Description

Solana is an accessible open-source blockchain platform with support for smart contracts. Its native token is SOL. Solana was developed in 2017 by Anatoly Yakovenko, Greg Fitzgerald, Stephen Akridge, Raj Gokal, and Zed Zed.

According to the Solana Foundation, the network’s blockchain can process 60,000 transactions per second. Its speed can be improved up to 710,000 transactions per second in the future. Solana’s high transaction speed can be attributed to its Proof of History (PoH) consensus algorithm and its data transmission protocols, Gulfstream and Turbine.

How Solana works

To achieve consensus, the decentralized Solana platform uses both Proof-of-Stake and a special mechanism known as Proof-of-History (PoH). PoH employs an internal cryptographic clock for validating transactions. The time is synchronous for all nodes, and validators do not need to exchange data to approve transactions. As a result, Solana can achieve transaction speeds greater than other blockchain networks.

Solana has support for smart contracts, similar to other blockchains. Its development framework is based on eBPF (Berkeley Packet Filter), which supports such programming languages as Rust, C, and C++.

Using Solana

Like other cryptocurrencies, Solana can be used for making purchases and cash transfers.

Future of Solana

The token’s price decreased slightly in 2022. However, analysts predict that Solana’s popularity will increase thanks to the growth of the derivatives market, rising interest from institutional investors, and the steady development of the Solana ecosystem.