New Topic
Click here to advertise on this slot

how does proof of history work?

2021-06-28 12:24:08 UTC
I heard about Solana project that is blockchain network that uses proof of history. How does it work? Is it as good as proof of work in terms of security and decentralization?
2021-06-29 19:22:13 UTC
<p>Solana's “proof of history,” lays in its blockchain and was developed to be a kind of synchronized clock that, in essence, assigns a timestamp for each transaction and disables the ability for miners (proof of work) and bots (proof of stake) to decide the order of which transactions get recorded onto the blockchain. Solana says doing so allows for greater security and “censorship resistance.”</p><p><br></p><p>Solana has innovated other ways, too, including by forwarding transactions to validators even before the previous batch of transactions is finalized, which reportedly helps to “maximize confirmation speed and boost the number of transactions that can be handled both concurrently and in parallel.”</p><p><br></p><p>Basically, the speed of light is how fast the network go. </p><p><br></p><p>Instead of trusting the timestamp on the transaction, you could prove that the transaction occurred sometime before and after an event. The Proof of History is a high frequency Verifiable Delay Function. A Verifiable Delay Function requires a specific number of sequential steps to evaluate, yet produces a unique output that can be efficiently and publicly verified.</p><p> It uses a cryptographically secure function written so that output cannot be predicted from the input, and must be completely executed to generate the output.</p><p>Unlike other platforms, practically anybody can get up and running with a Solana validator and help to secure the network. The process is completely permissionless, though users will need to maintain some basic hardware to participate—namely a server that needs to meet a minimum set of specifications. In total, the network currently boasts close to 1,000 validators, making it one of the more widely distributed blockchains.</p>