What is Solana?
Blockchains have appeared one after another following Bitcoin’s introduction in 2009, with each executing and storing unique transactions.
Solana is a fourth-gen blockchain much different from the Bitcoin network but similar to Ethereum. It uses modified cryptographic algorithms to operate a fast and accessible blockchain.
Named after Solana Beach, California, Solana was founded by software engineer Anatoly Yakovenko in 2017 and was launched in 2020. Its cryptocurrency, SOL, is the 11th largest crypto by market cap today and is designed to work like and more than Ethereum can do.
You can buy SOL on major exchanges, but its real worth lies in carrying out transactions on the Solana network.
The Solana blockchain uses an innovative concept called “proof-of-history”, which lets blockchain nodes authenticate transactions simultaneously. That feature helps the blockchain accelerate the transaction process, making Solana similar to your usual payment systems like Visa.
With proof-of-history, validators on the blockchain can vote on the timestamps of different blocks in the chain, keeping the chain quite decentralized while enabling faster, more secured computations at the same time.
Solana combines proven cryptographic methods and the latest innovations to fill in the spaces left by crypto’s first products and services.
Equipped with proof-of-history and what’s known as delegated proof-of-stake algorithms, Solana is primarily trying to address Ethereum’s scalability problems.
Solana is essentially working on two of Ethereum’s trilemma of scalability, security, and decentralization, with the first two being the aspects Solana is tackling.
Solana addresses scalability through the speed with which its platform performs computations, while security is addressed with SOL’s proof-of-history algorithm.
Solana is a modern blockchain with features of its predecessors, along with some new and unique ones that let it conduct fast transactions in a scalable way. It offers high-speed, scalable solutions that allow investors and developers to provide various services to netizens worldwide.
