a blockchain architecture based on its consensus algorithm named “Proof of History (PoH)”. At first glance, this sounds a lot like “Proof-of-Elapsed Time” (PoET) used by HyperLedger Sawtooth. PoET is theoretically a more energy saving algorithm because it does not force all validators to simultaneously solve a cryptographic puzzle as Bitcoin does. Instead, the Leader generates a wait time in which all eligible validators must wait that amount of time. PoH aims to solve one the trickiest problems in distributed networks, consensus on time. How do nodes trust messages that have timestamps encoded in it? What is the node that sent the message uses its local time or if the timer is out of sync. What is the time in the message was tampered with?
Buy Solana ICO Whitelist
- June – Testnet 2.0 and public demo
- September – Public testnet
- Q4 2018 – Mainnet launch
- Q1 2019 – Token Generation Event (TGE)
Nodes simply cannot trust an external source of time.
Instead of fixating on the timestamp, what is the nodes could trust that an event happened “before” or “after” an event. Solana’s PoH is a Verifiable Delay Function. VDFs are slow and difficult to compute, even using a large amount of parallelism. But the result can be verified quickly. PoH adds in a cryptographic hash function to each event, allowing validators to prove the sequence of events. The algorithm is run continuously with the previous result to be used as the next output. PoH will keep track of how many times the function is run. PoH also supports horizontal scaling as multiple generators can synchronize by mixing their state into each others sequences. Utilized in conjunction with either PoW or PoS, PoH will result in fast time to finality (TTF). The trick is to reduce the overhead messaging that bogs down Byzantine Fault Tolerance (BFT) replicated state machines. In plain English, replicated state machines is simply using multiple servers (or nodes) to achieve Byzantine Fault Tolerance. Not only is Solana utilizing its PoH algorithm, but also proposing two additional time-based algorithms. The first is an “agnostic partition size” PoS algorithm, and the other is called Proof-of-Replication (PoRep). Remember, all of these algorithms are meant for validators to reach consensus on the final state of the distributed ledger. PoRep and PoH working together should provide a defense of both space and time against a forged ledger. In plain English… if a malicious actor were to tamper with the data and timestamp of previous transactions, the output would change unpredictably. Validators would quickly prove this is an alternate history and reject the faked output. PoH will speed performance through reduced overhead and horizontal scaling. It will increase security through time validation. For the non-technical readers it would be helpful to read up on the CAP theorem. There is a similar framework called the Scalability Trilemma (coined by Kyle Samani of Multicoin Capital) but first proposed by Trent XYZ of Ocean Protocol. A similar essay titled Blockchain: A Game of Tradeoffs is featured here on our Education Series here at Quantalysus. CAP stands for Consistency, Availability and Partition tolerance. The theory states that distributed networks can only achieve two. One has to give. Solana asserts that in a non-partitioned state there is one Leader (node that sends the transactions to other validators/verifiers) in the network. The other Verifiers that have the same hardware specs as the Leader can be elected as a Leader. The election process of selecting a leader is performed through a Proof-of-Stake based process. When nodes fail (partition tolerance is tested), networks have to choose between Consistency or Availability. Solana will select Consistency over Availability due to PoH serving as an objective measure of time. Over the long run, Solana’s approach will select Availability. In the event of a major partition, control of the network will be tested. Solana plans to utilize Horizontal Scaling in the event of a large partition. Let’s dig into specifics of Availability in Solana. To deal with partitions (node failures) with reasonable human timeframes, we propose a dynamic approach to unstake unavailable verifiers. When the number of verifiers is high and above 2 3 , the unstaking process can be fast. The number of hashes that must be generated into the ledger is low before the unavailable verifiers stake is fully unstaked and they are no longer counted for consensus. In a large partition, like a partition that is missing 1 2 or more of the verifiers, the unstaking process is very very slow. The difference in time for a network to regain liveness allows us as customers of the network human timeframes to pick a partition that we want to continue using. Solana’s PoH algorithm is configurable to allow for Horizontal Scaling. In the world of databases (remember, a blockchain is a database that’s distributed), scale is achieved horizontally or vertically. In Vertical Scaling, the computers are upgraded through better processors and more storage. In Horizontal Scaling, more nodes are added. Horizontal Scaling in Solana will be achieved through each node mixing the sequence state between each generator. This is different from sharding, as sharding is a subset of Horizontal Scaling approaches. Horizontal Sharding uses one instance of the data across different nodes or Solana’s case mixing sequence events. In databases, sharding is basically the same, but allow multiple instances of the same data to be spread across nodes. To select the next Leader, an Election is held when a failure is detected. In the event of a tie, the largest Solana node with tokens staked (highest voting power) will be chosen to select a new PoH generator. This is one potential weak spot as it may be likely that the tiebreaker node will be the same node each time there is a failure. In the event of a Black Swan failure should we really trust the same validator over and over. Solana runs a Proof-of-Stake Election process. It is meant to be fast and effective in slashing bad actors. Each node participating in the election puts up an amount of collateral with Solana token(s) in an escrow account, this collateral is called a Bond. Queue a bad bail bond joke! 1, 2, 3, go! The election will last a short amount of time in order to allow all validators the ability to receive the same information. The vote must take place quickly. Consensus is reached once a super majority of 2⁄3 of bonds are reached. Like other Proof-of-Stake systems, Solana runs the risk of major token holder collusion. Please see the whitepaper to understand how Solana will deal with last minute vote switching and secondary fall back elections. Verifiers have economic incentives to automatically validate any hash the Generator sends it. To avoid this, Solana throws in something interesting.
Buy Solana ICO Allocation
- Verifiable Delay Functions
- Proof of History
- Solana whitepaper
I think of it as a Trojan Horse (not to be confused with a computer virus).
Basically, the PoH Generator will intentionally send an invalid hash to the verifiers in random intervals. Any Verifier validating an invalid hash will get slashed. Additionally, every verifier is required to respond within 500 milliseconds or risk losing their spot in the current validation cycle. The fast time frame also serves as a deterrent to malicious nodes intercepting and spying on what other nodes are validating. Solana will feature smart contracts. The likely supported languages will be Solidity and JS. Eventually more established and safer languages will be supported. Solana looks like a strong project on paper. Its testnet TPS claims are far higher than anything I have seen aside from closed permissioned-based networks. The team has the relevant backgrounds and their whitepaper is extremely well written. If you dig into the GitHub you’ll see it has been active since February of this year. Solana has a proprietary time based consensus algorithm that will presumably pair well with PoW and PoS. Ultimately, Solana is a Proof-of-Stake based network. Therefore it inherits its advantages and disadvantages. I’m going to set up a test node to see what happens. I’ve seen projects with far less material, far less experience, and far less well written material do well in this crazy cryptocurrency market. With my expectations sufficiently lowered, I can honestly give this project high praise. I will update my verdict as I uncover more. Sources: If you want to earn Aelf (ELF) tokens for just using Twitter and Reddit, sign up for their candy / bounty program. If you learned something: Other posts: Like Loading… Please read the disclaimer and risk warning. This offer is based on information provided solely by the offeror and other publicly available information. The token sale or exchange event is entirely unrelated to ICOholder and ICOholder has no involvement in it (including any technical support or promotion). Token sales listed from persons that ICOholder has no relationship with are shown only to help customers keep track of the activity taking place within the overall token sector. This information is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice or carry out your own due diligence before taking, or refraining from, any action on the basis of the content on our site. The current value of Bitcoin, at the time this blog was written is 3000$ and that’s more value than gold and diamonds or any kinds of assets. This London-based project’s differentiator is the usage of the C# programming language for Microsoft’s .NET framework. Although Ethereum’s smart contract network has first […] The post What Is STRAT? Introduction to Stratis appeared first on Crypto Briefing. […] MEMO/07/121 Brussels, 29 March 2007 Context The paper analyses the conditions for an effective future EU role in Kosovo and provides an update on the state of transition and implementation EU coherence will not only be crucial during the final stage of the Status process but equally during the implementation phase Local ownership and partnership with the international community should be key principles for the implementation of the Status settlement. Transition Preparations Mr Ahtisaari’s Status settlement proposal provides for a four-month transitional period following the adoption of the Status settlement. time UNMIK will continue to fulfil its mandate on the basis of SC Resolution The Status settlement proposal foresees an important legislative agenda for the transition period, including the adoption of a constitution. At the same time, the Kosovo authorities will have to assume the competencies passed over It is essential that both the Kosovo authorities and the various international actors are well prepared to face the challenges of transition. Since October 2006, the International Civilian Office (ICO)/EUSR Preparation Team and the EU Planning Team for an ESDP mission together with UNMIK are working with Kosovo authorities and key international partners to ensure that the required time and energy is invested. Preparing for the International Civilian Office/EUSR and the ESDP mission According to the Status settlement proposal the International Civilian Office (ICO) would be led by an International Civilian Representative (ICR), double-hated as EU Special Representative (EUSR). He/she is envisaged as carrying certain powers and authorities to enable him/her to ensure adherence to the letter and spirit of the Status settlement. The ICO will include and be supported by other partners, including the United States. The ESDP Rule-of-Law mission will support the implementation of the Kosovo status settlement and assist Kosovo judicial authorities and law-enforcement agencies in their progress towards sustainability and accountability. tasks will be carried out in full co-operation and coherence with the
Buy Solana ICO Account
- Testnet currently performing at 250k TPS, peaking at 400k TPS.
In accordance with the Status settlement proposal, the UN Security
Council is expected to authorise the EU to establish a Rule of Law mission to support the implementation of the settlement and promote the development of the police and justice sectors in Kosovo and to decide that the mission will have executive powers in the judiciary sector (prosecution of major and organised crime, property rights, correctional services), in the police (organised crime, war crimes, inter-ethnic crimes, financial investigations, anti-corruption, border control, crowd and riot control) and in security-related and customs- compliance issues). Member states have expressed agreement with Kosovo’s European Perspective A tangible European perspective on the basis of the conclusions of the EU-Western Balkans Summit in June 2003 would reinforce the EU’s leverage as a partner of the local institutions and enhance Kosovo’s integration in the wider Concrete steps should therefore be taken to enable Kosovo to make further progress within the Stabilisation and Association Process after status In particular, the Council should establish a European Partnership for Kosovo which would spell out the priorities for action for Kosovo to move closer to the EU, taking into account the essential requirements of the Status settlement. This should be accompanied by an enhanced technical and political dialogue as well as sufficient financial assistance. EU approximation is a two-way process. Kosovo needs to meet the same conditions as the rest of the Western Balkans. At the same time, Kosovo should feel that the EU is committed to engage in contractual relations, foster regional cooperation and provide the same opportunities already available to the rest of the region. Strengthening good neighbourly relations will help to rebuild trust, to foster respect of cultural and religious differences and lay the basis for the reconciliation of future generations. At the invitation of the Council, the Commission will be ready to prepare a feasibility study at the appropriate time to examine Kosovo’s readiness to engage in contractual relations along the lines of those in the Western Balkan This should be conditional on Kosovo’s implementation of the Status settlement and key European Partnership priorities, notably in the areas of the rule of law, the fight against corruption, good governance and public This will be supported inter alia by EC financial assistance; some €200 million have been allocated to Kosovo over the next three years. Financial Needs We need to make sure that, when the EU assumes the leadership of the future international presence, sufficient resources, based on appropriate burden sharing by all donors, are available to facilitate the conditions for a Once the different costing elements are known more precisely, the Commission will prepare an overall financial package to be pledged at the Donors’ Conference. Following status, we can expect financing needs to arise in relation to: 1. Kosovo’s share of the Yugoslav debt in the wake of status; 2. Expenditure as a result of the status requirements; 3. Kosovo’s economic development needs (including institution building and capital investments); and 4. The cost of the international presence Division of responsibilities The division of responsibilities between the ICO, ESDP and the Commission will be clear and mutually reinforcing. Whereas the ICO and ESDP mission will support the local authorities to ensure settlement implementation and the consolidation of the area of rule of law, the Commission’s role will focus in particular on assisting the authorities to increase their capacities to govern Kosovo with a long-term European perspective. Previous Commission/Council documents on Kosovo:Commission Communication “A European Future for Kosovo”, approved by the College on 20 April European Future for Kosovo - IP/05/450First joint paper presented to the General Affairs and External Relations Council on 14 June 2005 (as requested by the Council in February 2005). note 14.6.2005The Commission’s Progress Report on Kosovo under UNSCR 1244, published on 9 November Progress report on Kosovo under UNSCR 1244 - MEMO/05/412Second
Buy Solana ICO Email Subscription
joint paper presented to the General Affairs and External Relations Council on 9
December 2005 (as requested by the Council in November 2005). note 9.12.2005 The European Partnership with Serbia and Montenegro including Kosovo as defined by the United Nations Security Council Resolution 1244, January 2006 European Partnership with Serbia and Montenegro including Kosovo under UNSCR 1244Third joint paper presented to the General Affairs and External Relations Council on 17 July 2006 (as requested by the General Affairs and External Relations Council 12 December 2005). Commission’s Progress Report on Kosovo under UNSCR 1244 published on 8 November He is well experienced in solving legal, tax and regulatory issues in the financial industry, especially from his years in Deloitte. Previously he engaged as a senior adviser for the Chilean Banks Association (“ABIF”), working for the banks in Chile. Afterwards he worked for the BU Center for Finance, Law & Policy (CFLP), focusing on the banking industry, financial institutions and new regulatory frameworks. Nowadays he acts as Director at the BDO Americas China Desk (ACD), the International Services at BDO in China, and is further the Head of the BDO Chile-China Country Desk. Anatoly is the creator of Solana. He led development of operating systems at Qualcomm, distributed systems at Mesosphere, and compression at Dropbox. Greg is the principal architect of Solana. Formerly of Qualcomm’s Office of the Chief Scientist, Greg has explored the full landscape of embedded systems. If you have time to burn, ask him “Why Rust?” We dare you. Raj leads operations, product, and finance. He has spent 10 years in product management and finance. Eric heads data science and token economics. He studied particle physics at Berkeley and received his PhD from Columbia while Higgs hunting at CERN. He completed a postdoc in Medical Physics at Memorial Sloan Kettering Cancer Center and later led data science at Omada Health. Stephen spends all his time in the codebase. He has 10 years of critical GPU optimization expertise at Qualcomm and Intel. He led the GPU backend that constantly beat Nvidia. Alan heads partnerships and community. He spent 10 years at Google in sales and marketing, winning several awards during his tenure. He has been active in the crypto community for years, engaging in defining the future of the space. Loom renamed to Solana! Stay up to date at solana.io You’ll be kept up-to-date with our progress regarding ICO’s site updates and lots of other goodies. (we promise we won’t send out spam or share your e-mail address with anyone else) Your request has been sent. We will contact you asap. Blockchain that maximizes scalability. They conducted a test net last February and have a relatively fast roadmap. A model that supplements HashGraph. Stanford University’s “Verifiable Delay Function” model has actually been implemented. A blockchain, but relatively undervalued, included in the future of the `` blockchain scalability “ conference in California. A complementary point 1. The highly scalable blockchain sphere is saturated with competitors. Institutional investment have not yet participated in the sale. There is no concrete token sale plan. Solana is building a high-performance blockchain with massive throughput capabilities, through integrating various consensus mechanisms in its blockchain architecture. Solana looks to be solving the fundamental issue of scalability affecting blockchains without any sharding or data partitioning. POH is used in verifying order and passage of time between events, with the objective of encoding the trustless passage of time into a ledger. (See also: How Exchanges are Manipulating the Cryptocurrency Market) Built-In Security Mechanism Solana has integrated a security mechanism to uphold the integrity of its network. By periodically sending an intentional invalid hash at random, verifiers that validate an invalid hash would be penalized, thereby losing a portion of their staked coins. Innovative Network Architecture: Solana’s unique use of an integrated architecture involving POS, POH and Proof-of-Replication (PoRep) allows for great scaling capabilities. Solana’s blockchain allows for horizontal scaling, translating to a higher transaction throughput. No Announcement Yet. Will be updated once the information is announced. Those who are interested in the private sale stage can directly communicate with the Solana team. Solana features an impressive team of experienced, technical individuals. Not only that, he holds 2 patents for high performance Operating Systems protocols. Other notable individuals include Eric Williams – Co-Founder and Chief Scientist – who is holds a PhD in medical sciences. He formerly led the data science division at Omada health. Solana has a relatively small but powerful team of individuals specializing in software and blockchain engineering, data sciences and business development. Here is Solana Roadmap: Solana has released the first version of its testnet on February 2018. The second version is due to be released on June 2018. The public beta will be released by September 2018 and the mainnet launch will be scheduled for the year’s end. Solana is well on its way to achieving that goal, after recently achieving a throughput of 250,000 tps on its testnet, with a peak efficiency surpassing 400,000 tps.
Buy Solana ICO Airdrop
Solana’s Github page can be found here.
There are 9 contributors that are actively developing Solana’s codebase, and more than 700 commits. With more than 5,000 additions and deletions the previous week, Solana’s progress is moving at a fast pace. Since the technology Solana is working on doesn’t have apparent dependencies, the development of the code is primarily dependent on the development’s team progress. With a strong team and dedicated codebase development, we would definitely be looking forward to Solana’s developments and public announcement of its token sale. Please assume caution when investing in cryptocurrencies and do so at your own risk, as it is extremely volatile and you can lose your money. Get our exclusive e-book which will guide you on the step-by-step process to get started with making money via Cryptocurrency investments!