Decentralized Review System for Transparent and Accountable Governance
chain . Most Blockchain platforms in operation today have the functionality to implement business logic which gives the facility to perform transactions necessary for the applications automatically by writing a piece of code and deploying it once . This piece of code is called Smart Contract [ 9 ]. In essence , these smart contracts are the piece of code that runs simultaneously on the blockchain network to implement business logic . Blockchain technology together with Smart contracts leads to a class of applications often referred to as Decentralized Applications or Dapps in short .
Solana [ 10 ] is one of the widespread public high-performance blockchain platforms . It is well known for having a high transaction rate compared to other blockchain platforms . As for current hardware capabilities , Solana can accomplish 710,000 transactions per second . Solana handles business logic in the form of On-Chain programs . Developers deploy these On-Chain Programs for a particular application . An app interacts with the Solana Blockchain by sending one or more instructions . Sealevel , Solana ’ s parallel runtime , can process transactions in parallel because Solana transactions describe all the states a transaction will read or write while executing . The runtime not only allows for non-overlapping transactions to run concurrently but also for transactions that are only reading the same state to execute concurrently as well .
Solana ' s consensus mechanism is based on a combination of Proof of History ( PoH ) and Proof of Stake ( PoS ) algorithms . PoH is a unique technology developed by Solana that enables the network to maintain a decentralized and trustless record of time . It ensures that uniform timestamps are maintained on transactions all over the network , making it easier to order transactions among validators in the exact temporal order of occurrence . This makes Solana ' s consensus mechanism faster and more efficient than other blockchain networks . In addition , the PoS algorithm used by Solana benefits from the correct timestamping of transactions provided by PoH . It eliminates the need for communication between nodes on the correctness of time consensus , which further speeds up the validation process and reduces energy consumption , making it more eco-friendly .
In a traditional Proof of Work ( PoW ) blockchain like Bitcoin , miners compete to solve complex mathematical problems , which requires a lot of computational power and energy consumption . However , in Solana ' s PoH algorithm , the focus is on timestamping transactions , which requires significantly less computational power and energy consumption than PoW . Furthermore , since PoH enables validators to reach consensus on the order of transactions without the need for frequent communication , the network is less prone to network congestion , which can further reduce energy consumption .
Overall , Solana ' s consensus mechanism is designed to be fast , secure , and energy-efficient [ 52 ], making it one of the most promising blockchain platforms for building decentralized applications .
54 April 2023