Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @mohammadfaisal
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As we know that steemit team has started a new initiative of steemit engagement league and in the crypto academy it has also been started by the @crypto-academy with the hard working of the whole steemit team.
Blockchain network, its history, and why it's your favorite.
Everyone knows that it is the era of the blockchain, and after the invention of the blockchain it has played an important role in every field and catalyzes all the tasks in the respective fields. Similarly, every day the blockchain updates are coming and new things have been introduced in the blockchain.
Brief Introduction to Solana Blockchain.
Solana is a blockchain platform specially designed for decentralized applications. Solana is a 3rd generation open-source blockchain project introduced by the Geneva-based Solana Foundation and it was built by developers at San Francisco-based Solana Labs.
Solana is a decentralized blockchain built to enable scalable, user-friendly apps for the world.
Solana is the fastest blockchain project in the whole world as well as the fastest-growing ecosystem in crypto. It is the fastest blockchain platform but with the lowest cost and the team has said that it will always be the lowest cost blockchain and it will provide users the fastest transactions. Its average cost per transaction is $0.00025that is very low, and it is the reason the developers of the decentralized application are joining it.
History of Solana
Solana was introduced by Anatoly Yakovenko in 2017 when he published a whitepaper about a new timekeeping technique for the distributed systems and it is known as proof of history and I have explained this proof of history next.
The thing which made its history is that it could solve the scalability problem which occurred in the Bitcoin and Ethereum blockchains.
Anatoly got the help of the Greg Fitzgerald who was the former Qualcomm Colleague. They build a single blockchain network on the basis of the internal clock. The first internal testnet and the official whitepaper of the project was released in the 2018.
After that Stephen who suggested that offloading signature verification can increase the transaction speed more. So after his suggestion Anatoly recruited Greg, Stephen and a few other persons and started more development. He also hired some former Apple engineers and firstly they gave the name loom to the blockchain and later on they changed it to the solana blockchain.
After that the team raised more funds in the form of different private sales of the tokens and in this way they raised almost $20 millions.
After that in march 2020 Solana launched mainnet beta after raising $1.76 million in a public token sale by using CoinList. And at that time the project provided basic transaction facilities and smart contract option. But at that stage solana was not giving any staking rewards as it was going through the developments and upgrades. But nowadays we can see the success of the solana blockchain and it is booming everywhere.
So it is the brief history of the solana blockchain.
PoH of Solana Which make it favourite
The most difficult problem in the distributed systems is agreement on time. Actually, some people say that Bitcoin’s Proof of Work algorithm’s most essential feature is working as a decentralized clock for the system. But in the Solana blockchain is different as it works on the basis of the Proof of history and we believe Proof of History provides this solution. That is why the Solana blockchain has been built.
PoH is a unique protocol that works in the continuous series in which the output hash function which is SHA256 works as an input hash function for the next, in this way a relationship between the previous hash function and the next hash function is built and they become interconnected each other. Due to this, it has given the name history. And the PoH of the Solana blockchain is designed in such a way that it can give us high performance as well as the high speed at the output.
The introduction of the PoH in the Solana Blockchain is because that it will catalyze the communication between the different nodes and will make the communication better. It is an automated process that continues from the last output hash to the next input hash.
Here we can easily understand the process of the PoH, it is looking very simple and we can see that the first hash function is connected to the 2nd hash function and then it gave an output and after that, the 2nd hash function is directly connected to the 3rd hash function and working as an input and giving output. In this way, the whole system works and it continues all the time until the transactions are in process.
Projects built on Solana Blockchain
Solana blockchain has become very impressive due to its high-quality features. There are a lot of projects which have been built on the basis of the Solana blockchain and here I am also going to review 3 projects which have been built on the Solana blockchain.
- Orca
- Afflarium
- Sola Token a DeFi Platform
Orca
Orca is the fastest, most user-friendly, crypto exchange built on the basis of the Solana blockchain. It is an amazing decentralized finance exchange and we can exchange our cryptocurrencies with the lowest fees and with great transparency and there are no hidden fees. It is more than any Ethereume based decentralized exchange.
Orca provides always fair current prices and does not fluctuate prices for the assets at the exchange time, it always provides you with the current market prices. It has liquidity pools at which we can deposit our assets and then we can get our pool share according to the deposit percentage.
Besides getting orca in reward after participating in the pool we can also get trading fees. It gives massive returns per year.
We can see here that it is an amazing platform to participate in the liquidity pools as it is giving a lot in return. In the above picture, it can be seen that it is giving 35.6% back per year on the liquidity pool of SOLS/USDC and similarly it is giving back a huge percentage per year of at least 23.3% on the liquidity pool of ORCA/SOL
In the start orca also offered its token's staking rewards at great Apr but currently it is not offering but it is offering currently whirlpools at huge profits.
Phantom Wallet
Phantom wallet is a Solana-based crypto wallet extension. You can use your browser as a crypto wallet by just installing Phantom wallet. This amazing phantom wallet was designed to support DeFi as well as NFT tokens, due to which this amazing Solana-based wallet has become famous and it is playing an important role in helping people to buy and sell DeFi tokens as well as NFTs.
Basically, phantom wallet is an extension that you can install in your browser and can easily convert your browser into a web3 crypto wallet.
Send and Receive: We can use this web3 wallet to send and receive our assets. If we want to make a payment to any website or to any other platform which supports the phantom wallet then we can easily use this wallet and can send money to them. Similarly, if we want to receive any payment in the form of crypto then we can give the wallet address of the phantom wallet and can easily receive our payment and these are safe.
Collect NFTs: As this wallet supports NFTs tokens as well so we can easily buy NFTs and save them with the help of this phantom wallet. And they are providing a special caring unit and a showcase to the NFTs. So it is a good choice to collect NFTs with the help of this amazing Solana-based phantom wallet.
Swap Tokens: It has another amazing feature of swapping tokens. NO doubt it is a wallet but besides this, it also offers a swap system so no need to visit any exchange to swap your tokens you can simply use your phantom wallet and can easily swap your tokens. I love this feature as it is just like a bonus feature.
SOLA Token
Before going deep into the SOLA Token I want to explain solatoken DeFi platform which is the fastest growing platform.
Solatoken is a decentralized finance platform that was built on the Solana blockchain. By using sola platform we can easily swap our tokens, we can trade our tokens and the benefit is that it costs very small trading, as well as swapping fees.
Staking:
SOLA platform is developing day and night as the team is really working hard and introducing new features to give benefits to its users. As currently, the team is working to introduce a staking system, and the users will be able to stake their cryptocurrencies, and then they will get a share from the reward pool.
Lottery & NFT:
SOLA token team is also working to introduce a decentralized finance-based lottery system. IT will be really a good thing that everyone will be able to join the lottery to get huge rewards and to check their luck. It will be a 100% transparent decentralized finance lottery.
Moreover, the team is also working to give users a platform where they will be able to create their own NFT tokens and then they will be able to sell them here based on the Solana blockchain.
SOLA token
SOLA Token is a governance token of the Solana platform. By having this token we can vote and we have our own importance and authority. Sola token was issued by the team on Aug 9, 2021, with the initial circulating supply of 27,153,077 million SOLA. This initial supply was managed as given below:
| SOLA Token Distribution | Supply |
|---|---|
| Total Initial Supply | 27,153,077 million $SOLA |
| Liquidity Providers | 6,153,077 $SOLA |
| Community Development | 1,000,000 $SOLA |
| Investors | 10,000,000 $SOLA |
| Advisors | 1,000,000 $SOLA |
More key points of SOLA token according to the Solana Explorer are given below:
| SOLA Token | Key Information |
|---|---|
| Price | $0.004114 |
| Rank | #3273 |
| Market Cap | $111.3K |
| Current Supply | 27,153,077.981084330 |
| 24 Hour Volume | $629.95 |
| Website | https://solatoken.net/ |
| https://twitter.com/EcoSolana | |
| Telegram | https://t.me/solatoken_net |
Sola token has only one trading pair and can only be traded at the Raydium Swap, it is also a solana blockchain based swap where SOLA token has been listed and its trading is going on only with the USDC.
Does the network has some earliest shortcomings and how has the network's team taken care of the problem?
Everyone knows that it is a universal rule that everyone has to face problems and challenges and interruptions can be caused at any time and at anywhere. Similarly Solana blockchain was also interrupted by some issues and it faced a lot challenges at that time because trust is the most first thing which we had to pay heed.
Transactions Error
It is the most recent incident that it happened on tuesday and 14 september,2021 that a lot of complaints from a lot of users were submitted about the delay in the transactions. At that time of distress Solana team stepped ahead and then handle the situation using their official twitter account.
The transactions remained inactive for at least 8 hours and it was really very dissappointing but the team did not loose their trust and guided all the users accordingly at that situation. Later on it was announced that it happebned due to a lot number of transactions which were made at that time.
At that occassion it has the ability to process 60,000 transactions per secopnd but you will be surprised that at that situation it received 400,000 transactions per second. So it was a moment when the Solana Blockchain's operation was interrupted.
Here you can see that the team highlighted the issue and had control as well as trust iof its investors as well as users. At that time the trsactions pressure was a lot but the nodes were not be able to proceed all those transactions and all the system got spoiled at that time.
The system took a reboot automatically and it made all the nodes sleep and inactive and the whole system remained inactive for at least 8 hours. There were only 1000 nodes which were valiodatring the transactions and the system was working, but at that time these became so much less that the system got reboot.
Due to that reboot which occured at that time blocks were not producing even a single block that was why the transactions were going to delay. AT that time there were not only the main system was interrupting but the other solana based systems were also not working at that time such as Arbitrium and Phantom.
The most interesting fact is that at that time the value of the SOL token remained the same as it was at that time. We know that after such a hypoe the price of th etokens fall below as people sell off their assets in this situation. I think it remained with the same value because all the transactions were not going on and the tokens were just staying in the wallets and people were not be able to sell their tokens.
There were some reasons of such a large number of transactions. The Sola team offered IDO (Initial Decentralized Offering) due to which many users got their entry and the transcations were increased rapidly. And on the other hand the bots were trying to pump the Raydium coin and it also created a lot of transactions.
Solution
Now it was need of hour to update the system at that time, so that the transactions can be processed easily and at tim,e wiothout any hurdle.YOu can see in the above picture a tweet by the Solana team. The validators of the systemook an action and decided to update the the current version.
So the system was updated at time and a new version 1.6.25 was released. It was applied to all the Dapps, block explorers as well and it was claimed that all the system will perform correctly in the next coming hours. So in this way this huge problem was solved.
Changes to Make Solana Blockchain More Better
Decentralisation
Solana blockchain was introduced against the Ethereum blockchain mainly. As Solana blockchain is not too much old and it has different things to be introduced to make it more better. So some new changes are here which can make it more better.
As Solana blockchain is not decentralised blockchain, it is centralised blockchain. And it is the fault we can say a big issue of the solana blockchain which make it comfortable.
Most of the people are afraid of this centralisation because the team can implement anything at anytime whether it is favourable for the investors or not. So if the team make it decentralised where everyone can participate in the upcoming updates by voting, will make it more cool and better.
When it will become decentralised then it will be able to attract more investors and users and in this way it will gain more momentum.
Scalability
Solana has scalability problem as well and it needs to be fixed to make it more better. As Solana has small community of users and it has short record than the Ethereum.
Reliability is the main factor which is the success of any project any blockchain. And Solana blockchain needs a lot of reliability and this change will revolutionise the solana blockchain and will make it more better and cool.
So these are a few changes which can make Solana blockchain more better.
Conclusion
Solana is new 3rd generation blockchain platform and fastest growing project as it is providing a fastest transacting experience at a low cost. It is most effective for the Dapps developers. It is a permissionless blockchain platform. And the most effectiveness of the Solana blockchain is that it works on the basis of the PoH not on the PoT which was a big issue and nopw after the ontroduction of Solana it has been solved.
Solana is growing so much fastly that many projects have been developed on the Solana Blockchain. And SOLA token is another important token which is a governance token and allows us to vote on the proposals.
The team of the Solana blockchain is also very dynamic and caring as they cope with that damaged situation quickly and correctly. They provide update and solve the problem. The team is also expanding day by day and new developers are being recruited by the team.
Very brilliant idea and thought you have..... You have presented a very good idea in the form of working...
Stay tuned and stay blessed
Thank you dear for stopping by here and appreciating my work.
You have chosen Solana blockchain and you have explained it really well. I like the projects which you have explained. And the changes which you have mentioned are indeed good things to be added to make it better.
Thank you dear fellow for stopping by here and you are right that it can become better with these changes.
Very hard work,in this post shown your experience.
You have a great knowledge about crypto.
Best of luck
Thank you @afzalqamar for appreciating my work.
Fantastic.
You have delivered a huge worthy knowledge about the solana Blockchain very well. Stay working like that ......
Thank you dear ☺️.
You post is very important and you explain it very well.
Thank you @adnanasghar