The ultra-fast blockchain: after three years of development, Solana was officially launched in 2020. Developed by American engineers from major US companies such as Google, Microsoft, and Apple, the Solana blockchain aims to compete directly with Ethereum by offering speed and efficiency that can solve the scalability issues of current blockchains. Solana hosts decentralized finance (DeFi) projects as well as auction platforms for NFTs (non-fungible tokens), among other things.
The mechanism used is "Proof of History" coupled with "Proof of Stake," creating an uninterrupted chain of transactions in a clear and precise order. The number of transactions carried out can reach a theoretical maximum of 50,000 per second, compared to an average of 15 per second for Ethereum. Quite simply, Solana aims to become the default option for all Dapps. Three major innovations enable Solana Labs to offer high-performance technology:
- Tower BFT (Byzantine Fault Tolerance): An algorithmic solution that radically reduces block validation times.
- Gulf Stream: A protocol for routing transactions across the network. It is through this technology in particular that Solana is able to process 50,000 transactions per second.
- Turbine: A protocol for reducing block propagation. By breaking down data into fragments before sending it, Turbine greatly improves transaction processing speed and solves bandwidth issues.
On the other hand, there is a lack of transparency regarding the project's roadmap. We are in the early stages of a rapidly evolving ecosystem and, unlike other projects, it is difficult to predict Solana's future beyond what it is currently doing.
Features:
Solana has its own token: SOL. Like many cryptocurrencies, the token is used to pay for transactions and interactions on its blockchain.
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