How it works, features, comparison with Ethereum – gadgets to use

Solana is the fastest growing blockchain network, 5th by market capitalization. Many services that were previously on Ethereum are now migrating to the Solana network. And behind him stands the founder of the FTX stock exchange. So, all these achievements must have interested you, and we are here to fulfill your curiosity. In this article, we will explain Solana and how she works together with her characteristics.

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Explaining Solana

Solana is a decentralized blockchain network. Anatoly Yakavenko created and founded Solana blockchain 2017. Solana can currently add a block for 400 milliseconds on your blockchain. Compare this to Bitcoin, which takes 10 minutes to add a block. And it can process 65,000 transactions per second. 3 times more than VISA can handle.

SOL is a sign of Solana. It is used for trading on crypto exchanges and paying miners. The The transaction fee is $ 0.0015 which is almost negligible. The SOL token has electricity a bid limit of 500 million which could increase in the future.

The approach to Solana is to create a fast blockchain network resistant to the future. This is necessary in order to Decentralized applications (DAPPS) can work on this network without any delay or delay.

Here are some of the most popular Solana-based Dapps

The salt network allows miners or validators to process multiple transactions at once instead of one. That’s why, although it’s a newer blockchain. It processed 15 billion transactions. All of these factors help make Solana’s blockchain network fast, huge and cheaper.

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Characteristics of Solana

Let’s take a look at some of the interesting features of the Solana network. How it can work so fast and what sets it apart from other cryptocurrencies.

Proof of History (PoH)

When it comes to checking blocks and data records in a decentralized network, all computers must agree on a specific time. These computers are called nodes. These nodes must communicate continuously to agree when a block is created. And not all nodes will have a high speed internet connection so the speed at which they send blocks will vary.

To speed up this process. Anatoly decided to add timestamps which will have the exact time when the block was created together with a cryptographic (secret) evidence on these blocks of records. This allowed computers to continue sending in blocks regardless of their internet speed. The timestamp added to the blocks will notify others when it is created and can then be organized accordingly on the blockchain.

This significantly speeded up the process and enabled numerous transactions within one second and faster addition of blocks to the blockchain. This process is called Proof of history. It’s a little more complicated than that, so if you want to learn more, we recommend you take a look.

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Sea level

Sealevel is a term that describes that Solana validators do not have to validate one transaction at a time. Instead, I can validate multiple smart contract codes simultaneously. Validators can execute contracts in parallel. This way 25 validators on Solana can check 25 blocks at once.

That’s why Solana can report 3 times more transactions than VISA which is 23,666 transactions per second. The number of transactions so far is 65,000 per second. It is also claimed that Solana can potentially process over 7 easy transactions per second.

Scalability and proof of the future

This also leads to the topic of o Scalability of Solana. Solana says it’s not limited to ideas or software but hardware. So in the future, if the computing power doubles in the future, Solana will also be able to double its efficiency.

It will evolve and create greater computational potential as technology advances. This is one of the reasons why many Dapps who were previously on Ethereum are now switching to Solana.

Rust programming language

Solana uses the Rust programming language. This is different from the Solidity code language used by Ethereum. Rust is a low level language this means that it takes more effort to create things on Rust, but it is generally much more powerful than in other languages.

One downside to Rust is that you can’t just copy and paste your code to Rust from other blockchains. You will need to re-create and rewrite the code on Rust. Developers planning to switch to the Solana network will find this a hassle. But these smart contracts will be more powerful than Ethereum.

Ethereum VS Solana

Solana is said to be a long-term rival of Ethereum. This is due to the improvements that Solana has made compared to Ethereum. Solana is quite new in the crypto space, but it attracted a lot of attention in such a short period of time. Let’s see how Solana differs from Ethereum.

Faster and more efficient

As we discussed, Solana can execute more transactions and add blocks faster than Ethereum.

Solana can add a block each 400 milliseconds and execute 65.00 transactions per minute. Ethereum can add a block each 10 seconds and execute 15 transactions per second.

This just shows how fast Solana is compared to the Ethereum network. Moreover, Solana processed 15 billion transactions since its inception. On the other side, Ethereum has processed over a billion transactions although it has existed longer than Solana. You can get an idea of ​​how effective Solana is compared to Ethereum.

Cheaper transaction fee

It is common knowledge that the transaction fee on Ethereum is a big problem. This is a fee charged for validating and processing your transaction. Also called Gas fee. Sometimes the gas fee itself can be higher than the transaction itself.

Average Transaction fee he Ethereum is higher than $ 50. Average transaction fee on Solana is higher than $ 0.0015.

At Solana, not only is the transaction process much faster due to parallel validation, but the transaction fee is also significantly lower. That’s a fraction of a penny. That is why many new investors are attracted by Solana and its growing DeFi ecosystem.

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Bottom input bar

To become a validator on Ethereum. You have to invest or lock 32 Ether which are Ethereum network tokens. This is equal to over 9 million rupees or 120 thousand dollars. So, that is not something that someone can get into at this stage.

In Solana, in order to become a validator, one has to invest only a nominal amount of SOL token and fee. This lowers the input bar and calls multiple validators to the network. Solana uses the Proof Of History scheme which adds a timestamp to the blocks and saves a lot of time in the validation process.

Solana’s lack

Although Solana has a lot of advanced features and improvements. There is had a complete network outage 2020 and 2021. This is a big problem because a decentralized network should never fail. Although that did not affect the price of Solana in the stock market. This can affect potential investors.

Wrapping Up

Solana has a great future ahead of her. He is adding more and more famous Dapps to his network and is getting more and more popular day by day. We hope we have been able to help you explain and understand everything about Solana, how it works and its various functions.

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Naveen Kumar

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