💀Solana

What is Solana?

What is Solana?

Solana is a blockchain network for building cryptocurrencies just like ethereum and bitcoin. The only difference between solana and ethereum is the former's high speed of transactions. This new to the fame blockchain network can perform 50,000 transactions per second, and that’s what makes it unique.

Solana can quickly add multiple properties to its existing network, whether its building applications or mining SOL tokens, this network can perform it all within microseconds. This cryptocurrency is often hailed as “ethereum’s competitor”.

Solana’s protocol is fast, secure and censorship resistant. The “decentralized” blockchain network that solana offers, is a combination of proof stake and proof of history. It is built on RUST programming language which provides it a robust base in safeguarding transactions.

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Solana is a distinct cryptocurrency, it is fast and cost efficient, and follows Proof of History for providing an efficient and scalable network. Let’s take a closer look at “distinct features” of solana.

How Does Solana Work?

Solana follows a combination of Proof of History (PoH) and Proof of Stake (PoS) for quickly processing transactions, Proof of History provides an easy way to validate transactions without any communication with nodes. Proof of Stake is a process where individuals stake cryptocurrencies for validating transactions.

PoH works on a simple formula: it assigns a given node, “leader position”, any given node with the leader position, has to generate the entire “proof of history” statement. After receiving the responsibility the leader node of the blockchain network, arranges other nodes on the blockchain network to generate a proof of history statement.

The leader node also pushes the execution of the current transactions, it finally publishes the transactions in their final nodes with “verifiers”. Verifiers execute the same transactions again in order to “verify” them. Verifiers also create copies of the transactions, and publish the same.

Every Solana network has one leader. The verifier node is also smart in its performance and has the same capabilities like a leader node, later the verifier node can also be elected as a leader through “proof of stake” elections.

A combination of PoH and PoS works best for Solana, this allows it to conduct processing at a relatively low cost when compared to bitcoin and ethereum’s blockchain networks.