Solana Blockchain - Crypto Academy S4W4 - Homework Post for @pelon53

Solana Blockchain uses a PoH (Proof of History) consensus in verifying transactions. this is a new technology with the aim of faster and more efficient transactions. this consensus records every transaction and will generate a hash, all transactions can be verified publicly so that everyone can know about it, so it can be said that transactions on the Solana blockchain are very transparent. The hash function used by the PoH consensus is the SHA-256 hash so that all blocks are interconnected with the previous block. and the previous output hash will be the next input hash so that it will form a sequential and interconnected hash chain.

With the existence of Solana Blockchain, it was created with the aim of being able to overcome the shortcomings of the previous generation, namely speed and transaction costs. the transaction speed on the Solana blockchain is 50000 transactions per second and can form 2 new blocks every second and the transaction fee is $0.000025. with the advantages that Solana Blockchain offers to its users, it is certainly very profitable to transact using this technology.

In addition to using the Proof of History (PoH) consensus, this blockchain also uses the Proof of Stake (PoS) consensus, with the combination of these two consensuses greatly benefiting users, because it can ease the workload of validators when the verification process occurs and does not require computer devices that consume power. the big one. so it can be said that the working mechanism of the Solana blockchain with the help of the consensus can be said to be very effective with advantages in terms of transaction speed and very low costs.

2.) Describe at least 2 examples of Solana use.

Raydium

source from Raydium

Raydium is a platform that runs on the Solana blockchain network. This platform has the advantage of speed in transactions and very low fees. Another advantage of this platform is that users and providers can carry out transactions throughout the serum ecosystem and allow providers to receive rewards from users. When doing staking we will get Ray tokens and to exchange Ray tokens this platform also has an exchange feature.

source from Raydium

From the picture above, we can see that this platform is very easy to use, and we can see some of the features of the Raydium platform such as trade, yield, pool, accelerator. with these features, users can trade or invest long-term on this platform through farming. and Raydium provides liquidity to both users and providers as shown in the figure above.

source from coinmarketcap

The Raydium token is RAY, this token has been circulating in the market and can be used to transact on the cryptocurrency market. from coinmarketcap data, Raydium (RAY) has a price equivalent of $11.34 and has a market rating of 109 out of all other cryptocurrencies on the market. the market capitalization of this token is $805932292 the trading volume of this token in the last 24 hours is 189857715. and the total circulating supply is 71071389.34 RAY of the total supply of 555000000 RAY so only 13% circulating supply.

Orca

source from Orca

Orca is a platform that uses the Solana Blockchain network. so Orca has advantages in terms of transaction speed and cheap transactions, this platform also prioritizes the convenience of its users such as the feature that can compare prices on the Orca platform with prices on other markets, this is all so that users get the best prices when making exchanges. users can connect their wallets to be able to use the features found on the Orca platform. although there are not many coins on this platform due to the sophistication and advantages of the Solana blockchain, the number of coins will increase over time.

source from coinmarketcap

The Orca token is ORCA, this token has been circulating in the market and can be used to transact on the cryptocurrency market. from coinmarketcap data, ORCA has a price equivalent of $19.30 and has a market rating of 2732 from other cryptocurrencies on the market. the trading volume of this token in the last 24 hours is $23017917. and the total supply of these tokens is 100000000 ORCA

3.) Explain SOLA token in detail

source from solatoken

Sola Token is a Token built by the Solana blockchain. This token is a token of the solatoken.net platform. The advantage of this token owner is that the owner has a role and influence in making decisions on the Sola Token platform. The biggest influence on this platform is indicated by how much someone owns the token. this token is still relatively new and not very well known so it is not yet available on some exchanges.

source from solatoken

There are several features found on the sola token web but not all features can be used or in the category (coming soon) of these features such as trade, stake, lottery, and NFT which can later be used for trading or staking and other uses according to these features.

source from coinmarketcap

Because this token is a new token, this token is new, so you can only trade through the Raydium and Solatoken platforms. from coingecko's data, SOLA Token (SOLA) has an equivalent price of $0.070570 and has a market rating of 1781 of any other cryptocurrency circulating in the market. the market cap of this token is $1907810 the trading volume of this token in the last 24 hours is $66563. and a total supply of 27153077 SOLA.

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

on 14 September 2021 Solana blockchain experienced problems with its operating system, all this was due to a large number of incoming transactions. resulting in a denial of service on the Solana blockchain system. this interruption occurred for about 17 hours and caused the service to stop.

We can see the problem with Solana on the Twitter page which provides information about the causes of disruption to the Solana blockchain, namely the entry of 400000 transactions per second while Solana is only able to process 60000 transactions per second. This problem causes a large number of incoming transactions to take up memory space on the Solana blockchain.

source from twitter

The problem on the Solana blockchain was solved by the team of the blockchain in less than a day, so the concerns of the users could be resolved in some time. of the many investors' funds that were locked in the blockchain, it was stated that there was no loss of funds from this incident after the restoration of the system on the Solana blockchain.

5.) Check the last block created in Solana and approximate how many blocks are created per second from the first block to available in Solana? Justify your answer and show screenshots.

Here I will visit the last block of the Solana blockchain. first, let's go to the page https://explorer.solana.com/ then let's see the last block that appears on the screen.

source from solana

• Then to see the details of the block, let's copy and paste it into the lookup table, then we can find information about the last block such as the last block is 99420180, timestamp (local) is 2 October 2021 at 21:40:45, and timestamp (UTC) October 2, 2021 at 14:40:45 UTC.

source from solana

• Then let's visit the genesis block, and I can't see the timestamp on the main page, let's see the timestamp of the 4 transactions on the block

source from solana

• Scroll down and click between the 4 transactions

source from solana

• Then we can see the timestamp of the genesis block, which is March 16, 2020 at 21:30:51 West Indonesia time

source from solana

from the screenshot above we can see the time of the first block and the last block, the first block has a timestamp of March 16, 2020 at 21:30:51 West Indonesia time. while the last block has a timestamp of 2 October 2021 at 21:40:45 West Indonesia Time.

so from the data above if we convert to time using an online time converter, it is 565 days, 0 hours, 9 minutes, and 54 seconds. from the above data let's convert to seconds.

1 day = 86400 seconds
565 days = 565 x 86400 = 48816000 seconds

1 minute = 60 seconds
9 minutes = 9 x 60 = 540 seconds

Total = 48816000 seconds + 540 seconds + 54 seconds = 48816594 seconds

last block/time = 99420180/48816594 = 2,036 blocks per second.

so equated to 0.5 seconds per block

Conclusion

Solana Blockchain is a blockchain that has innovations that greatly benefit its users in terms of transaction speed and very low transaction costs. This blockchain uses the PoH (Proof of History) consensus. some time ago this blockchain had problems in its system due to a large number of incoming transactions, and the problem was resolved quickly. This proves that there are a lot of fans of this blockchain, and the Solana blockchain is already very well known.