Solana is the invention of Anatoly Yakovenko. It's a platform designed to address the shortcomings of more traditional and established blockchain platforms. The platform can efficiently perform about 50,000 transactions in a second. That's the most outstanding factor that makes the platform unique. Solana can seamlessly add multiple properties to its existing network in a fraction of a second. It has made a name for itself as Ethereum's competitor.
What Technology Does Solana Use?
Solana uses the native SPL protocol, a token standard that the blockchain adopts, closely similar to Ethereum's ERC20 on the Ethereum network. The tokens achieve two primary goals. The first is to pay fees when interacting with intelligent contractors or performing other activities on the platform. Secondly, the tickets make a user eligible to become a validator or leader within the network. When a user is a validator, they can oversee the smooth running of the environment.
What are Solana's Features?
Solana's high performance is because of the seven key features that add speed and efficiency. They also contribute to secure data storage and faster transaction processing. The features create a platform friendly to applications that involve many transaction activities. That explains why the network is home to NFTs, video games, and DeFi activity.
The seven proprietary features that boost Solana's speed are:
- Archives: The distributed ledger store
- Cloudbreak: The horizontally scaled accounts database
- Pipelining: The transaction processing unit for validation optimizations
- Gulf Stream: The Mempool-less transaction forwarding process
- Turbine: The communication protocol
- Tower BFT: Aims to reduce messaging overhead and latency
- Proof of History: Marks history of a hash, performing as an on-chain clock.
Solana has a fast, secure, and censorship-resistant protocol. It also offers a decentralized blockchain network, combining proof of history and stake. Its foundation is in the RUST programming language, providing a robust base for safeguarding transactions.
What Makes Solana Unique?
Proof of History is the central concept that sets Solana apart from the competition. The feature provides the highest throughput of any Layer-1 blockchain. Another feature of Solana, Sea level, is the world's first parallel smart contracts runtime. These two give Solana an edge, making it competitive in global businesses.
Solana gains value from its seven core features listed above. Their design and making are that they allow the network to outperform most other blockchain platforms, providing a scalable environment for global businesses to deploy crypto apps. Solana's native SOL cryptocurrency comes from its utility. Users can leverage SOL to secure the network through staking as delegators or validator nodes.
The choice is profitable for SOL holders as stakers get half the transaction fees and most of the emission of new tokens. As the Solana ecosystem grows and processes more transactions, the platform will become more valuable. The demand by stakers, users, and developers will continue to grow.