Unlike Bitcoin, which started as a peer-to-peer transaction system (only to turn into a mode of investment), Ethereum started a trend to do more than be a decentralized transaction system.
The facility to create decentralized apps and smart contracts of Ethereum found its competition not long after Solana stormed into the Cryptocurrency competition in 2017. Solana provides the users with a decentralized blockchain to create scalable applications.
SOL, the Crypto token based on the Solana Blockchain, is priced at $110.17 while writing this article in March 2022. The huge market cap of this very useful Cryptocurrency rests at and grows from $36,037,069,235 in March 2022.
Solana’s per-second transaction rate is much faster than the other Cryptocurrencies in the competition.
If you want to invest or create decentralized applications, you can choose Solana. For brief information about Solana, you can follow this article here–
Here, I have answered your questions like– what is Solana crypto? And what are the features of Solana?
What Is Solana?
The Solana blockchain is an open-source project currently headed by the Solana foundation based in Geneva. This unique Blockchain facilitates the creation of Decentralized, scalable applications.
San Francisco-based Solana Labs built the Blockchain. In terms of transaction rate and fees, it rivals its predecessor Ethereum.
It is based on proof-of-stake and proof-of-history. The per-second transaction rate of Solana is 50000 when running with GPU, making it one of the fastest Cryptocurrencies in terms of transaction rate. As of 2022, SOL ranks as the 9th Cryptocurrency in the market cap ranking.
DeFi, NFTs, Web3, and thousands of other projects have created a vast Solana ecosystem.
(Fun Fact: Solana soared 12000% in 2021)
Features of Solana Blockchain
Several features of Solana Crypto make it a unique investment option. Proof-of-history is one feature of the Solana Blockchain that makes it unique among other options in the competitive market of Cryptocurrency.
Some unique features of Solana are–
The most innovative Solana technology is the proof-of-history feature. It is a computation sequence for the Cryptographic Verification of time passage between two events within the Blockchain.
This new technology helps to confirm the occurrence of a specific action/event through a specific set of sequential steps. The unique output of this technology can be publicly verified.
Another feature, Tower BFT, is an optimized version of PBFT. This sequence ensures the security and operability of the network. In addition, this new tech addresses various problems like different ASIC speeds between nodes, cost of rollbacks, etc.
A block propagation protocol of the Solana blockchain is a turbine. This new tech breaks data down into packets. Then, it distributes the data with minimum bandwidth, helping the nodes to perform better and faster.
Gulfstream is A mempool-less protocol for transaction forwarding. Mempool is a mechanism of the Cryptocurrency nodes that stores the transitions that are yet to be confirmed.
Clusters are a group of validators that work together to serve client transactions.
It is a transaction processing unit for multiple transactions. Pipelining creates different stages for a CPU to finish its Task.
Brief History Of Solana
Anatoly Yakovenko, a former engineer at multinational Qualcomm, founded Solana in 2017. He published his white paper about a new and improved Blockchain that surpasses the previously used PoW and PoS Blockchain technologies.
The timekeeping technique engineered for the Blockchain of Solana helps keep track of the time frame within the data structure.
Anatoly and his colleagues Greg Fitzgerald and Eric Williams launched the Solana Blockchain in 2017. Shortly after a prototype testnet, they developed the Solana Lab in San Francisco, California.
The project debuted via ICO or Initial Coin Offering. After its launch, this Cryptocurrency became one of the Fastest Growing Cryptocurrencies in the DeFi space.
The team behind the Blockchain is a non-profit organization named Solana Foundation. It has an organization or headquarters based in Switzerland.
Frequently Asked Questions
I believe that you have learned all the valuable info about Cryptocurrency from this article. However, if you want to know more, you may take a look at the questions that I have answered here–
Undoubtedly, this Cryptocurrency comes with lots of use cases apart from being a mode of fast and low-feed decentralized transaction. The ability to create decentralized and scalable applications makes Solana one of the worthiest options available in the investment market. It is currently ranked 9th in market cap. For a long-term investment, Solana is a good option.
While writing this article ( March 2022), Solana is priced at $110. Of course, the value of the Solana Crypto is volatile like all the other Cryptocurrencies. But, judging the applications of this Blockchain, it is safe to say that it will have a worth in the market
Solana had the highest price of $260 dollars in November of 2021. But, currently, it is priced at a way lower cost, $110. As an investor, you can invest in Solana for the long term. The price of the SOL has indeed gone down. But according to currency predictions, the price may go up by the end of 2022. Its features and applications make it an excellent investment choice.
Solana has Beat Eth both in terms of TPS and fees. However, the transaction rate of Solana is only 15TPS, and the transaction rate may go up to 10% of the value one makes transactions of. As of the current time, Solana is indeed the better option than ETH.
Solana offers more to the plate than most other Cryptocurrencies with similar features to create dAppas do. As a Cryptocurrency investor, the current time is best for investing in Solana. Right now, the price of this Cryptocurrency is lower. The features have increased its capabilities for future growth possible.
If you require more info about this Crypto, you can let me know in the Comment; I will make sure to answer them through frequent replies.