Solana It is the fastest-growing blockchain network and ranks fifth in market capitalization.Many previous services Ethereum Now switching to Solana network. And got the support of the founder of FTX exchange. So all these achievements must make you curious, and we are here to satisfy your curiosity. In this article, we will explain Solana and its working principles and functions.
Solana is a decentralized blockchain network. Anatoly Yakovenko Created and founded the Solana blockchain in 2017. Solana can currently add one Block within 400 milliseconds To its blockchain.And Bitcoin It takes 10 minutes to add a block.it can Process 65,000 transactions per second. 3 times more than VISA can handle.
Sol Is Solana’s token. It is used for trading Cryptocurrency exchange And pay the miners.This The transaction fee is 0.0015$ This is almost negligible. SOL token has a current 500 million supply cap It may increase in the future.
Solana’s approach is to create a fast and future-oriented blockchain network.This is necessary in order Decentralized Applications (DAPPS) Can work on this network without any delay or delay.
Here are some of the most popular Dapps based on Solana
The Solana network allows miners or validators to process multiple transactions at once, instead of one at a time. This is why, even if it is a newer blockchain. It has processed 15 billion transactions. All these factors help to make Solana’s blockchain network faster, wider, and cheaper.
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Features of Solana
Let’s take a look at some interesting features of the Solana network. How does it perform so fast, and how it differs from other cryptocurrencies.
Proof of History (PoH)
When verifying data blocks and records in a decentralized network, all computers must agree on a specific time.These Computers are called nodesThese nodes must continue to communicate in order to agree on the creation time of the block. Not all nodes have fast internet connections, so the speed at which they send blocks will vary.
To speed up this process.Anatoly decided to add Timestamp This will have the exact time the block was created and Password (secret) proof To these record blocks. This allows the computer to continue sending regardless of Internet speed. The timestamp added to the block will let others know when it was created, and can then organize it accordingly on the blockchain.
This significantly speeds up the process and allows a large number of transactions to be performed in one second, and blocks can be added to the blockchain faster.This process is called Historical proof. It is a bit more complicated than that, so if you want more information, we suggest you look it up.
Sealevel is a term used to describe that Solana verifiers do not have to verify one transaction at a time.Instead, they can Verify multiple smart contract codes at the same time. Verifiers can execute contracts in parallel. In this way, 25 validators on Solana can verify 25 blocks at a time.
This is why Solana can perform Transaction volume is 3 times that of VISA That is 23,666 transactions per second. So far, the number of transactions completed per second is 65,000.It also claims that Solana can potentially handle More than 700,000 transactions in one second.
Scalability and future-proof
This also leads to this topic Solana’s scalabilitySolana said that it is not limited by ideas or software, but by hardware. So in the future, if the computing power doubles in the future, Solana will also be able to double its efficiency.
As technology advances, it will continue to evolve and create more computing potential. This is one of the reasons. Many Dapps that were previously on Ethereum are now turning to Solana.
Rust programming language
Solana uses the Rust 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 create things on Rust, but it is generally much more powerful than other languages.
One disadvantage of Rust is that you can’t just copy and paste your code from other blockchains onto Rust. You will have to recreate and rewrite the code on Rust. Developers planning to switch to the Solana network will find it cumbersome. But these smart contracts will be more powerful than Ethereum.
Ethereum VS Solana
It is said that Solana is a long-term competitor of Ethereum. This is because Solana has improved Ethereum. Solana is fairly new in the field of encryption, but it has attracted a lot of attention in such a short period of time. Let’s take a look at the difference between Solana and Ethereum.
Faster and more efficient
As we discussed, Solana can execute more transactions and add blocks faster than Ethereum.
Solana Can add a block 400 ms And execute 65,00 transactions per minute. Ethereum Can add a block 10 seconds And execute 15 transactions per second.
This is just to show how fast Solana is compared to the Ethereum network. and, Solana has processed 15 billion transactions Since its inception. on the other hand, Ethereum has processed more than 1 billion transactions Although it has existed longer than Solana. You can see how efficient Solana is relative to Ethereum.
Cheaper transaction fees
As we all know, Ethereum’s transaction fees are a major issue. This is the fee charged by your exchange for verification and processing.It is also called Gas costs. Sometimes, the gas cost itself may be more than the transaction.
average Handling fee exist Ethereum Is upward 50 U.S. dollars. Average transaction fee Solana Is upward 0.0015 USD.
On Solana, due to parallel verification, not only is the transaction process much faster, but the transaction fees are also very low. This is a fraction of a penny.That’s why many new investors are caught by Solana and its growing DeFi ecosystem.
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Become a validator of Ethereum.you need to bet Or lock 32 Ether They are tokens of the Ethereum network. This is equivalent to more than 9 crore rupees or 120,000 US dollars. So this is not something anyone can enter at this stage.
On Solana, to become a validator, you only need to pledge one Notional amount of SOL tokens and fees. This lowers the barrier to entry and invites more validators on the network. Solana uses a historical proof scheme This adds a time stamp to the block and saves a lot of time during the verification process.
Although Solana has many advanced features and improvements.it has Complete network interruption In 2020 and 2021. This is a major problem, because decentralized networks should not fail. Although it did not affect Solana’s price on the exchange. It may have an impact on potential investors.
Solana seems to have a bright future. It is adding more well-known Dapps to its network and is receiving increasing attention. We hope that we can help you explain and understand all the information about Solana, how it works, and its various functions.
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