Solana, the new kid on the block, is expected to rock the blockchain world. The platform has advanced features that allow it to process 50,000 transactions per second.
Blockchain technology allows for decentralized transactions. But the technology we use to send cryptocurrencies is slow. Consider the Ethereum network, which can process around 15 transactions per second versus Visa's tens of thousands.
And this is what Solana wants to change. So, Solana?
Solana is a programmable blockchain that aims to be fast without losing its decentralisation. The network uses a novel proof-of-history mechanism. Tokens like SOL are used for transaction fees and can be staked. Solana directly competes with Ethereum.
World's first web scalable blockchain. Due to its unique architecture, the platform's permissionless blockchain can generate 50,000 TPS.
Solana is the fastest blockchain available. 8 core features (PoH, Tower BFT, Gulf Stream, Turbine, Sealevel, Pipelining, Cloudbreak, Archivers) allow for unheard of transaction speeds.
Solana uses a PoS consensus with Tower BFT.
The Tower BFT enforces proof-of-history, a universal time source. This gives the network a permanent reference. Don't confuse the network's permissionless clock (PoH) with consensus.
One of Solana's eight core innovations, proof-of-history is a decentralized clock that secures the blockchain. The permissionless clock is used by the tower BFT. Sealevel's transaction parallelization system allows smart contracts to run simultaneously on GPUs and SSDs.
The memory pool system (mempool) is a Gulf Stream feature. It helps forward transactions to validators before previous transactions are closed. This increases transaction speed.
In a nutshell, Solana’s processes function like this:
It's possible that you now wonder what apps can be used on the Solana network.
In the same way Ethereum can be used to make smart contracts, Solana can be used to make smart contracts, too. Decentralized applications (DApps) like NFT markets, DeFi games, and DEXs can be run on smart contracts. These applications are called DApps.
DEXs and lending apps are the most popular apps on Solana. If you want to use a stablecoin, like USD Coin, you can also use the network to wrap assets and make them stable. You can find the whole ecosystem of Solana here.
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The company proudly announced that it stands among the pioneering major payment institutions to directly employ the Solana network for its settlement processes.
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