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Proof-of-History (PoH)

Give me the basics

Proof-of-History (PoH) is a consensus mechanism that was developed by Solana to improve transaction processing in its blockchain network. PoH works by adding a timestamp to every transaction made on the network. These timestamps can be used to order the transactions and confirm their validity without the need for traditional mining or staking protocols. The timestamped data is stored in a ledger that can be easily verified by nodes on the network. PoH makes it possible to process thousands of transactions per second, making Solana one of the fastest blockchain networks available.

 
 

In-depth explanation

Proof-of-History (PoH) is a new consensus algorithm that has gained attention in the crypto community. It is designed to improve the speed and scalability of blockchain networks by providing a more efficient method of time-stamping transactions. PoH works by leveraging a cryptographic proof that allows for the creation of a verifiable and immutable record of past events. This record is then used to verify the validity of subsequent transactions, without requiring the entire blockchain to be checked. PoH is being developed by the Solana project, which aims to build a fast and secure blockchain platform that can handle high transaction volumes at a low cost.