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What is Proof of History (PoH)

Proof of History is the consensus algorithm devised by the developers of Solana (SOL), and is only used by this blockchain to date.

Proof of History ensures that time is saved by placing certain events in a sequence. Imagine taking a picture of the newspaper that fell on your doormat today. This picture is proof that the picture was taken after this version was published. After all, it is impossible to take a picture of this newspaper if the newspaper has not actually been published yet.

Another example is if you’re at a football game, and you take a picture. This picture is proof that the it was taken during the football game. It is impossible to take a picture of the same football match before or after the fact, because it has not yet started or has not yet ended.

This is the way Proof of History works. However, this consensus mechanism does not take pictures of events. Instead, a specific hash is used. This hash is based on past events, making it impossible for the hash to have developed before or after this event.

Verifiable Delay Function

Proof of History is in fact a Verifiable Delay Function, which is not a new concept in the IT world. A Verifiable Delay Function needs a certain number of numbers and events that have happened before. Based on this, an output is created by means of the SHA256 hashing algorithm. This output is public, and can be verified by anyone. This allows an entire network of nodes to check whether the outcome of the Verifiable Delay Function is correct, and whether a node is also performing its work correctly.

Solana’s blockchain can process more than 60,000 transactions per second. This is a very large number, especially when compared to Ethereum, which can process less than 20 transactions per second. That’s why many people refer to Solana as the Ethereum killer.

The high scalability of Solana is mainly due to the Proof of History mechanism, but of course also to the other techniques and protocols developed by the team behind Solana. Think, for example, of Sealevel and Turbine.

Updated on May 9, 2022
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  • What do the risk ratings mean?

Our mission here at RugDoc is to screen for hard rug code that results in 100% theft of ALL underlying funds for ALL participants.

This is the ONE part of the due diligence process that most people cannot simply do on their own as it costs thousands of dollars to hire a senior solidity developer to look over a farm for safety.

A project coin with terrible code can go up in price, and a project with good code and a good team can also go down in price.

Do NOT use our ratings to refer to your likelihood in making money if you invest in the project. They are ONLY in reference to code safety.

Everything else beyond code safety is YOUR responsibility to go do research on. We just make sure the casino you’re betting in won’t rob you before you even get to place a bet.

Our reviews for projects are organized into a few colors.

🟢 Least Risk
These projects are the least likely to hard or soft rug. Usually reserved for cornerstone projects of an ecosystem where it makes no financial sense for them to rug in any manner as they make more money just being legit.

🔵 Low Risk
These projects are usually established projects in an ecosystem that have a track record of success or have KYC’d to us or other authoritative sources in the real world. As a result, it is extremely unlikely for them to soft rug or hard rug their projects. The projects can still fail and the token price can go down, but usually more as a result of natural market forces.

⚪️ Some Risk
This is the default rating for projects with unknown teams but have code that is unlikely to have hard rug risk. Since the team is unknown and doesn’t have a track record of success, it’s entirely possible that they may try to soft rug by dumping tokens, abandoning the project, etc. Even a last minute contract swap to a malicious contract is possible. The only thing that is unlikely is a complete hard rug as long as you are 100% sure you deposit into the contract we review.

🟠 Medium Risk
Similar to Some Risk, but the underlying code itself is custom enough or complex enough that it warrants an elevated risk rating that needs deeper research. Make sure you read every point presented to make sure you’re comfortable with that before entering. Still unlikely to hard rug, but more chances of custom code behaving incorrectly and causing other issues.

🔴 High Risk
Project contains code or practices that are HIGHLY LIKELY to lead to catastrophic losses as they are right now. Make sure you read the description carefully as we will always warn what these issues are. If you see the words Hard Rug anywhere in the review, STAY FAR AWAY!

⚫️ Not Eligible
We reserve the right to not review exceedingly complex projects that would require tens of thousands of dollars of senior security analyst man hours. Typically these are projects that deal with leverage, lending, options, derivatives, and anything that is overly complex and which requires tons of peer reviews and audits from top audit companies.

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