Solana Blockchain - Crypto Academy / S4W4 - Homework post for professor @pelon53

in SteemitCryptoAcademy4 months ago

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Since the inception of bitcoin, the leading pioneering blockchain we have witnessed multiple blockchain being launch to solve some limitations encountered in bitcoin blockchain like the scalability problem Solana has proved to be a leading blockchain technology that has come to solve the scalability problem, it is tag as the fastest blockchain to execute thousands of transactions in seconds this is a great achievement in the crypto space.

Explain in detail the PoH of Solana.

PoH in Solana has a set-out rule that helps node validators to validate/confirm block transactions without the need to communicate or come into agreement with other block validators, the blockchain is created in the sense that a validator is provided with a set-out rule that determines if a transaction has been valid or not by so doing such validator will worry less about communicating with fellow validators these rules are undeniable and transparent once such validator applies the PoH rule the network will automatically agree with each validator node making it quite impossible for anyone to tamper with the network transaction nodes.

This differs from PoS and, PoW consensus where validators of transactions need to compete with other validator/miners to validate a block transaction.

PoH is a solution to the clock in which a block output is the next block input in which each block of transactions gets stamped and orderly recorded with an iterative loop time stamp.

These recorded time stamps make it easy for the block to record transactions based on the verified encoded data structure.

For a block hash to get verified it needs to get a timestamp which will guarantee the next block this shows if the previous hash did not get a verified timestamp the next input will not be validated.

The timestamp record makes it possible for PoH to record historical transaction data with these records it will be very difficult for any external user to alter any transaction block on the blockchain.

The PoH also integrates a high-frequency Verifiable Delay Function (VDF), which is a function that requires evaluation of specific/random numbers this evaluation helps the VDF to produce unique output that can be publicly verified.

This makes PoH provide validators with transparent use of time it creates confidence among validators making it possible for them to communicate with other nodes on the network through relative massage they receive from broadcasted PoH.

Explain at least 2 cases of use of Solana.

RAYDIUM

This is a platform built under Solana blockchain it is an automated market maker platform that enables, users, to earn from staking, yielding, and providing liquidity, this liquidity fund that users provide on the platform is used by the platform to covert limit orders.

The platform native token RAY is used for staking which in return makes users earn protocol fees, staking to also receive IDO allocation, and finally, the token is used for voting and making an important platform decision.

RAY coin is ranked #110 according to coinmarketcap ranking with a current price of $11 at the time of writing this post it has a 24hr trading volume of $228,623,856 with a market capitalization of $781,522,491 the coin has a circulating supply of 71,106,794 and a maximum total supply of 555,000,000 RAY coins.

AUDIUS

This platform built under the Solana blockchain provides users with the facility to conduct transactions between music creators and listeners the platform allows music sharing and streaming for users, users can monetize their music content on the platform.

The platform token AUDIO is the native utility token used for staking for running content and nodes it's also used for governance and voting fans can also use the token to pay artists and content creators.

The AUDIO token is ranked #98 on the coin market listing it has a 24hr trading volume of $35,940,163 with a current market price of $2.30 with a market capitalization of $949,349,977 and a market circulating supply of 411,910,943.

Detail and explain the SOLA token.

Sola platform is a DeFi project built on Solana blockchain the project token was issued on 9th August 2021 although the project is not yet popular in the DeFi space it has multiple earning program for it users.

On the project, the launch app is where users can connect their wallets such as metamask, trust wallet, and more in other to trade cryptocurrency directly from their wallets it works like all DEX exchanges where users can seamlessly trade multiple cryptocurrencies safely without worrying about external theft.

Sola also provides users with access for swapping tokens, staking the sola token, and also with the token users can vote and make decisions on the platform, earning by providing liquidity is also a passive means of earning using the Sola token.

The project has a long-term vision for its users, creating NFTs, playing lottery, and also users can launch their token airdrop on the platform.

Sola token market

Sola token is not yet listed on multiple exchange platforms the token has a circulating supply of 27,153,077 million and a maximum total supply of 27,153,077 million, with a market capitalization of $1,806,331.00, it has a 24hr trading volume of $71,264 and is ranked #1806.

When did Solana Blockchain see its operations interrupted? Why? Explain.

Solana blockchain did experience a transaction stall known as resource exhaustion this was due to the blockchain reaching 400,000 transactions per second also reports shows there where a delay in block transaction validation from validator that lead to delay in confirming the transaction grape protocol IDO coupled with DoS attack lead to multiple bots placing transaction was also the reason for the interruption.

The general reasons for this interruption were due to flooded transactions from trading bots making the platform block transaction reach an all-time high.

This interruption halted all transactions on the platform for 17 hours which made the Solana token drop in price by 15% this event happened on 14 September 2021

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.

From the block explorer below is the screenshot of the last block generated on the Solana blockchain as of the time of writing this post.

It has a timestamp of 16:59:14 GMT
Date Oct. 2, 2021.

With block hash
oJNgYxytgZ1FrzoJ7bQjJovGj7STdWyqj5D9qdFtRiCEwFzoN4reSt8wBokoubdf1LsK18fD6AFgsMeESc4cztf

There are 348 blocks of transactions as represented in the screenshot.

Therefore to get the total block of transactions per second we divide by 60

348/60 = 5.8 blocks per second.

From the data above 5.8 blocks per second are generated on the Solana blockchain.

Conclusion

Solana blockchain without a doubt has proved to be a leading blockchain in terms of processing a high number of transactions per second with its PoH protocol the blockchain uses a timestamp verification process to validate users' transactions.

With use cases, the project offers it has also proved to be a blockchain that can integrate multi-chain protocols.

With the scalability problem in another like the bitcoin blockchain, Solana is here to provide a lasting solution.

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