Wormhole, currently in testnet phase, is the result of a partnership between Solana and Certus One, a premier validator for distributed ledger technology (DLT), and it is the first of many bidirectional cross-chain bridges planned for the Solana network. Wormhole connects ETH and ERC20 tokens to SPL Tokens, the token standard of the Solana blockchain.
Founded by former Qualcomm, Intel, and Dropbox engineers in late 2017, Solana is focused on delivering scalability without sacrificing decentralization or security. In celebration of its new innovation, The Solana Foundation is inviting developers to experiment with Wormhole via a hackathon commencing on October 28th. The virtual hackathon will bring ideas and crypto enthusiasts together to create highly scalable and cost-efficient web3 applications.
Solana will judge the hackathon along with Gauntlet, Curve, FTX, Balancer, Aave, Audius, and other major projects.
“Smart contract chains are universal computers, and all universal computers can talk to each other, fundamentally making blockspace on any layer-1 fungible with blockspace on any other layer-1,” said Anatoly Yakovenko, The Solana Foundation CEO.
Yakovenko and his team built Solana to solve blockchain scalability issues, and they’ve already battle-tested their solution with projects like Serum, Anchor, Terra, Stardust, and most recently, Tether.
Solana emulates the scale, speed, and low-cost of the web, which makes it a preferred platform for decentralized applications (DApps). The majority of DApps need to perform as well as, if not better than Web2 products.
Wormhole allows existing projects, platforms, and communities to move tokenized assets seamlessly and trustlessly across blockchains to benefit from Solana’s high speed and low cost. Interoperability remains a high priority for projects, as it unlocks network effects and allows for the most efficient use of resources. It’s not pragmatic to expect an entire ecosystem of value to immediately shift across networks, and teams can’t afford to wait for such a mass migration.
Excerpt from Certus One:
Wormhole is the first of many such cross-chain bridges to come. It uses decentralized cross-chain oracles — called guardians — operated by a set of node operators that include top Solana validators and other ecosystem stakeholders whose incentives are strongly aligned with Solana and Serum.
Those guardians certify token lockups and burns on one chain in order to mint new tokens or release tokens on the other, and vice versa.
About Solana
Solana is a high-performance Proof of Stake (PoS) blockchain focused on delivering scalability without sacrificing decentralization or security.
Until now, blockchains have been single-threaded computers, guaranteeing no two transactions conflict if executed in parallel. Solana unlocks concurrent GPU-parallelization for the first time, using Proof of History (PoH),a clock before consensus, delivering high speed, low latency, and inexpensive transactions, all at layer 1 without sharding.
Developed by a team of former Qualcomm, Apple, Intel, and Dropbox engineers, Solana is stewarded by The Solana Foundation and is advanced by a loyal community of decentralized developers around the world.
https://solana.com
I'm a seasoned expert in blockchain technology and decentralized ledger systems, with a comprehensive understanding of the key concepts and innovations in the field. My expertise extends to various blockchain platforms, consensus algorithms, and cross-chain interoperability solutions. I've closely followed the developments in the industry, staying abreast of the latest advancements and partnerships.
Now, let's delve into the information provided in the article:
1. Wormhole and Solana-Certus One Partnership:
- Wormhole is currently in the testnet phase and is the result of a partnership between Solana and Certus One.
- Certus One is highlighted as a premier validator for distributed ledger technology (DLT).
2. Bidirectional Cross-Chain Bridges:
- Wormhole is the first of many bidirectional cross-chain bridges planned for the Solana network.
- It connects ETH and ERC20 tokens to SPL Tokens, the token standard of the Solana blockchain.
3. Solana's Background:
- Solana was founded in late 2017 by former Qualcomm, Intel, and Dropbox engineers.
- The platform focuses on delivering scalability without sacrificing decentralization or security.
- Solana emulates the scale, speed, and low-cost attributes of the web, making it suitable for decentralized applications (DApps).
4. Hackathon and Innovation:
- The Solana Foundation is inviting developers to experiment with Wormhole through a hackathon starting on October 28th.
- The hackathon aims to bring ideas and crypto enthusiasts together to create highly scalable and cost-efficient web3 applications.
- Solana, along with other major projects like Gauntlet, Curve, FTX, Balancer, Aave, Audius, will judge the hackathon.
5. CEO's Perspective:
- Anatoly Yakovenko, CEO of The Solana Foundation, mentions that smart contract chains are universal computers, emphasizing the interoperability potential across different layer-1 blockchains.
6. Solana's Scalability Solutions:
- Solana was built to address blockchain scalability issues, with a team that has already battle-tested their solution with projects like Serum, Anchor, Terra, Stardust, and Tether.
- Solana uses Proof of Stake (PoS) with a unique approach, allowing concurrent GPU-parallelization for the first time using Proof of History (PoH), a clock before consensus.
7. Wormhole and Interoperability:
- Wormhole allows existing projects, platforms, and communities to move tokenized assets seamlessly and trustlessly across blockchains, leveraging Solana's high speed and low cost.
- Interoperability is emphasized as a high priority for projects to unlock network effects and optimize resource utilization.
8. Decentralized Cross-Chain Oracles (Guardians):
- Wormhole employs decentralized cross-chain oracles called guardians, operated by top Solana validators and other ecosystem stakeholders.
- Guardians certify token lockups and burns on one chain to mint new tokens or release tokens on the other, enabling seamless cross-chain functionality.
In conclusion, the information provided in the article highlights the innovative partnership between Solana and Certus One, the introduction of the Wormhole cross-chain bridge, and the broader context of Solana's mission to provide a scalable, fast, and cost-efficient blockchain platform for decentralized applications. The emphasis on interoperability and the upcoming hackathon further showcase Solana's commitment to fostering innovation within the blockchain ecosystem.
