Solana

What is Solana?

Solana, a blockchain platform, is designed to host scalable, decentralized apps. In terms of the volume of transactions it can handle, Solana is substantially faster. In comparison to competing blockchains like Ethereum, it has much-reduced transaction fees. Despite its notoriety, SOL did not escape the 2022 cryptocurrency slaughter. By October 3, 2022, SOL's market value had plummeted to over $11.71 billion. It fell to ninth place in terms of market capitalization.

The Solana architecture aims to demonstrate a variety of software tricks that, when combined with a blockchain, eliminate software as a speed limiter. When these two things operate together, transaction throughput can increase in step with network bandwidth.

The blockchain of Solana employs both a proof-of-history (PoH) and a proof-of-stake (PoS) consensus strategy. Based on the number of coins or tokens that a validator holds, PoS enables them to validate transactions. PoH enables very quick timestamps and verification of those transactions.