We know there are a lot of popular blockchains out there, but you’ll want to take note of Solana 🧐. Solana is a high-performance blockchain platform meant to support the scale and demanding needs of decentralized applications. But what is Solana doing that makes it unique 🤔?
The Solana platform is designed to be fast, secure, and scalable, with the goal of providing users with a seamless experience when using decentralized applications. You’ll learn more about Solana and its place in the crypto space and blockchain transactions in our little overview 👀.
What Is Solana?
Solana is a distributed ledger technology, which means it works very much in the same way as blockchain technologies. It’s being developed to scale blockchain applications—that is to say, to help blockchain apps get bigger 😱.
Solana uses a new consensus algorithm designed to be more efficient than existing solutions. The team is also working on a new programming language 👩💻 that should make it easier to develop decentralized applications on the platform.
Solana is supposed to speed up and optimize all the little processes involved in distributed ledger tech, including transaction caching, and transaction processing speed, to produce better transaction times through its transaction processing engine. The creators of Solana want to scale not thousands of transactions, but millions of transactions per second without sacrificing security or decentralization.
Solana’s Impressive Team
The Solana Foundation project is led by a team of experienced engineers and scientists from across the globe 🌎. There are a lot of big names involved, including the co-founder of the largest cryptocurrency exchange, engineers from Google and Qualcomm, and a former NASA software engineer. The team is advised by an impressive group of individuals, including a former US Presidential candidate, a Nobel Prize-winning physicist, and the co-founder of Ethereum. In other words, this is no two-coders-in-a-garage-type project 😀.
SOL and Solana
The native cryptocurrency of the Solana platform is called SOL, and it is used to fuel the network and power transactions on the decentralized blockchain. You can buy SOL tokens on any of the usual cryptocurrency exchanges. Just be prepared to pay 💸 the normal transaction fees.
Proof of History: Part of Solana’s Success
What makes Solana one of the fastest blockchains 🏃♀️ is its high transaction speed and capacity. With its faster operation capacity, Solana can process up to 65,000 transactions per second, which is orders of magnitude higher than what other blockchains are capable of.
This is possible due to Solana’s unique architecture, which uses a proof of history consensus algorithm instead of proof of work to keep its digital record. If you’ve heard 👂 of proof of work and proof of stake but not this new one, it’s no surprise; that Solana created a proof of history.
This has to do with the way network validators do their work and get passive income on the blockchain. In proof of work systems, users 👨💻 must show that they have expended a certain amount of computational effort in order to verify a transaction or block of data. Proof of history, on the other hand, generally refers to a system in which users must show that a certain event happened in the past in order to verify a transaction or block of data. In other words, proof of work focuses on the means; proof of history focuses on the end.
How Solana Is Being Used
So, how is the industry using this tech from Solana Labs? There is a wide range of applications for this entire network, from smart contracts to the creation and distribution of non-fungible tokens. Some of the largest and most popular cryptocurrency exchanges, such as Binance and OKEx, support Solana distribution. In addition, a number of Defi (decentralized finance) protocols, such as MakerDAO, Synthetix, and Compound, have announced their plans to launch on the Solana blockchain network 🤩.
One of the most popular Solana-based applications so far is Serum, a decentralized exchange that supports the trading of a wide variety of assets. The serum is designed to be fast, efficient, and user-friendly, and it has been growing in popularity 📈 since its launch in 2019.
Another popular Solana-based application is Raydium, a decentralized platform that enables the buying, selling, and custody of digital assets. Raydium is one of the first exchanges to offer support for Solana trading. It’s been praised for its speed, security 🔒, and user-friendly interface.
Can I Use Solana If I’m Not a Developer or Validator?
Yes! 😍 First, you’ll need to buy some SOL in your cryptocurrency space of choice (wherever you buy your Bitcoin and Ethereum, for instance). SOL acks as the native token of Solana, so you’ll need it to do anything in Solana Labs’ space. Once you’ve got Solana in your crypto wallet, you can participate in Solana even if you’re not a tech person.
Solana offers blockchain projects and apps through its ecosystem, which looks much like a regular old app store. As a token holder, you can use these apps to do everything from buying NFTs to joining a new utility token distribution community within the decentralized network.
Solana and the Future of the Metaverse
So far, Solana has been used primarily for cryptocurrency trading and as a platform for launching decentralized applications. However, its potential uses are far broader, and it is likely that we will see many more innovative applications in the future 🤑.
It also isn’t without competition. Solana’s biggest competitors are other blockchain industry protocols that are designed to bolster processing power, such as Algorand, EOS, and Polkadot. Who will come out on top of the scalable network war? Only time will tell.
Want to keep up with Solana as well as other Web3 news? Sign up ✍️ for the Ian Corzine newsletter to stay on top of the crypto industry, smart contract platforms, crypto tokens, network security news, and much more!