Solana blockchain is gaining popularity for powering the next generation of decentralized blockchain application development. The cutting-edge blockchain project utilizes multiple ground-breaking technologies. It is a scalable, secure, and decentralized infrastructure that can host a lot of nodes without compromising throughput. Since its launch in 2017 at the height of the ICO boom, the project has raised more than $25 million through several private and public sale rounds.
A web-scale, open-source blockchain called Solana helps organizations and developers create NFTs, NFT marketplaces, DApps, Defi, and more. The Solana protocol offers the adaptability of an open infrastructure necessary to develop applications for widespread adoption. The reason is, that it is quick, secure, and censorship-resistant.
The infrastructure required for today’s DApps and decentralized markets is fully decentralized, safe, and scalable on this high-performance blockchain. It employs various innovative processing technologies that can handle thousands of nodes and enable transaction throughput to scale proportionally with network capacity.
Solana combines proof-of-stake (PoS) and proof-of-history (PoH) consensus processes to augment performance and scalability. Subsequently, the network asserts that it can sustain 50,000 transactions per second (TPS), making it the world’s fastest blockchain.
The development of Solana through time demonstrates it needed to be a quicker alternative to other cryptocurrencies. You should consider how Solana functions if you want to learn the answer to”what is Solana used for?” in depth. You may quickly comprehend SOL’s applications after knowing how it functions. In a broader sense, the SOL network is merely a public blockchain technology rendered to increase scalability.
The SOL blockchain not only permits the creation of coins but also scalable decentralized applications (dApps) across the network. Decentralized apps can circumvent some of the severe performance limitations as a result. The Proof of History consensus technology, which enables automatically sorted transactions, is another feature of the Solana blockchain. In addition to the Proof of Stake consensus technique, it acts as the platform’s internal clock to ensure network security.
Despite its name, PoH is not a consensus technique. Instead, it is a cryptographic clock that enables nodes to concur on the timing of the chain’s events without communication because each node has its clock.
PoH boosts network efficiency and throughput by storing transaction history and making it straightforward for the system to keep track of the series of occurrences.
Solana’s version of pBFT (practical Byzantine fault tolerance), dubbed Tower BFT, is PoH-optimized. Essentially, it is a consensus technique that uses the cryptographic clock to obtain consensus without requiring nodes to exchange messages, which speeds up transactions.
Solana can grow horizontally across GPUs and SSDs because of this parallelized transaction processing engine. In essence, Sealevel improves network runtime by allowing parallel transactions on the same chain.
In CPU design, pipelining is a widespread practice. It describes the operation of allocating a stream of incoming data to various processing components. As a result, network nodes can duplicate and validate rapid transaction information more quickly.
A critical data structure for the network’s scalability and throughput is Cloudbreak. It arranges the account database, enabling 32 concurrent reads and writes across the network.
The data transfer happens from Solana’s validators to the Archivers, a network of nodes. Simple laptops or PCs can serve as archiver nodes for the network to store data.
Solana is only able to reach 50,000 TPS thanks to the Gulf Stream. This protocol manages to cache transactions and send them to the network’s edge. It hugely reduces confirmation time and the memory demands on validators from unconfirmed transaction pools. It does so by enabling network validators to execute transactions beforehand.
A block propagation technology called Turbine divides data into smaller chunks to facilitate data flow between nodes. Solana uses Turbine to improve the network’s overall transaction processing performance and handle bandwidth-related concerns.
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Solana does not have prerequisites to become a validator, unlike other blockchains. Removing all entry barriers improves the likelihood that participants will benefit from the network.
Additionally, the blockchain features Smart contracts that are more scalable than Ethereum. To enable quicker processing, it makes use of the Rust programming language.
Even though Solana and Ethereum have a lot of similar features, Solana excels in a few specific areas. First and foremost, the high transaction fees charged by Ethereum have long been a problem. Occasionally, it exceeds hundreds of thousands of dollars, particularly when the network experiences incredibly crowded transaction congestion. In the instance of Solana, it has a far higher transactional capacity per second than its rival. Because of this, Solana’s transaction costs are significantly low—0.000005 SOL, or commonly $0.001—and affordable compared to Ethereum.
It is possible to interact with the innumerable apps available if a person carries a wallet with SOL tokens and other tokens based on Solana, such as Sollet or Phantom. On the Solanart marketplace, users can even buy NFTs. Moreover, exchanging one coin for another utilizes decentralized exchange software like Raydium. Any action someone does on the Solana network will only require them to pay the small number of fees described before. It is a significant advantage over Ethereum, which is a little more expensive.
Also, Read | Why Develop DApps on Solana?
Solana is one of several rivals in the field of decentralized apps, and it has advantages and disadvantages of its own. The network has a well-managed support system from FTX and some of the greatest brands in the business. It provides an excellent applications ecosystem, which is highly promising. Those interested in blockchain and dApp ecosystem development must attempt dipping their toes in Solana once. Connect with our Solana blockchain development experts for more information.