Solana (SOL) is a blockchain network designed to prioritize the concept of scalability. Solana can handle transactions in excess of 50K per second, which is much faster than other existing blockchains.
The Solana blockchain specifically uses concepts such as proof of history, PBFT, and turbine propagation tools. Today, because of its fastest transaction speed, the Solana blockchain is attracting financial cryptocurrencies such as the FTX exchange.
In addition, Solana is also popular among top blockchain companies. Therefore, the competition to join Solana or invent better technology has begun. However, Solana is definitely opening up opportunities to develop better apps such as financial, banking and payment apps.
What is Solana? -Introduction
In 2017, the Solana platform was founded by Anatoly Yakovenko. Solana Cryptography is designed to provide a platform for app developers to build distributed applications. Using protocols such as Proof-of-History and Proof-of-stake, Solana blockchain also focuses on blockchain security. The Solana blockchain can handle transactions from 50 to 65K per second. Theoretically, that number can reach as high as 70k.
Solana’s history-a glimpse of its origins
Anatoly Yakovenko, who previously worked for Qualcomm and Dropbox, carefully observed Bitcoin and Ethereum. Later, along with Greg Fitzgerald and Eric Williams, the trio conceptualized the Solana cipher. Blockchain uses timestamps to exponentially increase the speed of cryptographic transactions. In addition, the concept was officially released to the world in 2017 in the form of a white paper, without sacrificing security and decentralization.
How does Solana work? -Dive into technology
After understanding the background of Solana technology, let’s look at the answer to this question. As mentioned earlier, Solana cryptography uses Proof-of-history to time stamp transactions. Every 400ms, the Solana blockchain spawns a new transaction. Solana uses SHA256 to time stamp. The native token used by Solana is called SOL. Currently, 27 million Solana coins are in circulation around the world. However, the maximum supply is limited to 494 million Solana coins.
In more technical terms, the Solana blockchain is supported on 200 physical nodes. In addition, Solana can handle up to power (50k TPS) if GPU is also used. Each transaction that the Solana cipher evaluates and gets a hash and count. PoH plays a major role in this. The purpose is to record the time when a transaction occurred.
In the blockchain industry, Solana has brought some innovations. Let’s take a look at them and their contributions.
1. Archiver-The archiver is used for data storage to select from the nodes. Nodes are usually the hardware in which the initial format of the data is stored. From there, the data is then uploaded to the Solana network and stored in the archiver.
2. Proof of history (PoH)-The PoH algorithm is used to track transactions and their history. The goal is to improve the efficiency and speed of transaction processing within the Solana blockchain network.
3. Gulf Stream-Helps reduce transaction confirmation time by caching transactions and transferring them instantly. The Gulf Stream protocol handles transaction confirmation even before new data is finalized.
4. Pipeline-Solana aggregates data inputs and allocates them to the specified hardware for each type of data. It reduces the hardware load and speeds up transaction processing.
5. Sea level-Useful for running thousands of contracts in parallel. In addition, the Sealevel protocol speeds up transaction processing by executing transactions in the same state at the same time.
6. Cloud break-This data structure protocol is used to read and write simultaneously across the network.
7. Turbine-The turbine breaks the data into smaller pieces and easily sends them to the blockchain node. As a result, the transaction bandwidth and capacity supported by Solana is increased.
8. Tower BFT-This version of PBFT is optimized by PoH to support Solana blockchain and transactions.
What is a Solana Cluster? -Computer network
A Solana cluster is a network of computers that are connected to support the Solana blockchain network. Clusters work together according to the nature of the block in which they occur. Transactions are automatically rejected if the transactions sent to these clusters are not of the same nature. Otherwise, two or more clusters may join each other and work in parallel to support transactions of a supported nature.
What is Solana Coin? -A glimpse of native SOL tokens
Solana tokens or coins currently exist in circulation of 27 million. The maximum supply of SOL is limited to 494 million. Solana coins are used to perform micropayments called runports. In addition, staking SOL can also help you earn rewards.
Users can transfer SOL tokens using the Solana blockchain wallet protected by Solana blockchain technology. Users can choose between an app wallet or a command line wallet, depending on their expertise. Some app wallets are Coin98, Trust Wallet, and Exodus.
Solana Price: In short, insight into the Solana market
Solana prices have fluctuated sharply since their origin. At the time of writing this blog, the price of Solana cryptocurrency was $ 44.77, a significant increase from the average price, which was limited to $ 14 in January 2021.
In conclusion: What makes Solana unique?
As mentioned earlier, Solana has revolutionized the blockchain industry. Not only is Solana fast, it’s much faster than older blockchain technology. With the ability to process 50,000 TPS, Solana technology not only attracted people’s attention, but also brought new opportunities to industries such as finance, banking and cryptocurrencies.
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Introducing Solana Blockchain Infrastructu
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