In this blog post, I will be guiding you on, all you need to know about Solana Ethereum crypto killer.
I recommend you continue to read to get all the details.
What is Solana
Solana is a decentralized blockchain built to enable scalable, user-friendly apps for the world.
Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto, with thousands of projects spanning DeFi, NFTs, Web3 and more.
Integrate once and never worry about scaling again. Solana ensures composability between ecosystem projects by maintaining a single global state as the network scales.
Never deal with fragmented Layer 2 systems or sharded chains. Solana’s scalability ensures transactions remain less than $0.01 for both developers and users.
Solana is all about speed, with 400 millisecond block times. And as hardware gets faster, so does the network.
Also Read: How to install Raptoreum Wallet on Phone
Not only is Solana ultra-fast and low cost, it is censorship resistant. Meaning, the network will remain open for applications to run freely and transactions will never be stopped.
history of Solana
Solana was initially born from the white paper Anatoly Yakovenko published in November of 2017.
This paper detailed a technique called Proof of History, a technique that would in theory allow blockchains to become 10,000 times faster.
In 2021, Bloomberg journalist Joanna Ossinger described Solana as “a potential long-term rival for Ethereum”, citing superior transaction speeds and lower associated costs.
On 14 September 2021, the Solana blockchain went offline after a surge of transactions caused the network to fork, and different validators had different views on the state of the network.
The network was brought back online the next day on 15 September 2021. On 16 December 2021, former First Lady of the United States Melania Trump announced her plans to use Solana to launch a non-fungible token (NFT).
The Solana Foundation issued a press release to clarify that her choice of the platform was not officially “part of any Solana-led initiative.”
Solana achieves consensus using a proof-of-stake mechanism, as well as a “proof-of-history” mechanism which Solana’s whitepaper claims improves scalability without sacrificing decentralization and security.
Solana can handle 710,000 transactions per second, which is faster than the Ethereum blockchain, but still less than the 400,000 transactions seen during the spike.
Oskar Solberg estimated the transaction fees to be $0.00025 per transaction, which is roughly 60,000 times lower than the fees of the transaction on the Ethereum blockchain.
Like various other blockchains, Solana can run smart contracts. The execution environment is based on eBPF, which allows the Rust, C, and C++ programming languages to be used.
On December 2nd, 2021, Solana had over $15B worth of value locked on its blockchain.
Solana price is currentlt above $94.27 with a 24-hour trading volume of $1,521,357,328. SOL price is up 4.3% in the last 24 hours.
It has a circulating supply of 320 Million SOL coins and a total supply of 508 Million.
If you are looking to buy or sell Solana, BingX is currently the most active exchange.