Solana

Solana is a crypto-computing platform that aims to obtain high transaction speeds without sacrificing decentralization.

Like Ethereum, Solana is a cryptocurrency and a flexible platform for strolling decentralized apps (Dapps) — everything from Degenerate Apes to the Serum decentralized trade (or DEX). Its important innovation is speed through a bundle of new technologies and a consensus mechanism known as proof of history (PoH). Solana can process around 50,000 transactions per second — compared to fifteen or less for Ethereum (the ETH2 upgrade, which is presently underway, is designed to make Ethereum much quicker than it is now).

Due to the fact Solana is so fast, congestion and costs remain low. Developers who desire high speeds and low fees will subsequently enable Solana to scale to compete with centralized payment processors like Visa.

Solana’s native cryptocurrency is SOL, which is used to pay transaction charges and staking. The holders have the right to vote in future upgrades.

When Bitcoin was invented more than a decade ago, it solved tricky trouble: how to make it possible for strangers anywhere in the globe to make monetary transactions over the net without financial intermediaries and payment processors like Visa or MasterCard supporting the transaction. The technology that makes decentralized transactions feasible — and which created the universe of cryptocurrencies we now recognize — is called a blockchain. But, blockchains formerly had one major downside compared to centralized networks like the credit-card companies use: they’re slower. As of August 2021, Ethereum processes fewer than 15 transactions per second, compared to tens of thousands for Visa’s network. Solana is one of many new cryptos answers to making crypto networks faster and more scalable. It uses a suite of smart technologies, including a novel mechanism known as “proof of history.”