Solana Network blockchain review details



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Solana has been one of the leading networks in the DeFi and NFT spaces. Thats because Ethereum blockchain users are seeking out new platforms with cheaper and faster transactions. Solana is an open-source, public blockchain that supports smart contracts, including decentralized applications (dApps) and non-fungible tokens (NFTs). Solanas blockchain has Solana coin (SOL) as the native coin, a means of transferring value while offering network security through trading. The network uses a Proof of Stake (PoS) system with smart contract capabilities. The PoS system enables the blockchain to maintain accurate information for all its participants or users.


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Solanas blockchain aims at providing its users with a powerful and fast network. This decentralized blockchain helps enable scalable and user-friendly dApps. It's amongst the cheapest networks with an average transaction cost of $0.00025. Besides, it offers fast transactions at an average of 2,532 transactions per second. The network resolves all scalability problems of its competitors, thus ensuring that users dont have to worry about scaling again. It achieves this by ensuring composability between all the ecosystem projects and having a global state as its network scales. Therefore, players won't have to deal with sharded chains or layer 2 systems.

 

Briefly about Solana Network

As stated earlier, Solana is a decentralized, open-source network. Its operated by Solana Foundation, which was founded in 2017. It boasts of fast and cheap services compared to other blockchains. It was created by Anatoly Yakovenko and Raj Gokal. Yakovenko has a background in system design, and he aimed to apply his knowledge towards creating a new blockchain that enables better or faster speeds. It aims to use its architecture to demonstrate that a set of software algorithms can implement a blockchain when used in combination. Therefore, this helps the network remove software since it's always a performance bottleneck. Besides, it achieves faster processing speeds by allowing transaction throughput to scale as the network bandwidth. Its base architecture satisfies all three properties of a proper blockchain, decentralized, secure, and scalable. Theoretically, the architecture can handle 710,000 transactions per second on a gigabit network and 28.4 million transactions per second on a 40-gigabit network. Furthermore, it supports concurrent and safe execution of programs authored in languages like Rust or C.

Solana is a decentralized blockchain built to enable scalable, user-friendly apps & NFTs for the world.CryptoLists.com
 

Solana is a blockchain that aims to scale to global adoption. Currently, the blockchain offers some of the fastest transaction speeds. It is also a public blockchain platform that uses the Proof of Stake mechanism. The network has an internal crypto ticker known as SOL. This open-source project operates with a cluster formation where nodes form clusters based on their similarities. It has made blockchain easy as its services are swift. Therefore, when two clusters have a similar genesis block, they will merge. If they dont have a similar genesis block, they discard their existence, and the transaction isnt verified. These clusters act as validators that serve client transactions while balancing the distributed ledger.

 

Utility of Solana Network?

It offers an open-source, permissionless network to achieve fast and cheap transactions. The network aims at offering 710,000 transactions per second. Besides, since the network can replicate itself, it can maintain high availability without affecting the transaction rate. It uses Optimistic Concurrency Control, a distributed system technique. It gives its customer the best as the technology is up-to-date, fast and fits the current services. This platform has made transaction faster and safe. The system is also available for users to use and track their tractions any time. Solana's blockchain is one that one can depend on because of its performance and technology that has been invested on. It is also safe and secured transactions.


Moreover, you get a platform for dApps that can rival Ethereum. Since it uses a PoS mechanism, it's more environmentally friendly. With this mechanism, users stake or pledge their coins to a validator. The validator is a computer running the networks software with its unique copy of the network. The validators are like miners in a Proof of Work mechanism.

They help add the next block of transactions depending on their stake, how long they have staked for, and other factors. The goal is to discern the users' level of commitment and complete a transaction depending on their dedication. Therefore, the larger the stake, the more secure and decentralized the network becomes.

The network also uses a Proof of History mechanism that helps lower latency while increasing throughput. Therefore, slot leaders can stream their transactions to other validators in real-time. This helps the validators keep the count on time, thus stamping all incoming transactions with a Proof of History value.

Solana Network details

Solana Network Consensus Method: Proof of History
Release Date: March 10, 2020
Resources & Social media
 

Advantages at Solana Network

+ Solana blockchain uses a proof of history approach.
+ Supports development of many apps with over 350 apps available.
+ You can send, receive or transfer SOL in exchange for goods & services
+ Its a fast and cheap network compared to its competition.
 

Disadvantages

- The nature of the staking system has led to centralization concerns.
- There is uncertainty about the SOL supply.
 

Costs

▪ Rated at 10/10

Besides transacting 65,000 transactions per second, the network also offers the cheapest transaction rates at $0.00025 per transaction. This makes some consider the network as the Visa for crypto networks. Even though the network is growing quickly, it ensures that the fees remain below $0.01 per transaction for its users and developers.

It has a significant advantage compared to its competition. Take an example of Ethereum that has an average transaction cost of $14. Besides, the Ethereum network is currently congested, thus only processing around 16 transactions per second.

 

Reputation and Buzz

▪ Reputation rated at 9/10
▪ Buzz rated at 9/10

Currently, it is more popular than Ethereum. One of the reasons is that users are looking for Ethereum alternatives. Ethereum is amongst the largest networks globally, but its network is congested with its transactions becoming expensive. As a result, people want to try out newer platforms that are less costly and faster.

Networks like Solana are called by some people Ethereum killers since they are trying to attract users and developers into their market. Moreover, its ability to transact 65,000 transactions per second makes it one of the fastest networks worldwide. The network is giving existing payment networks a run for their money, with Visa averaging 24,000 transactions per second.

Another standout win for Solanas blockchain is that it has over 350 applications running. This entails intermediary fee banking services, gaming apps, NFT projects, decentralized finance (DeFi) applications, and many more. NFTs and DeFi are booming now, thus being another factor in Solanas uprising. Its combination of Proof of Stake and Proof of History mechanisms also makes the network secure.

 

FAQ

What are clusters in Solanas blockchain?

A cluster is a group of computers that work together to form what looks like a single computer system. The clusters are therefore validators that maintain the ledgers integrity while serving client transactions. These clusters help preserve a record of events.

Is Solana a good investment?

It has been rising steep and decreasing lately, even though it's relatively new on exchanges. Therefore, those who purchased earlier and recently might have made significant money. However, you shouldnt invest in any crypto when suffering from the fear of missing out (FOMO). It's advisable to understand what you are buying and, with that, know whether its a viable investment or not. You also have to understand that cryptos arent backed by fundamental assets. Therefore, speculation is the largest driving force behind the price rises of any crypto.

What is SOL?

SOL is Solanas native token. It can be passed through the cluster nodes in an exchange to validate its output or tun as an on-chain program. The network can also perform micropayments of SOL, also called lamports. Currently, a lamport has a 0.000000001 SOL value.

How can I buy SOL?

You can buy SOL from different exchanges. Some of the most used options include, but are not limited to Gate.io and Binance. However, research to know which exchange might work for you. You should consider the reputation of the exchange and its transaction costs.

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Screenshots from Solana Network

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Native crypto coin for this blockchain? Learn more about Solana Coin (SOL)

SOL is the native coin for Solana Network. It is therefore also worth reading more about that on the link below.

›› Read our full Solana Coin review here 

Tokens on the Solana Network blockchain

Since you are interested in the Solana Network blockchain, have a look at some of the tokens available on this chain per below.
Solana Network Newsflash
    Solana Breakpoint tickets are liveSolana Breakpoint tickets are live
    Monday, 1 Aug 2022 1:29 am
    Ticket for the highly anticipated Solana Breakpoint go live to bring the Solana Community back together. The conference is in Lisbon, Portugal from 4th November to 7th November 2022. Ticket information is as follows: Early Bird 3-Day Pass is available until August 4th for $900. Regular 3-Day Pass sales will begin on August 4th for $1...
    Read the full newsflash


    Solana blockchain has been down for 8 hoursSolana blockchain has been down for 8 hours
    Wednesday, 1 Jun 2022 11:14 pm
    The native Solana coin is down 11.5%, trading at just about 40 USD. The problem for Solana is an outage that kept the entire Solana network down for 8 hours, as can be seen at the latest block transactions. Generally speaking, the bear market continues for most other crypto pairs as well, including Bitcoin (-6.4%), ETH (-7.6%) and Luna (-23%). Among the daily winners, we have Waves (+10%) and the OP token that is up 33%. Ready for trading? Try OP trading at Crypto dot com today!...
    Read the full newsflash


    Two scalable blockchains gaining supporters: Near & SolanaTwo scalable blockchains gaining supporters: Near & Solana
    Tuesday, 3 May 2022 11:42 am
    Near Protocol and Solana Network have been gaining popularity among crypto enthusiasts in the last months, and there are very good reasons for that. The development of Solana started in 2017, but the network went live in 2020. This blockchain aims at improving scalability by adding a proof-of-history consensus on top of the proof-of-stake consensus. The SOL coin also enjoys speedy transactions and low transfer costs. Solana has a market cap of over $28 billion and is ranked as the eighth most important cryptocurrency...
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    Too many NFT transactions on Solana Network?Too many NFT transactions on Solana Network?
    Saturday, 30 Apr 2022 9:35 pm
    The Solana blockchain experienced a performance issue on Saturday with a sudden surge in NFT transactions. The blockchain came to a complete halt and had to be restarted. The network was completely offline for about eight hours, and in this period, no blocks were produced. A report indicated that the congestion resulted from the activity of bots that were trying to blind mint NFTs, after which they would sell them on secondary markets.
    It is interesting to note that Ethereum also experienced a flood of transactions over the weekend as Ape DAO members tried to mint NFT land parcels. However, Ethereum transactions did not stop; the gas fees simply went up significantly. Solana does not have a fee system that can discourage...
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    World's 1st NFT vending machine from Solana i NYCWorld's 1st NFT vending machine from Solana i NYC
    Wednesday, 23 Feb 2022 2:06 am
    Solana becomes the first NFTs available from vending machines. It's supposed to be an easy way to buy Solana NFT's for the widest possible audience, New Yorkers. Keen to buy? Then you can go to 29 John St in Lower Manhattan, just off Wall Street. In case you liv...
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