What Is Proof-of-History (PoH)? ⁉️

Deployed by Solana, Proof of History (PoH) is a method of incorporating time itself into the blockchain, attempting to reduce the load on network nodes while processing blocks. In a traditional blockchain, gaining consensus on the time a block was mined is just as important as getting consensus on the transactions in that block. Because timestamping informs the network (and any observer) that transactions occurred in a specific order, it is crucial.

The successful block miner in a Proof of Work (PoW) scenario is the first to determine the proper nonce, which takes a given amount of computer power. Proof of History (PoH), on the other hand, employs Verifiable Delay Functions (VDFs). Only a single CPU core can solve a VDF by performing a certain set of consecutive steps. Because no parallel processing is permitted, it is simple to determine how long each step will take.

Proof of History (PoH) overcomes the time barrier, making blockchain lighter and quicker by reducing the processing weight. Solana combines Proof of History (PoH) with Tower Byzantine Fault Tolerance (Tower BFT), a security system that allows users to stake tokens to vote on the validity of a PoH hash.

Benefits

Low Fee: Solana offers cheaper transaction fees in comparison to other networks, such as Ethereum. As a consequence, Solana is an excellent choice for frequent transactions and money transfers.

Scalability: Transactions on the Solana network are quick. As a result, the whole picture gains scalability.

Drawbacks

-> Solana presently employs less than 1,200 validators to validate transactions on its network.

-> Solana is sometimes referred to as an Ethereum killer however there are fewer dApps on the network in comparison. On Solana, around 350 dApps have been developed, but on Ethereum, over 3,000 dApps have been built.

Potential Issues with Proof of History (PoH)

Proof of History is a consensus mechanism based on Proof of Stake, but with a different method of calculating time. Historical events are now used to determine the passage of time.