What is Solana (SOL)? And how does it work?
Solana is a decentralized blockchain network with low transaction fees and more transactions in a second. With a great development potential, There are more than 400 projects on this blockchain which has made this network one of the best ecosystems in the market. One of the reasons for its popularity is the PoH protocol which has made Solana more preferable among the crypto lovers. In this article, you would know more about this intriguing blockchain.
Everything about Solana
With more scalability and being faster than the other networks, Solana is hosting more projects a network has ever hosted. Day by day, more DAapps and NFTs are implemented into the network because of Solana’s low transaction fees and faster network. The transaction fee is something close to 0.00025 dollars!
The other reason for writing about Solana’s network, can be the PoH protocol used in this network. Proof of History is not a consensus algorithm like PoW or PoS, It’s a kind of system helping the nodes to validate the transaction based on the time they’ve been added to the network without any need to reorder them. This cryptographic clock is like a timestamp which will help the nodes to confirm the transactions by the time they’ve taken place. So adding blocks to the blockchain would be faster by this automated ordering technique. Solana is able to validate 50,000 transactions per second and add new blocks to the blockchain by adding the PoH protocol to its network.
One of the other intriguing features of Solana blockchain, is having 594 nodes which has no limitations for other members to become the nodes in the network. That means with any staked amount of Solana you can become one of the nodes and be rewarded per validations.
A quick glance at Solana history
In 2017, Yakovenko, The former software engineer of Qaulcomm and Dropbox, published a whitepaper in which was offering a new consensus technique that would automatically put the transactions in order so it would be faster for the nodes to validate each transaction and add new blocks to the network. Later 28 more new members from great companies like Apple, Intel and Google and some of his former co-workers from Qualcomm joined him and Solana labs started officially.
As we mentioned above, Solana supports a lot of DApps. This popularity among the developers is due to Solana’s great fast transactions and scalability and of course the low transaction fees it has. So that’s why solana is one the fastest growing ecosystems in the crypto market. With all said, we are going to introduce some great projects on Solana’s network.
This project has two phases. The first phase aims to identify the traders weaknesses and the second phase intends to provide investing services for them. Cope seems so perplexing but experts believe it’s a great project to invest in.
Mango is a decentralized market which lets the traders have 5x leverage. One of its greatest features is low and close to zero transaction fee which makes it a great market for traders to trade.
It’s a metaverse multiplayer game that allows the users to use NFTs and take part in voting for game policies and specify their own territory. StarAtlas has been developed by Unreal 5 Engine and takes place in 2620. You can use its native token $ATLAS for in-game transactions.
Degenerate Ape Academy
Based on the market cap, Degenerate Ape Academy is one of the most valuable NFTs on Solana’s blockchain. 10,000 apes represented in 2021 which cost 6 SOL, at the time Solana was 40$.
What is BFT or Byzantine Fault Tolerance?
BFT or Byzantine Fault Tolerance, is a kind of mechanism which prevents nodes from sending false information to the network and validates the transaction by only 51% percent of the validators confirming them. But the BFT Tower is what comes in the game by eliminating the wrong validations and only focusing on the main ones confirming the blocks. So by that. There would be no waste of time for the consensus mechanism.
Solana’s purpose from the beginning of its birth, is to resolve the deficiencies of the giant networks like Ethereum and Bitcoin. More transactions in a second, faster validations and low transaction fees are the distinguishing features of Solana which is represented by Solana Labs.
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