Solana: A New Architecture for a high performance blockchain (by Anatoly Yakovenko)

 

Solana is a blockchain that uses a form of proof of stake, dubbed ‘proof of history’. This enables the chain to function more quickly as it obviates the need for all notes to communicate with each other prior to block validation). The chain has nevertheless experienced a number of outages in 2021 and 2022.

Abstract:

“This paper proposes a new blockchain architecture based on Proof of History (PoH) – a proof for verifying order and passage of time between events. PoH is used to encode trustless passage of time into a ledger – an append only data structure. When used alongside a consensus algorithm such as Proof of Work (PoW) or Proof of Stake (PoS), PoH can reduce messaging overhead in a Byzantine Fault Tolerant replicated state machine, resulting inn sub-second finality times. This paper also proposes two algorithms that leverage the time keeping properties of the PoH ledger – a PoS algorithm that can recover from partitions of any size and an efficient streaming Proof of Replication (PoRep). The combination of PoRep and PoH provides a defense against forgery of the ledger with respect to time (ordering) and storage. The protocol is analyzed on a 1 gbps network, and this paper shows that throughput up to 710k transactions per second is possible with today’s hardware.”

November 2017

Solana: A New Architecture for a high performance blockchain (by Anatoly Yakovenko)