HapPhi Pay's Unique Advantages Over Bitcoin's Lightening Network
Blockchains can be scaled and transaction fees reduced using the Lightning Network. Other solutions exist for these issues, as well. Most of the most popular blockchain projects are also using techniques to scale their networks and reduce transaction fees. For example, EOS and Ethereum have side chains and sharding, respectively, which also help reduce transaction fees. If you are researching Solana as an investment opportunity, you may have heard about its unique benefits in comparison to other blockchain projects, such as the Lightning Network. The purpose of these advantages and their importance to Solana investors is discussed in this article. Blockchains can be scaled and transaction fees reduced by the Lightning Network, but it is not the only way to do so. Many major blockchain initiatives are pursuing solutions to scale their networks and cut fees as well. EOS, for example, has sidechains as well as Ethereum has sharding, both of which can also lower fees. You may have heard about the unique benefits of Solana when researching blockchain investments. Here is why these advantages exist and why they are beneficial for Solana investors. Ultra-fast speeds provided by Solana are ultra-fast. A blockchain protocol that can process tens of thousands of transactions per second is critical for business and consumer adoption of the technology. Solana’s sharded networks, proof-of-history system, and consensus protocol are what enable it to process tens of thousands of transactions per second. Solana’s high throughput is a result of its sharded networks, distributed networks, and consensus protocol. Because the network can be scaled horizontally and can process millions of transactions per second, Solana’s sharded networks allow the network to be replicated and distributed across different machines. Blocks are generated so quickly that they can be applied almost immediately. Solana is currently operational and has been tested in the real world. A testnet has been running for over a year, and a large number of nodes has been used to simulate real-world usage to stress test it. Low transactions fees from Solana provide savings. How miners are rewarded for validating transactions, including smart contracts, is through transaction fees. Miners receive a reward in tokens from the network's reserve if they mine a block that increases the total token supply. Miners will be rewarded in proportion to the amount of transaction fees that were collected. Since the number of tokens and the reward are both fixed, miners will be awarded a proportion of the transaction fees that were collected. Solana's low fees make it possible for the network to reward miners with a larger share of the collected fees. Solana's large scalability is the reason for its low fees. All the while, the network can process millions of transactions per second and collect millions of fees in the process. Solana, for example, has a market cap of $100 billion, collects $100 billion in fees every year if its transaction fees are only $0.001. If Solana's fees are $0.001 per transaction, the network will collect $1 billion in fees every year. Solana has already been launched. Solana is already operational and has a running testnet that has been stressed for over a year. Many of the top blockchain projects are still developing their full network and proving their worth to investors. Solana is already operational, and you can use its wallet right now without having to wait for the mainnet launch. The testnet includes a number of nodes that have been operating in the wild. You can mine blocks and earn SRL tokens with Solana's wallet, as well as create and deploy smart contracts. The Solana Network has a few immediate objectives. - Protocol finalization, PoW release, and SRL token distribution will occur this summer. - A stress test and beta version will be released in fall 2019. - The mainnet will be operational by Q1 2020. - Oracle and DApp integration will be added by Q3 2020. - SaaS deployment will continue into 2020 and beyond. There is a unique consensus protocol referred to as Proof of History. Solana’s unique consensus protocol, proof of history, utilizing a semi-random lottery consensus algorithm that uses a trustworthy source to select blocks, is a new technique. The nodes on a distributed network require very little trust to select blocks using this method. The nodes are chosen at random by Solana’s proof-of-history consensus protocol based on the current block height and the hash of a block from the blockchain being verified. Nodes without the correct block height information won’t be able to win the consensus lottery and will be skipped, resulting in nodes competing with nodes that have the same correct, trusted block height information. Solana can ensure that the consensus lottery is fair and that only nodes with accurate information are able to mine blocks by guaranteeing that all nodes have the same accurate information. It's my hope that Solana will embrace oracles. Oracles are trusted sources of information that can be used to verify data accuracy. Solana’s unique consensus protocol, proof of history, employs a trusted source of information similar to oracles. Oracles can be used in many applications, including the creation and execution of smart contracts. If Solana decides to use oracles, the network might have to be significantly altered to accommodate them. Finally, I want to thank you for taking part in my study. While the Lightning Network provides a good solution for scaling blockchains and lowering transaction fees, it's not the only one. Other blockchain projects are also working on scaling their networks and lowering transaction fees. For example, EOS has sidechains and Ethereum has sharding, both of which can lower transaction costs. Solana, a blockchain project, is researched by individuals as an investment opportunity. This post describes the advantages of Solana that are unique to the project and why they are advantageous for investors. In addition to that.