Solana AMA Series Recap with Binance Exchange April 10 2020

What is Solana?

Solana is a high performance layer-1. We solve scale by introducing a trust less source of time to the network we call Proof of History.

The world’s first web-scale blockchain, with speeds of 50,000 tps without sharding.

Anatoly Yakovenko, CEO. I am the creator of Solana. I led the development of operating systems at Qualcomm, distributed systems at Mesosphere, and compression at Dropbox.

ama recap session solana

 

 

 

 

 

 

 

 

 

Richie (Binance Angel)
Welcome to another Binance AMA Series, this time we will be having as guests, the core members of Solana (SOL)

Richie (Binance Angel) , [11.04.20 02:02] Hello guys and welcome!

FOUNDER: Anatoly | Solana, [11.04.20 02:03] Hi everyone!

Richie (Binance Angel) , [11.04.20 02:04] [In reply to FOUNDER: Anatoly | Solana] Hello Anatoly and welcome! A big pleasure to have you here 👍

FOUNDER: Anatoly | Solana, [11.04.20 02:04] Likewise

FOUNDER: Anatoly | Solana, [11.04.20 02:04] Great to be here!

Richie (Binance Angel) , [11.04.20 02:05] [In reply to FOUNDER: Anatoly | Solana] Alright, thank you for being here. So before we kick it, could you please introduce yourself?

FOUNDER: FOUNDER: Anatoly | Solana, [11.04.20 02:05] Sure thing.

Richie (Binance Angel) , [11.04.20 02:05] And of course, if you may, please tell us a bit about Solana.

FOUNDER: Anatoly | Solana, [11.04.20 02:06] Solana is a high performance layer-1. We solve scale by introducing a trustless source of time to the network we call Proof of History.

FOUNDER: Anatoly Solana, [11.04.20 02:06] This means that nodes can optimistically create the next block without having to coordinate with the entire network first, because they can trust the timestamp and ordering of the messages that they’ve received. This significantly reduces consensus overhead.

FOUNDER: Anatoly | Solana, [11.04.20 02:07] What this means in the real world, is that we can measure TPS as bandwidth. If the network has 100mbps, then it can handle 50ktps, and so forth. Assuming we did a good job on all the other parts of the system and the CPUs are there to support the load

Richie (Binance Angel) , [11.04.20 02:08] [In reply to FOUNDER: Anatoly | Solana] Indeed, PoH is something we really needed, at least that’s what I understood from all the reading done regarding it 👍

Richie (Binance Angel) , [11.04.20 02:09] Hope the chat will get a better view of this interesting piece of tech, here, today.

FOUNDER: Anatoly | Solana, [11.04.20 02:09] Thanks! A source of time is what a billion phones use to coordinate with the cell tower.

Richie (Binance Angel) , [11.04.20 02:09] Thank you FOUNDER: Anatoly for all this details.

Richie (Binance Angel) , [11.04.20 02:10] [In reply to FOUNDER: Anatoly | Solana]

Alright FOUNDER: Anatoly , thank you for this example. It really helps setting a clearer view for those not so techy.

Richie (Binance Angel) , [11.04.20 02:10] Well, honestly, I’m very anxious to learn a bit more about Solana so if I have your go, we can skip it to Segment 1.

FOUNDER: Anatoly | Solana, [11.04.20 02:10] lets do it!

Richie (Binance Angel) , [11.04.20 02:11] Alright, perfecto monsieur 😊

Richie (Binance Angel) , [11.04.20 02:11] Okay chat, time to pay attention. You have the chance to learn some really interesting things regarding Solana and of course, about PoH.

Richie (Binance Angel) , [11.04.20 02:12] Segment 1, Question No1:

So you guys managed to level up the game with this PoH concept. Could you briefly introduce Proof of History and why it is so important?

FOUNDER: Anatoly | Solana, [11.04.20 02:12] Solana solves the consensus messaging problem with Proof of History by creating an unbiased and cryptographically secure source of time universally across the network.

FOUNDER: Anatoly | Solana, [11.04.20 02:13] The way it works, is remarkably close to how Proof of Work works

FOUNDER: Anatoly | Solana, [11.04.20 02:13] SHA256 is a cryptographically secure hash function, but instead of looking for a puzzle like PoW, PoH runs it in a loop for a certain number of iterations

FOUNDER: Anatoly | Solana, [11.04.20 02:13] each block producer has to prove they reached a specific count of hashes

FOUNDER: Anatoly | Solana, [11.04.20 02:14] The generated data structure can be thought of as a water clock, or a sand dial, that grows in height

FOUNDER: Anatoly | Solana, [11.04.20 02:14] because there is no way to speed this process up, it’s a good approximation of real time

FOUNDER: Anatoly | Solana, [11.04.20 02:15] once you have a source of time, we can coordinate how blocks are attached. Just like in this channel, everyone wants to talk at the same time. PoH would schedule each person at a specific 400ms interval. Only that person can send a message during that time.

Richie (Binance Angel) , [11.04.20 02:08] [In reply to Anatoly | Solana] Indeed, PoH is something we really needed, at least that’s what I understood from all the reading done regarding it 👍

Richie (Binance Angel) , [11.04.20 02:09] Hope the chat will get a better view of this interesting piece of tech, here, today.

FOUNDER: Anatoly | Solana, [11.04.20 02:09] Thanks! A source of time is what a billion phones use to coordinate with the cell tower.

Richie (Binance Angel) , [11.04.20 02:09] Thank you FOUNDER: Anatoly for all this details.

Richie (Binance Angel) , [11.04.20 02:09] [In reply to FOUNDER: Anatoly | Solana]

Richie (Binance Angel) , [11.04.20 02:10] [In reply to FOUNDER: Anatoly | Solana] Alright FOUNDER: Anatoly , thank you for this example. It really helps setting a clearer view for those not so techy.

Richie (Binance Angel) , [11.04.20 02:10] Well, honestly, I’m very anxious to learn a bit more about Solana so if I have your go, we can skip it to Segment 1.

FOUNDER: Anatoly | Solana, [11.04.20 02:10] lets do it!

Richie (Binance Angel) , [11.04.20 02:11] Alright, perfecto monsieur 😊

Richie (Binance Angel) , [11.04.20 02:11] Okay chat, time to pay attention. You have the chance to learn some really interesting things regarding Solana and of course, about PoH.

Richie (Binance Angel) , [11.04.20 02:12] Segment 1, Question No1:

So you guys managed to level up the game with this PoH concept. Could you briefly introduce Proof of History and why it is so important?

FOUNDER: Anatoly | Solana, [11.04.20 02:12] Solana solves the consensus messaging problem with Proof of History by creating an unbiased and cryptographically secure source of time universally across the network.

FOUNDER: Anatoly | Solana, [11.04.20 02:13] The way it works, is remarkably close to how Proof of Work works

FOUNDER: Anatoly | Solana, [11.04.20 02:13] SHA256 is a cryptographically secure hash function, but instead of looking for a puzzle like PoW, PoH runs it in a loop for a certain number of iterations

FOUNDER: Anatoly | Solana, [11.04.20 02:13] each block producer has to prove they reached a specific count of hashes

FOUNDER: Anatoly | Solana, [11.04.20 02:14] The generated data structure can be thought of as a water clock, or a sand dial, that grows in height

FOUNDER: Anatoly | Solana, [11.04.20 02:14] because there is no way to speed this process up, it’s a good approximation of real time

FOUNDER: Anatoly | Solana, [11.04.20 02:15] once you have a source of time, we can coordinate how blocks are attached.

Just like in this channel, everyone wants to talk at the same time. PoH would schedule each person at a specific 400ms interval. Only that person can send a message during that time.

Richie (Binance Angel) , [11.04.20 02:17] [In reply to FOUNDER: Anatoly | Solana] WOW, can there be any loose ends regarding security? I mean, is speed compromising security in any form?

FOUNDER: Anatoly | Solana, [11.04.20 02:17] The transactions you see there are consensus votes, which are implemented as a smart contract.

FOUNDER: Anatoly | Solana, [11.04.20 02:18] The compromise we make is that the validators need to be high end machines

FOUNDER: Anatoly | Solana, [11.04.20 02:18] at least 2/3rds of them

FOUNDER: Anatoly | Solana, [11.04.20 02:18] finality and throughput is limited by the slowest node in the supermajority

Richie (Binance Angel) , [11.04.20 02:19] [In reply to FOUNDER: Anatoly | Solana] “We leave no man behind”

FOUNDER: Anatoly | Solana, [11.04.20 02:19] so we are not breaking out of the trilema 🙂

FOUNDER: Anatoly | Solana, [11.04.20 02:19] the great thing about our approach is that hardware and network speeds double every 18-36 months

Richie (Binance Angel) , [11.04.20 02:19] Love the idea of this concept 👀❤️

Richie (Binance Angel) , [11.04.20 02:19] [In reply to FOUNDER: Anatoly | Solana] How so?

FOUNDER: Anatoly | Solana, [11.04.20 02:20] Intel/AMD keep doubling the cores in their CPUs, so does nvidia

FOUNDER: Anatoly | Solana, [11.04.20 02:20] every time that happens we can handle 2x more TPS, or the price to support the network drops by 50%

FOUNDER: Anatoly | Solana, [11.04.20 02:20] there is a similar effect with network connections as well. 5g deployment is bringing 1gbps to every point in the world

FOUNDER: Anatoly | Solana, [11.04.20 02:21] at some point our software will be good enough to handle 1gbps and above.

Richie (Binance Angel) , [11.04.20 02:22] Seems that 5G will fit like a nice glove regarding the evolution of Solana 👀

Richie (Binance Angel) , [11.04.20 02:23] Alright FOUNDER: Anatoly . Thank you very much for answering this questions. Got a few more left 😁

FOUNDER: Anatoly | Solana, [11.04.20 02:23] Yes, we are really excited. One of the usecases we are working on with a fortune 200 is using blockchain for 5g deployments

FOUNDER: Anatoly | Solana, [11.04.20 02:23] so we might be enabling the network that we are running on 🙂

Richie (Binance Angel) , [11.04.20 02:24] Becoming a fan here 👀

Richie (Binance Angel) , [11.04.20 02:24] Alright, let’s see some answers for the 2nd question.

Segment 1, Question No2:

What types of applications are mainly used on the Solana mainnet or planned to be deployed on Solana? What are Solana’s target use cases?

Richie (Binance Angel) , [11.04.20 02:24] I think we already got some answers, but perhaps we missed some precious details out 😁

FOUNDER: Anatoly | Solana, [11.04.20 02:26] We are seeing traction with a couple of usecases. Payments is one. We are the closests to be able to handle a 2.5 second requirement.

FOUNDER: Anatoly | Solana, [11.04.20 02:26] Web based companies converting to crypto. These folks also depend on high speed responces and cheap transactions

FOUNDER: Anatoly | Solana, [11.04.20 02:26] Because we are not sharding, or using layer-2, our fees are extremely small

Richie (Binance Angel) , [11.04.20 02:26] [In reply to FOUNDER: Anatoly | Solana] Definitely 👍👍

FOUNDER: Anatoly | Solana, [11.04.20 02:26] Fees are effectively set by a single shard capacity…

 

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