Solana Blockchain - Crypto Academy / S4W4 - Homework post for pelon53
Hello My Beautiful, I welcome you to my homework post that was given by Professor @pelon53 on the topic Solana Blockchain. Remain Bless as you read through..
1.- Explain in detail the PoH of Solana.
First, let's look at what PoH stands for. The PoH is short abbreviation of Proof of History (PoH). PoH of Solana is a consensus algorithm that helps to create greater number of higher and efficiency rate of throughput on the network of Solana. The PoH store the historical transactions or events in the Solana network to enable the system track transactions as easy as A B C, and as well making sure that ordering of events or transactions are kept safe.
Now let's go a little dip on the explanation of the PoH. We all know that blockchain technology is a fast growing technology that stand out as a trusthless peer to peer network that is decentralized. As earlier said the PoH is a blockchain that depends on a cryptograhic that helps to create reliable ways of ordering transactions and also events so it can easily be track. The PoH is not a only a consensus mechanism, but and algorithm that is used to improve Solana performance of proof of Stake (PoS) and in addition is a algorithm that is used in Solana to improve data performance.
2.- Explain at least 2 cases of use of Solana.
Orca
Screenshot from Orca.so
Orcs is one of the projects of Solana that is use to exchange cryptocurrency. The platform comes with a simple users interface for traders on the Solana blockchain. It has a fair price indicator that traders can use to check if a given pool offer a good and simple deal when it comes to price slippage. On Orcs, traders can easily exchange their tokens with a very low price than any other projects or Ethereum DEX. And finally in Orca trader can easily give out liquidity to their trading pool to enable them earn some fees while trading.
Hedgehog
Screenshot from hedgehog.market
Hedgehog is a platform that is highly fast for market prediction. The hedgehog is also regarded as a decision market or information market created for traders to predict how and event is going to look like in the future. Those who use the platform are allow to trade or hedge on a numbers of outcome starting from election results than to auction sale prices.
3.- Detail and explain the SOLA token.
Screenshot from Coinmarketcap
SOLA token is a token that is use in the Solana blockchain. It is a very recognize token in the ecosystem that is used for transferring of nodes that are within the blockchain of Solana for the purpose of running and validating of information in the network.The SOLA token can also be use as a payment system for lamports. Currently base on the information gotten from Coinmarketcap token has a current volume is $2,173,638,471 with a market Capitalization of $40,721,648,220. At as the time of performing this homework task the price of Sola Token is at $136.85 USD.
4.- When did Solana Blockchain see its operations interrupted? Why? Explain.
Solana Blockhain operation was interrupted on 14-09-2021 as a result of the SOL native token that caused the operation of SOLA to stop working for about 17hours. Although nothing was lost as everything concerning validators funds and data was highly secured,a turn of about $11 billion funds that are own by different validators was secured without being compromised.
2:00pm was the exactly time that the interruption happened due to the grape protocol that as created on Radium network. Although this was as a result of transactions overload that was running up to 400,000 transactions per second on the Solana blockchain. Because of the overload of the transaction that became too many, the SOL price as at 14/9/2021 was at $166.23 which was about 5.07% different from what the price was at as last 13/9/2021 when the interruption occured. The below screenshot below shows how the price of the SOLA price as at 14 September, 2021.
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.
At this point I go to Solscan.io And immediately I logging to the website is then see the last block was generated in Solana as #99114354 which is shown from the screenshot below.
As I click on the block hash more information like Blockhash, leader, reward, transaction and previous block hash was displayed as shown from the screenshot below.
screenshot from solscan
From the above screenshot, we can see that the first block of the Solana has not register timestamp.
Calculation of the number of block per second that have been generated in Solana.
In other to calculate how many blocks per second that have been generated in Solana, we have to look at the initial block and the current block, and then multiple it by 0.5 seconds.
Since the number of block that was generated as at the time I was writing this homework post is #99114354 and the time it take for each block to be generated is 0.5 sec then our calculation will be calculated as (99114354 × 0.5 second =49,557,177 ).
Now in other for we to calculate the seconds in a years it would be calculated as shown from the screenshot below.
Looking at the above Screenshot, we can probably see that the seconds in a years is approximately 19 months which give us 1.5703721766 from the calculation on the screenshot above. Now if we are to subtract the current date from the 19 months we will be lefts with the date which Solana was first launched in March 2020, of which we are in September 2021 already.
Conclusion
The Solana (SOL) blockchain was created previously by Yakovenko Anatoly in 2017. The founder has a vast knowledge in algorithms couple with the experience that he gather from Dropbox. Although this should be and history about Solana which am supposed to discuss more on it, but nevertheless I cannot go contralateral against this lessons. Finally, I sincerely thank professor @pelon53 was the great and wonderful lessons that was given which has been the backbone to this homework task.
Thank you so much my wounderfu friend for your time here...
Best Regards;
Cc:-
@pelon53