How it works, features, comparison with Ethereum – gadgets to use

Solana is the fastest growing blockchain network, 5th in market capitalization. Many services that were previously on Ethereum are now moving to the Solana network. And it is backed by the founder of FTX exchange. So all these achievements must have made you curious and we are here to fulfill your curiosity. In this article, we explain Solana and how it works, along with its features.

Also read | Litecoin Explained: How It Works, Its Features and Comparison to Bitcoin

explain solana

Solana is a decentralized blockchain network. Anatoly Yakavenko created and founded the Solana blockchain in 2017. Solana can currently add a block to its blockchain in 400 milliseconds. Compare this to Bitcoin which takes 10 minutes to add a block. And it can process 65,000 transactions in a second. 3 times more than VISA that can handle.

SOL is the sign of Solana. It is used to trade on crypto exchanges and to pay miners. The transaction fee is $0.0015, which is almost negligible. The SOL token has a current supply limit of 500 million which may increase in the future.

Solana’s approach is to create a fast and future-proof blockchain network. This is necessary so that Decentralized apps (DAPPS) can work on this network without delay or latency.

Here are some of the most popular Dapps based on Solana

The Solana network allows miners or validators to process multiple transactions at once instead of one. Here’s why, even though it’s a newer blockchain. It has processed 15 billion transactions. All of these factors help make Solana’s blockchain network fast, comprehensive, and cheaper.

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Features of Solana

Let’s take a look at some of the interesting features of the Solana network. How it can perform so fast and what sets it apart from other cryptocurrencies.

Proof of History (PoH)

When it comes to verifying blocks and records of data in a decentralized network, all computers have to agree on a specific time. These computers are called nodes. These nodes must communicate continuously to agree when the block is created. And not all nodes have a fast internet connection, so the speed at which they send Blocks will vary.

To speed up this process. Anatoly decided to add timestamps that have the exact time the block was created along with cryptographic (secret) proof to these blocks of records. This allowed computers to keep sending blocks regardless of their internet speed. The timestamp added to blocks lets others know when it was created and then it can be organized on the blockchain accordingly.

This greatly accelerated the process and allowed for numerous transactions within a second and faster addition of blocks to the blockchain. This process is called Proof of History. It’s a little more complicated than that, so if you want to know more, we recommend looking it up.

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