Here we tell you everything about this ambitious project that emerged with the intention of solving the problem of blockchain networks and revolutionizing the crypto industry.
What is Solana Blockchain?
Solana is a blockchain platform designed to host decentralized and scalable applications.
The preliminary work of this open source project began in 2017, in charge of the developer Anatoly Yakovenko. Finally, Solana was officially launched in March 2020.
The peculiarity of Solana is that it arose with the purpose of solving the trilemma that drag the blockchain networks: scalability, decentralization and security.
With this goal, today Solana is positioned as one of the fastest platforms for the amount of transactions it can process.
In addition, its transaction fees are considerably cheaper than those offered by its competitors such as Ethereum.
Along with this, Solana has a cryptocurrency that runs on its blockchain, whose quote symbol is SOL.
Quickly, this became one of the most popular cryptocurrencies, placing it among the top 10 digital currencies in the world today.
How does Solana Blockchain work?
The Solana protocol was designed with the aim of favoring the creation of decentralized applications but, centrally, to improve its scalability.
To do this, Solana has an innovative hybrid proof-of-consensus model.
Thus, Solana combines a proof-of-history (PoH) consensus with an underlying proof-of-stake (PoS) blockchain.
By introducing this unique combination of proof-of-history and proof-of-stake, Solana can offer much faster transaction speeds than its rival platforms.
We could say that Solana processes transactions at speeds similar to those of a large centralized company, but still retaining the principles of decentralization offered, for example, by Bitcoin.
By doing this in a more automated way, Solana is able to support many more transactions per second than other types of networks.
Why is Solana Blockchain special?
What has made Solana a unique platform is that it has come to address shortcomings that other blockchain networks have.
The main features that differentiate Solana are:
Greater speed and allows more transactions per second
This, as we have mentioned, is thanks to its technology based on hybrid proof of consensus, which has favored Solana to become a high performance network.
Low cost per transaction
Solana’s commissions are significantly cheaper, both for developers and users.
Solana also seeks to maintain decentralization, ensuring that the network is open for applications to run continuously and transactions not to be stalled at any time.
In addition, one of the greatest advantages of blockchains such as Solana is that it has a cryptocurrency called SOL, which is used to pay certain commissions for making transactions on the network.
All these qualities currently profile Solana as one of the most scalable networks.
What is Solana Blockchain used for?
The main function of Solana that is highlighted in the cryptocurrency sector are the incredibly short processing times offered by the blockchain.
This is extremely useful for all types of transactions as well as for the execution of smart contracts.
In addition, the Solana protocol is designed in such a way as to have low transaction costs and, at the same time, guarantee scalability and fast processing.
This Solana architecture satisfies the three desirable attributes for a blockchain: it is scalable, secure, and decentralized.
Therefore, the Solana protocol is intended to serve both individual users and large companies.
Is Solana better than Ethereum?
Solana was created to solve the scalability problems that Ethereum has been dragging, to promote exponential growth and an increasingly accelerated expansion.
It has therefore been said that Solana is the “Ethereum Killer”. Is this really true? There are several points to consider when evaluating whether Solana has managed to surpass Ethereum.
First of all, Ethereum has never suffered a fall since its launch. It can sometimes get congested, but its level of decentralization has prevented interruptions.
On the other hand, in the case of Solana, decentralization and network stability are a weak point, since it has suffered several falls and interruptions.
In terms of transaction cost, we insist that Solana has low commissions, while Ethereum is known for its expensive fees.
In terms of transaction speed, Solana is much faster. While Ethereum prioritizes decentralization, Solana focuses on performance.
On the other hand, it is worth mentioning that both Ethereum and Solana have their own token and both are in the top 10 of the cryptocurrencies with the highest market capitalization.
Beyond the various qualities of both, today’s reality shows that there is a clear preference for Ethereum applications over Solana’s.
But its enormous advantages could lead Solana to grow as much as Ethereum and even surpass it.
Nothing is said yet in this regard. Without a doubt, we know that Solana will continue to surprise us with its developments and improvements in the world of crypto.