Sonic Whitepaper in 5 Minutes

Sonic

Sonic is a Layer 1 blockchain with a focus on high performance, Ethereum Virtual Machine (EVM) compatibility, speed, scalability, and security.

Sonic is poised to support the next generation of decentralized applications (dApps).

Consensus Mechanism

Consensus in a decentralized system is a foundational process that ensures all participants agree on the current state of the blockchain. It guarantees that transactions are validated consistently and securely across the network, preventing malicious actors from manipulating data.

Sonic utilizes a combination of Proof-of-Stake, Asynchronous Byzantine Fault Tolerance (ABFT), and Directed Acyclic Graphs (DAG) to achieve efficient consensus.

Proof of Stake (PoS) is a consensus mechanism that enhances the security and efficiency of blockchain networks by allowing validators to create and validate new blocks based on the number of tokens they hold and are willing to “stake” as collateral.

Asynchronous Byzantine Fault Tolerance (ABFT) allows nodes to reach consensus independently without needing to confirm blocks in a strict order. Instead, they communicate asynchronously, which accelerates transaction processing and enhances overall network efficiency.

Sonic implements Directed Acyclic Graphs (DAG) to further optimize its consensus mechanism. In a DAG, transactions are represented as vertices, and the relationships between them are edges. This structure allows multiple transactions to be processed simultaneously, avoiding the bottlenecks associated with traditional sequential block processing.

Steps in Sonic's Consensus Process

1. Transaction Submission: A user submits a transaction to the network.

2. Batching: A validator batches the transaction into a new event block.

3. Root Event Block Formation: The event block becomes a root event block once it is agreed upon by a majority of validators.

4. Finalization: The root event block is ordered and integrated into the main chain, which serves as the definitive blockchain for all agreed transactions.

This process finishes in under one second, allowing Sonic to achieve rapid transaction finality. Talk about speed!

Key Features and Benefits of Sonic

1. Speed and Scalability

One of Sonic's standout features is its capacity for high-speed transactions and scalability:

Transaction Throughput: Sonic can process up to 400,000 transactions per second (TPS), making it suitable for high-demand applications such as gaming and DeFi.
Sub-Second Finality: Transactions achieve finality in under one second, allowing for instantaneous confirmations and enhanced user experience.

2. Full EVM Compatibility

Sonic's EVM compatibility allows developers to use familiar tools and libraries. This feature simplifies the deployment of smart contracts and encourages adoption from the vast Ethereum developer community.

3. Developer-Friendly Incentives

Sonic offers a range of incentives designed to attract and support developers:

Fee Monetization (FeeM): Developers earn an impressive 90% of network fees generated by their applications, creating a sustainable revenue model.Innovator Fund: A dedicated fund of 200 million S tokens is allocated to onboard new projects and support ongoing innovation within the ecosystem.
Airdrop Rewards: An additional 190,500,000 S tokens will be distributed to incentivize user engagement across the Sonic and Opera chains.

4. Smart Contract Deployment

Deploying smart contracts on Sonic is straightforward, thanks to its robust infrastructure:

RPC Connections:

Blaze Testnet: [https://rpc.blaze.soniclabs.com]
Mainnet: [https://rpc.soniclabs.com]

5. Staking and Validator Rewards

Sonic encourages users to participate in its network through a staking mechanism:

Staking Platform: Users can stake the native token, S, through MySonic.

6. Sonic Gateway: Bridging Ethereum and Sonic

The Sonic Gateway serves as a decentralized bridge connecting Ethereum and Sonic.

How It Works:

Deposit: Assets sent to the bridge take approximately 15 minutes on Ethereum and about 1 second on Sonic.

Heartbeat: Transactions are processed in batches every 10 minutes from Ethereum to Sonic and every hour from Sonic back to Ethereum.

Claim: Users can finalize and claim their assets on the destination chain.

7. Security Mechanisms

Sonic has implemented several security features to protect users and maintain network integrity:

Fail-Safe Mechanism: If the gateway fails for 14 consecutive days, users are allowed to reclaim their bridged assets on Ethereum.

Fast Lane Feature: Users can opt to pay a small fee to skip wait times, accelerating transactions for the entire network.

Running a Validator Node

Validator nodes are essential for maintaining the integrity and security of the Sonic network. They validate transactions, create new blocks, and ensure the blockchain's overall health.

Steps to Become a Validator

1. Launch a Server Instance

Use a dedicated or cloud-based server with adequate resources.

2. Install Necessary Software

Set up the required blockchain tools to operate a validator node.

3. Sync with the Network

Connect to Sonic's nodes to stay up-to-date with new transactions.

4. Create a Validator Wallet

Securely store your validator's funds and keys.

5. Stake S Tokens

A minimum self-stake of 500,000 S is required, which may be adjusted in the future.

6. Register and Activate

Complete the necessary setup to begin participating in network validation.

7. Maintain Uptime

Validators must keep their node online and operational to avoid penalties.

Sonic vs. Fantom Opera

Sonic was initially launched on the Fantom Opera (FTM) blockchain, but it has now transitioned to operate as an independent Layer-1 blockchain. This migration allows Sonic to optimize its features and governance model.

Token Details

S Token: Sonic’s native asset used for transaction fees, staking, governance, and validator rewards.
FTM to S Upgrade: Staked FTM is required to be withdrawn and converted to S after a waiting period.

Network Fees and Governance

Sonic's transaction fees are structured to ensure fairness and sustainability within the ecosystem.

Fees Distribution

For transactions on non-FeeM apps: 50% of the transaction fee is burned, 45% is allocated to validators, and 5% goes to the Ecosystem Vault.

For transactions on FeeM apps: 90% of the transaction fee is given to the app’s developer, with 10% tipped to validators.

Glossary

Airdrop

Free crypto tokens given to users, usually to reward engagement or promote new projects.

Asynchronous Byzantine Fault Tolerance (ABFT)

A way for blockchain nodes to agree on data even if some behave badly, without needing to wait for each other. Makes the network faster and safer.

Bridge

A tool that lets you move your crypto from one blockchain (like Ethereum) to another (like Sonic).

Consensus Mechanism

The method blockchains use to make sure everyone agrees on what’s true. Sonic uses a mix of PoS, ABFT, and DAG.

DAG (Directed Acyclic Graph)

A structure that lets multiple transactions happen at the same time instead of waiting in line. This boosts speed.

Developer Incentives

Rewards given to app builders, like a cut of the transaction fees or grants, to keep them building on the platform.

EVM Compatibility

Sonic supports the Ethereum Virtual Machine, meaning Ethereum apps can easily run here too.

Finality

When a transaction is 100% confirmed and can’t be changed. On Sonic, this happens in under 1 second.

Gas Fee

The small fee paid to process a transaction. On Sonic, it goes to validators or developers depending on the app.

Governance

The way the community votes and decides on changes in the network. Token holders and validators have the power here.

Mainnet

The live version of a blockchain where real value is exchanged (as opposed to the testnet for practice).

Proof-of-Stake (PoS)

A consensus model where people lock up tokens to help secure the network. The more tokens you stake, the more power you have to validate.

Smart Contract

Code that runs automatically on the blockchain. Used to build dApps.

Staking

Locking up your tokens to help secure the network and earn rewards.

Sub-Second Finality

Refers to Sonic's speed in confirming transactions in less than a second.

Validator

A participant that confirms transactions and maintains the blockchain. Needs to stake tokens and stay online.

Wallet

A digital tool to store and manage your crypto. Validators also use special wallets to handle their responsibilities.

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