Solana ICO Preview of High Throughput Blockchain
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The Solana ICO is a yet another addition to the race of high-throughput blockchains. On the homepage, visitors are greeted with a figure showing Solana will support up to 710k transactions per second (TPS) on a 1gb network without data partitioning.
In the midst of so many high-performance blockchain projects throwing around large TPS numbers, it’s important to take every claim with a grain of salt until the veracity of these claims is confirmed by an independent party. For right now, let’s take a quick look at what we know about Solana and its intriguing hybrid consensus mechanism on the surface.
The Solana ICO Concept
Solana is building the architecture of their blockchain based on Proof of History (PoH); a proof for verifying order and passage of time between events. The purpose of PoH is used to encode the trustless passage of time into a ledger. A Proof of Stake (PoS) consensus mechanism is then leveraged for confirmation of the current sequence produced by the Proof of History generator. PoS is also used for voting and selecting the next Proof of History generator node and for punishing any validators that act against the interest of the network.
The Solana ICO Leadership
Anatoly Yakovenko is the Founder and CEO of Solana. A quick look at Anatoly’s background reveals an impressive track record of accomplishments in the tech field. Anatoly rose the ranks from Engineer to Senior Staff Engineer Manager over a 12 year period at Qualcomm, a leading multinational telecommunications equipment company producing wireless telecom products.
After leaving Qualcomm, he began engineering distributed systems for Mesosphere and later, Dropbox. Anatoly holds 4 patents in his name, including one for the invention of a lossless data compression system that leverages recurrent neural networks.
Beyond the CEO himself, the rest of the team includes an additional 4 developers who formerly worked at Qualcomm.
The Solana ICO Progress Signals
Solana have released their MVP, which is available on their GitHub. According to CTO Greg Fitzgerald, their single node test ran at 35k TPS. They plan to increase this number with their full testnet release in June that will purportedly run on thousands of nodes.
We plan to take a closer look at the MVP to find out more from the team how they will reach their target of 710k TPS. With the bar set high, the team will have to work quickly to deliver on their promises. All the while, the race for the high-throughput holy grail is only speeding up.
Solana have attracted a lot of attention with their high-caliber team and public release of a prototype. Their telegram channel has already grown to 10k members. The spotlight has landed on Solana as the next viable high-performance blockchain project and investors are clearly following suit.
What’s to Come for the Solana ICO
As a blockchain focused on performance, the future of Solana will depend not just on reaching high TPS but gaining traction amongst users. At this stage, it’s not clear yet who their target market is or how they plan to reach them.
To find out, we’re going to dig deeper and get a clearer picture on this potential contender in the high-throughput space. Once we audit the code and find out more from the team on adoption strategies, we’ll release a complete analysis of the project with a full ICO review.
Learn more about the Solana ICO from our Telegram Community by clicking here.
Today’s Date: 5/4/18
Project Name: Solana
White Paper: https://solana.io/solana-whitepaper.pdf
Additional Information: https://t.me/solanaio