Solana: the world's first web-scale blockchain

Dialogue Solana: the world's first web-scale blockchain

Source: babette

Solana, a well-known public chain company, was recently invited to the papuet AMA. Solana is positioned as the world's first block chain system to support Web application level, and it realizes at least 50,000 TPS through its unique POH consensus mechanism.

& have spent

Recently, Solana is conducting a new round of financing through an auction on Coinlist. The auction rules are similar to Algorand. Solana's tokens will be sold from $4, and the price will gradually decline with the bidding of participants, with the reserve price of $0.04. But Solana has devised better protection mechanisms to prevent similar Algorand situations. (Note: the Solana token auction ended on March 24, Beijing time. According to the Coinlist website, the auction price was about $0.22 / SOL. Rhythm had previously reported that the auction would sell 8 million SOL tokens, which could raise $1.76 million at the final unit price.)

The following is the content of the AMA, welcome to check ~

CryptoBuffett: thank you for Anatoly's invitation to share with you. Please let Anatoly say hello to you first and explain why Solana was founded when there are so many public links.

Anatoly: I'm the co-founder and CEO of Solana, and I've spent most of my career as an engineer at qualcomm, as have most of my team!

We are the first third generation public chain, and we have a unique technology that can extend the blockchain to handle a large number of transactions without sharding. Our design is limited only by the hardware available to the verifier, which means that it expands according to Moore's law, with Solana doubling in capacity every two years when AMD and Intel double its core.

CryptoBuffett: how to understand Solana's positioning as the "first web-scale" blockchain project? What conditions do you think are necessary to achieve this goal?

Anatoly: the Web network is the largest community in the world with 3 billion users. Our design allows 3 billion users to synchronize globally in 400 milliseconds. To achieve the goal of 3 billion people doing just one transaction per day in the same shard, the blockchain needs to be able to process 50,000 transactions per second on a single shard.

CryptoBuffett: Solana adopted her own PoH consensus mechanism for the consensus mechanism. How should we recognize it? What are its advantages over other consensus mechanisms?

& have spent

Anatoly: most traditional large distributed systems use time as a synchronization parameter. TDMA/GSM/CDMA/LTE and now 5g both use a global synchronous clock to coordinate millions of concurrent devices. The same is true of large global databases, such as Google's Spanner. & have spent

The PoH is a global virtual clock that enables us to replace local timeouts based on local time measurements in each verifier with time-passed cryptographic proofs.

Since all nodes in the network have a consistent view of time, we can reduce block time, reduce the cost of consensus information transmission, increase TPS and increase the number of nodes participating in the consensus. These optimizations are based on the idea that early wireless networks were used to build TDMA (time division multiple access).

CryptoBuffett: what do you think of the current fragmentation, two-tier networks, and cross-links? What is the extensibility solution for Solana?

Anatoly: our core solution is to extend layer 1 without sharding or layer 2. However, the cross-chain capability is important for migrating applications and building multi-secured DeFi applications. IBC, direct bridge to ethereum, and BTC transaction proof are all on our roadmap.

CryptoBuffett: I don't know if you've been following Justin Sun and STEEM's story, but I think it reflects a greater risk to the security of the PoS system. How do you feel about that? How does Solana guarantee security?

Anatoly: unmanaged PoS faces many security challenges. Everyone has heard the phrase "not your wallet, not your coin" and I think it will become more important for PoS networks. At the industry level, we need to focus on educating users about why self-hosting is important. In particular, for Solana, we have a mortgagor price guarantee mechanism that requires users to directly pledge their tokens.

Centralised exchanges exist because, so far, we have not been able to build the same user experience on decentralised platforms. But with a high-performance tier 1 like Solana, we should see new decentralized products with UX that are as good as their category centralization.

CryptoBuffett: DeFi is the main use case in blockchain at the moment, however, we also found that it still has many problems, such as when ethereum prices fell rapidly, MakerDAO into crisis, what do you think? How do you solve the prophecy problem? And what are your plans for DeFi?

From  https://defipulse.com/maker

Anatoly: for decentralized exchanges, Solana may be the ideal tier 1. Our capacity prevents gas prices from soaring and allows ChainLink and Maker to work.

We're working with ChainLink and DDEX to build high-frequency predictors for binary options trading, and we've come up with some ideas on how to use elastic circuit breakers to address volatility in the market.

Can see more here: https://medium.com/solana-labs/elastic-circuit-breakers-9229097e6acf

Elastic circuit breakers allow traders to operate with smaller spreads and more frequent trading.

CryptoBuffett: Solana is auctioning on the Coinlist. How to avoid the situation like Algorand?

Anatoly: there were a lot of problems with Algorand's Dutch auctions in the past. Their price protection is personal-related, encouraging bidders to bid without risk. Because they are traded on an exchange on the same day as the auction, there is a lot of misinformation about people buying between the auction and the exchange.
For us, this is not a time to raise money, but to build the holder community. The Dutch auction allows all buyers to pay the same price, and the price guarantee for staker protects our core user base.

Unlike Algorand, our price protection is done through the token itself, which means users can register even if they buy the token after the auction, and allows us three months to educate users about how Solana and mortgagor price protection works.

No matter where the tokens are obtained, anyone who has mortgaged for the first three months can enjoy the mortgagor price protection. The warranty is valid for 12 months. The guaranteed price is based on the auction clearing price, and you can see coinlist.co/solana here. We will keep 90% of the proceeds to handle the price protection.

Open questions

1. When will the main network be ready?

Anatoly: technically, it's out, and we want to call it a beta early on, and we'll release new features to make sure it's stable. https://stakingfacilities.com/solana-validators

2. Can you introduce the token economics of Solana?

Anatoly: it's authorized to link to global inflation, we haven't used inflation yet, the foundation will make a statement about that soon.

We want to give everyone a chance to invest before inflation starts, SOL will be burned for transaction fees and status leases.

SOL total 500 million, in the first nine months of the foundation can choose to sell in the form of capital contribution and register the price protection, and the price is higher than the auction price. The guarantee lasts until the 12th month, and the investor unlocks it in the 9th month.

3. What is your biggest advantage in competing with other public chains? For example, ETH2.0, Cosmos

Anatoly: everyone in the industry, including me, is looking forward to the release of ethereum 2.0 and the start of a new wave of Dapp innovation. Our approach is to target teams that build Dapp on ethereum, but they can't scale it up.

This is true for eth 2.0 because sharding cannot handle large Numbers of concurrent users. We are very optimistic about Cosmos IBC, which will standardize cross-chain messaging and make it easier to import assets into the chain.

& have spent

4. Liang: do you have any plans for the ecological construction of DeFi?

& have spent

Anatoly: we've been working with Chainlink and DDEX to build a high-frequency predictor for binary options. We wanted to work on Solana's unique products, taking advantage of the 400 millisecond blocks and single high TPS.

& have spent

Liang: very interesting, we Laminar are trying to set up a foreign exchange trading platform, we need this product.

& have spent

Anatoly: you can contact & NBSP; dominic@solana.com and anatoly@solana.com

& have spent

Liang: but we can't build and launch this platform without all the DeFi infrastructure products such as stability currency, dex, currency market, etc. So at the same time, we also built Acala, a stable currency, amp; Dex platform.

& have spent

Anatoly: depending on your product requirements, asset migration is easy to do.

& have spent

Generation: maybe we'll see dai or USDT on Solana in the future. But dai has their own problems, and they don't have a stable currency yet.

& have spent

Anatoly: as long as you have IBC, any asset can be moved anywhere.

& have spent

Liang: so Solana wants to implement IBC and connect to the Cosmos Hub?

& have spent

Anatoly: I think eventually every smart contract platform will use IBC, but not necessarily connect to the hub.

& have spent

Liang: I see. Direct connections are not extensible, which is why the hub is structured. Does ETH bridge have any plans?

& have spent

Anatoly: why can't they be extensible? So is the ETH bridge. It's all in our plan.

& have spent

Generation: do you have a case where you can't do it on a low TPS platform, but expect it to work?

& have spent

Anatoly: any web2 team with even 100,000 monthly active users can't use a low TPS chain. Because Web use cases need to be able to handle peak demand, not just average load.

& have spent

Liang: for example, a vulnerable chain could be attacked and start minting your tokens or sending malicious transactions to your network. There are other Hub structures that I haven't thought of yet.

& have spent

Anyway, if Solana can provide the DeFi foundation by bridging from ETH/Cosmos or by a native build, I would be very interested in trying Solana.

The original address: https://mp.weixin.qq.com/s/dYzjpwlFhpgrgohviaGKXg

Welcome to join the official BlockBeats community:

Telegram Subscription Group: https://t.me/theblockbeats

Telegram Discussion Group: https://t.me/BlockBeats_App

Official Twitter Account: https://twitter.com/BlockBeatsAsia