What is blockchain? #
Blockchain is a chain of blocks built according to certain rules. Each of these blocks contains some information (the hash sum of its own block and the previous one). The term blockchain first appeared in the Bitcoin system, then this term began to be identified with the register of transactions in various cryptocurrencies.
Blockchain Solana #
Founded in 2017 by Anatoly Yakovenko of Solana Labs, the Solana blockchain uses a new method for verifying transactions. Solana uses a number of innovations such as PoH and parallelization to efficiently process thousands of transactions per second (TPS). Solana is a third-generation Proof-of-Stake (PoS) blockchain that features a number of unique innovations to provide high throughput, fast transactions and low fees:
- Proof of History (PoH): A method of verifying time without the need for a conventional timestamp.
- Parallelization: the ability to process more than one transaction at any given time.
- Tower Byzantine Fault Tolerance (BFT): A PoH-optimized version of practical BFT.
- Turbine: block distribution protocol.
- Gulf Stream: Mempoolless transaction forwarding protocol.
- Sealevel: execution time of parallel smart contracts.
- Pipelining: Transaction processing unit to optimize verification.
- Cloudbreak: Scale-out account database.
Read more about why our project chose the Solana blockchain in the next chapter.