Crypto Academy Season 4, week 4- Intermediate course|: Solana Blockchain homework post
Hello to all my friends
today I am going to do a homework for the Crypto Academy and I hope that you will learn something from my research on the topic
so before talking about proof of history e lets first understand the two mechanism which are very famous and most of the blockchains use those consensus mechanism so it is really important to understand Does consensus mechanism so that you will know why it is different from those and how poh is batter then them
1.- Explain in detail the PoH of Solana.
Proof of work
this was the first consensus which was introduced by the Bitcoin blockchain and there was no other consensus mechanism at that time now let me tell you how it works it's very easy you must have heard about this many times about mining basically
in proof of work many computers from all around the world come together and Fight with each other so they can compute the next hash in the blockchain Now the more powerful your computer is the better chances of you getting the hash basically your computer is solving Complex mathematical equations and for that you need a really good machine so if your computer is very expensive with the latest technology then your chances are are better than other people to get the block Now there is a problem in that is it takes a very long time to create a block and it same time the transaction per second is also very low
if we compare Bitcoin blockchain versus ethereum blockchain then the average block time of Bitcoin is 10 minutes per block now when we talk about ETH the average time is is 15 seconds per new block
A little time ago it was pretty much nice I mean any one word give that much time but as much as we are going ahead of time we need fast speed we need speed that can go in microseconds and that's why we need different and faster blockchains
Proof of stake
now you will have to understand one thing all of this consensus mechanism are kind of similar difference now in this mechanism what we see is that anyone can be chosen to complete the block so instead of computers trying to fight with each other here the person is chosen by aur the computer is Frozen by a lucky draw so anyone can be picked But there is a catch now it depends upon the amount of ETH they have stake Now what it does is it increase the time of transaction per second
Now the point is proof-of-stake is increasing the the transaction per second but its not increasing the block time and that's why it is not good enough for us and we are not talking about just regular transactions we are talking about decentralized applications for that we need a higher speed way higher now let's talk about how salona blockchain is solving the problem with POH
Let's try to understand what is proof of history just like other consensus mechanism this one is also very easy and you can understand it very easily nothing so different just a few other things
proof of history
If you are working in a distributed environment the biggest challenge that you face is Agreement of time the decentralized system very easily solve the problem and that is by Installing centralised timing system Now it gets a little tricky in the blockchain because in the blockchain The blockchain notes dont trust any external time source Timestamp on their messages Now if there is any way to solve this then that is every know that this message was sent before and after a certain event That can solve the problem of timestamp
How does proof of history works
I the proof of history all the notes of blockchain agree on the time order whenever there is a message on the note so what happens is that they track the Event sequence and arrange that into a correct order now because every note has its own internal clock they don't need to communicate with other notes so it saves us a hude time and thats how it works easy and simple
2.- Explain at least 2 cases of use of Solana.
while doing my research I found that this amazing platform and the project is been running for quite some time and I had idea about the audio broken but I never look into the platform itself there has been times when I invested in token as well but to be honest I have never really explore the platform behind the token
1 audius
this platform is a revolution in the music industry I would say this platform is completely built on salona blockchain and what it does is you can stream music on it you can put all your music on the platform and then people can listen to it and enjoy your music you will get 100% royality off your music let me give your example if you have ever heard about soundcloud it's the same thing but it's decentralize now artists can put out their music on the platform and their kin and money prove that they can also stream the music on the platform and there are much more thing on the platform
This project is also partnered with the very famous app called Tik Tok if you don't know that so anyone on Tik Tok can use the music from this platform like we see most of the companies don't like their music to be used on Tik Tok and they don't get the royality now here you can use all the music on the platform on Tiktok so that's a big thing for a new platform to be back by Usher popular and trusted app
the platform provides you an app just like soundcloud you can download it for your iPhone and for your Android phone as well and they have a desktop version as well you can use it just like other app that you use on your mobile phone I have personally not use the app yet but soon I will give it a try
Audio token
the platform have a token with the name of audio you can buy and sell you can try this token on any of the exchanges and the token is going really good if you look at the market cap and locate the price you can take a really good idea if the project is going well by the price of its token because if it's going good it means that people are trusting the project and with are you I think people are really trust in the project because of the brilliant mind behind the project
market detail
You can check out all the information about the token on the coin market cap or any other website that you like I am using coinmarketcap to know what is currently the statistics and I can see the history and everything on this website as you can see it looks quite well we feel look at the history it is going up and seems really nice and progressive coin to me the whole project is a really nice one
Raydium
Now you must have heard about the decentralized exchanges this is the largest and one of the biggest project in the salona ecosystem This is an automatic market maker You must have heard about some decentralized exchanges like uniswap and Sushi swap You can to all the things like provide liquidity swipe tokens and do yeld farming
Now there are some really good features in this platform and 1 of that is that when you are trading on this platform they give you the best price possible and they do it The check in their own liquidity pool and they check in the largest decentralized order book here you can get the price that you won't like you can set a limit
on other exchanges like unswap you will have to take the price but they give u you cannot use the limit and get the price that you want there are only a few platforms which provide this feature like in centralised exchange is like binance we can set a limit and we can do trading with that
Now this project is relatively very new but is growing with time and things are improving they also have a really good interface when you try to use it there is nothing so difficult about it it and I think this project has a really good future
Ray token
the platform has its own token which is noun is ray just like other coins you can try this one as well and you can buy and sell it you can hold it if you want you can do trading in this coin and just like other coins this is one of the coins
market detail
3.- Detail and explain the SOLA token.
SOLA TOKEN
While doing a research I found out that this is a pretty much new project just one month old I would say and that's why there is not much information about this project available online still I did my research and I got some really good and formation will there is nothing much Different or unique
The app where you can swipe tokens and provide liquidity and it does everything that a defi wants just like uniswap this exchange can do all the thing but as i said this is currently new project so there is a lot of thing coming soon when you visit the webste you will get so many new thing to see they have listed all the information that you wan to know
Market detail
it is not that much also that's why we cannot say anything about the coin but if you look at the graph we can see that it has gone to a really good growth I mean there is not a bigger pump or dump so it seems quite nice to me personally but we will have to see if the project does well then the coin will eventually go up and there is one more reason because the coin is not available on the centralised exchange is now so that can be I have reason why the coin is not pumping that much
Currently the token is listed on only 3 exchanges
4.- When did Solana Blockchain see its operations interrupted? Why? Explain.
If you have been following the news and if you are into cryptocurrencies then you might know what happened with the salona blockchain just about a few weeks ago now I will try to explain the issue as much as I have heard in as much as I have research so I hope that you can get a really clear idea about what happened
On September 14th something happened which forced the blockchain to go down now it was basically Grapes protocol was supposed to launch Launch its initial decentralized exchange offering Now what happened is there were so many boats on the network and their flood the network with about 300000 to 400000 transactions per second Which overload the network So that's why the the blockchain was shut down for about 6 hours and because of that the other protocol and projects associated with the blockchain couldn't work either it's basically a shutdown
5.- 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? Justify your answer and show screenshots.
search salona explore in the Google and you will be able to see the explore page of salona blockchain there you can check all the information about Blocks and all the transaction information when you open the site you will be able to see the latest block and when you click on that you will be able to see all the information time and transaction details of the latest block
I couldn't understand the way how to to calculate and find the block per second i tried my best but there was nothing about that in the class and over the internet so that's my homework post i will try my bet next time