Thu. Jan 27th, 2022

Solana Fastest growing blockchain network, 5th in market capitalization. Many services that were launched earlier Etherium Now Solana is switching to the network. And it is supported by the founder of FTX Exchange. So all these achievements must have piqued your curiosity and we are here to satisfy your curiosity. In this article, we will explain Solana and how it works with its features.

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Explaining Solana

Solana is a decentralized blockchain network. Anatoly Yakavenko In 2017 Solana created and founded Blockchain. Solana could currently add one Block at 400 milliseconds In its blockchain. This comparison Bitcoin Which requires 10 minutes to add a block. And it could Process 65,000 transactions per second. 3 times more than VISA which can process.

SOL Solana token. It is used to trade Crypto Exchange And the wages of the miners. The The transaction fee is 00 0.0015 Which is almost negligible. The SOL token has a current 500 million supply cap Which may increase further in the future.

The outlook towards Solana is creating a fast and future-proof blockchain network. This is what is needed Decentralized apps (DAPPS) Can work on this network without any delay or delay.

Here are some popular Solana based DAPs

The Solana network allows miners or verifiers to process multiple transactions instead of one. For this reason, though, it is a new blockchain. It has processed 15 billion transactions. All of these factors help make Solana’s blockchain network faster, bigger, and cheaper.

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Features of Solana

Let’s take a look at some interesting features of Solana Network. How can it work so fast and what sets it apart from other cryptocurrencies.

Evidence of History (PoH)

In order to verify the block and data records in a decentralized network, all computers must agree on a specific time. These Computers are called nodes. These nodes need to communicate constantly to agree on when the block was created. And not all nodes will have fast internet connection so the speed at which they send blocks will change.

To speed up this process. Anatoly decided to add Timestamp Where a with a will have the exact time when the block was created Cryptographic evidence This block of records. This allows computers to continue sending blocks regardless of their Internet speed. The timestamp added to the blocks will let others know when it was created and can then be organized accordingly in the blockchain.

This has significantly speeded up the process and allowed countless transactions within a second and quick addition of blocks to the blockchain. This process is called Evidence of history. It’s a little more complicated than that so if you want to know more, we suggest you check it out.

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Sea level

Sylvester is a term that describes that Solana’s legitimacy does not have to validate one transaction at a time. Instead, they could Verify multiple smart contract codes simultaneously. Verifiers may execute contracts in parallel. This way 25 verifiers in Solana can verify 25 blocks at a time.

This is why Solana can run 3 times more transactions than VISA Which is 23,666 transactions per second. The number of transactions achieved so far is 65,000 per second. It is also claimed that Solana could potentially process More than 6 lakh transactions in one second.

Measurable and future proof

This also leads to issues Solana’s scalability. Solana says it is not limited to concepts or software but is limited by hardware. So if the computational power is doubled in the future, Solana will be able to double its efficiency.

As technology advances, it will evolve and create more computational possibilities. For one thing, many Dapps who were previously in Ethereum are now switching to Solana.

Rusty programming language

Solana Rust uses programming language. This is different from the solidity code language used by Ethereum. Rust is a low level language This means that it takes more effort to make things rusty but it is much more powerful overall than other languages.

One downside to rust is that you can’t copy and paste your code into rust from other blockchains. You will need to rewrite the code and rewrite it. Developers planning to relocate to the Solana network will see this as a hassle. But these smart contracts will be more powerful than Ethereum.

Etherium vs. Solana

Solana is said to be Ethereum’s long-term rival. This is due to the improvements made on Solana Etherium. Solana is fairly new in crypto space but has attracted a lot of attention in such a short time. Let’s see what sets Solana apart from Etherium.

Fast and efficient

As we have discussed, Solana can transact more and add blocks faster than Etherium.

Solana You can add one block per 400 milliseconds And invoice 65,00 transactions per minute. Etherium You can add one block per 10 seconds And invoice 15 transactions per second.

It simply shows how fast Solana is compared to the Etherium network. Moreover, Solana has processed 15 billion transactions From the beginning. On the other hand, Ethereum has processed 1 billion transactions Although it has been around longer than Solana. You can get an idea of ​​how efficient Solana is on Etherium.

Cheap transaction fees

It is widely known that Ethereum transaction fees are a major problem. This is a fee charged for verifying and processing your transactions. It is also called Gas fee. Many times the gas fee itself can be higher than the transaction.

Average Transaction fee On Etherium On top of that 50. Average transaction fees introduced Solana On top of that 00 0.0015.

In Solana, due to the parallel validity, the transaction process is not only faster but the transaction fee is significantly lower. This is a fraction of a penny. This is why many new investors are attracted to Solana and its growing Defy ecosystem.

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The lower bar of entry

Ethereum become a legitimacy. You need Bet Or lock-in 32 ether Which is the token of the Etherium network. This is equivalent to 9 crore rupees or 120 thousand dollars. So it is not something that anyone can enter this stage.

In Solana, one only has to place one bet in order to be valid Nominal amount of SOL token and a fee. This lowers the entry bar and invites more verifiers to the network. Solana uses the Proof of History scheme Which adds a timestamp to the block and saves a lot of time in the validation process.

Solana’s imperfection

Although Solana has many advanced features and improvements. It was There was a complete network disruption In 2020 and 2021. This is a major problem because a decentralized network will never shrink. However, this did not affect the price of Solana in return. This can have an impact on potential investors.

Unwrapping the wrapper

Solana seems to have a big future ahead of her. It is adding more well-known Dapps to its network and gaining more and more attraction day by day. We hope we’ve been able to help you explain and understand everything about Solana, how it works, and its various features.

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