Blockchain facilitates decentralized and secure cryptocurrency transactions, but current blockchain technology presents some serious problems. The validation of a blockchain transaction is verified through mathematical puzzles named 'proof of work', a process that is extremely energy-intensive and thus unsustainable in terms of scaling.
Solana develops blockchain technology that uses an alternative verification system named 'proof of history', a method in which 'proof of work' has been replaced with a timestamp of each transaction that can then be verified. The new technology doesn't require the GPU-intensive work that the existing blockchain technology relies on, allowing for instantaneous transactions, higher levels of security, and energy efficiency.
The company has quite rightly pointed out that as long as blockchain technology remains a high contributor to carbon emissions, it's simply not scalable, sustainable, or futureproof. By developing the new 'proof of history' means of validation, Solana presents a serious solution for blockchain technology to be innovated upon both in terms of efficiency, speed, and security.
Freddie
Company Specialist at Welcome to the Jungle