NEAR PROTOCOL and SOLANA

What is Solana?
Solana was founded in 2017 by Anatoly Yakovenko, who previously worked at DropBox. Yakovenko, along with Eric Williams and CTO Greg Fritzgerald, created Solana to solve problems that occurred on the Bitcoin and Ethereum networks. Solana has attracted the interest of investors, including Multicoin Capital, Foundation Capital, SLOW Capital, CMCC Global, Abstract Venture and others.

Interesting Features On Solana

1. 50,000 transactions per second and 0.4 second block finalization,
2. This network is capable of handling 28.4 million transactions per second when running on a 40 Gigabit Network,
3. Solana uses the PoH, or Proof-of-History, consensus algorithm.

How Does Proof-of-History Work?
In the scope of decentralized networks with large coverage, consensus is an essential element. Bitcoin uses Proof-of-Work consensus. Although this method is considered to have the highest security, it cannot be denied that it also raises other problems – namely scalability problems. Don't forget that Bitcoin can only handle 7 transactions per second.
Solana uses Proof-of-History, creating a record (Historical Records) that an event occurred at a specific time. Here are the points we need to remember:

1. The algorithm uses a high frequency Verifiable Delay Function, which requires several sequential steps to complete.
2. Transactions or events on the network will be submitted for a unique hash count, and the hash will be publicly verified
3. This count allows the entire network to know when a transaction or event occurred.
4. Each node in the Solana network has a kind of “cryptographic clock” that helps track time on the network and when transactions or events occur.

Thus, the use of Proof-of-History allows Solana to support 50,000 transactions per second with GPU-enabled hardware.