While many call it “the Ethereum killer”, others refer to it as “the crypthrone usurper”. The Solana blockchain and its native token, SOL, are fast-rising stars within the blockchain ecosystem and cryptocurrency race.
i. Solana processes up to 50000 transactions per second (Tps) making it the fastest public blockchain platform, compared to Eth which carries out between 15 to 30 Tps before its promised release of Ethereum 2.0 rumored to have a minimum limit of 100,000tps (till then SOL wins)
ii. At the start of 2021, 1 SOL = $1.51 and later hit an all-time high of $258.44 in November. The coin has witnessed tremendous price growth, trading volume, and utility, especially with the rise in NFT trends and web3 protocols.
iii. The Solana blockchain currently facilitates smart contracts and decentralized application (DApp) creation and supports an array of decentralized finance (DeFi) platforms as well as nonfungible token (NFT) marketplaces.
iv. Compared to many other blockchains that use the proof-of-work ( a series of network validators that contribute huge amounts of computing power in order to validate the authenticity of a transaction) or proof-of-stake method (restricting the number of validators to those who own enough of the token, making it quicker and more sustainable for transactions to be validated). Solana pursues a more communal system of validation known as “Proof-of-history” to validate transactions faster without compromising efficiency and security.
v. Community building with Solana
As long as all things within the crypto ecosystem and projects spanning web3, DeFi and NFTs continue to rapidly progress, Solana still stands as the most inclusive, diverse, and utility-based network open to individual contributions and product opportunities. The team behind Solana has created a user-friendly blockchain that welcomes individuals of all kinds. From creators, techies, and investors to crypto enthusiasts, gamers, and brands ready to dive into a perfect blend of decentralized ownership, user privacy, and security.
The mission of Solana is to solve a three-legged problem faced by many blockchains as highlighted by Ethereum creator, Vitalik Buterin. The blockchain trilemma as it is popularly called has three major challenges faced in the process of building blockchains: decentralization, security, and scalability.
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