Why You Should Develop a Smart Contract on Solana

• Pankaj Kaushik
• June 28, 2022
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In 2017, Solana came up with the aim to remove scalability issues in the existing blockchain. Solana emerges as a high-performance, permissionless blockchain that offers fast, cheap, and scalable transactions. It supports Smart Contract Development which is built with the Rust, C++, and C programming languages.

Solana claims to be the world’s fastest blockchain that implements an innovative consensus model called proof-of-history to acquire high speed and scalability. Let’s understand the underlying concept of Solana and know why to develop a smart contract on Solana.

What exactly is Solana?

Solana is a decentralized blockchain ecosystem designed to avoid the congestion and scalability issues in the existing blockchain. The prime functionality of the Solana blockchain focuses on scalabilities improvements, such as higher transaction per second (TPS) and fast confirmation times. Moreover, Solana is an open-source platform comprised of technologies such as Intel, Netscape, Google, and Qualcomm. It helps Solana in balancing the high-performing standard.

Also, read: Why to Develop DApps on Solana

How does the Smart contract work on Solana?

Solana network works on the Proof-of-History consensus mechanism and smart contract development on Solana depends upon how operating systems load and execute dynamic code. Also, the systematic process flow gives the exact working of the Smart contract on Solana. As the process starts, the program creation is by the client, which is in coding language. The program complies together with something called LLVM and gets transferred to Solana Bytecode.

LLVM stands for the low-level virtual machine and refers to compiling technology called LLVM projects. It is a compilation of modular and renewal compiler and toolchain technologies. After this output file comes called ELF and has specific bytecodes that it targets. The design of ELF is for quick verification and conversion on a local machine instruction set.

A kernel is the most crucial part of our modern computer operating system that manages critical resources like CPU and Memory and allows other programs to run. On the basis of the Berkeley Packet Filter (BPF), Solana emphasized bytecodes. Also, BPF technology analyzes programmed network traffic with Smart contract technology. Since there is no holding of state by the Smart contract and it has to find a way to manage the contract. Thus, Solana has decided to develop an interface for creating a State. Also, it imposes an interface via a transaction similar to any other contract method.

Also, read: How to Develop NFT on Solana

Pros of building a smart contract on Solana

Here are some of the benefits of smart contract development on Solana.

• A platform will not face gas pricing or a limit on the Solana blockchain. As a result, the platform owner should expect a better return on each transaction.
• For specific requirements, an owner can tailor the Solana smart contract software.
• The Solana network ensures high security for the Smart contract creation.
• For gaining own requirement, there is a customization of Solana smart contract software by the owner.
• By leveraging Solana Smart contracts, developers can create fast, scalable Defi applications.

Cons of building a smart contract on Solana

Below is a listing of some disadvantages of developing smart contracts on Solana.

• Even though there is a launch of the Mainnet Beta version, many implementations are still in line.
• The setup of satisfactory hardware is relatively costlier.
• There is a lot of criticism of Solana as not so decentralized enough.

Is Solana best for developing smart contracts?

Solana is a new addition to the blockchain that focuses on performance. It supports smart contracts like Ethereum but is better than Ethereum due to its transaction speed. Also, for deploying smart contracts on Solana, the Anchor plays the role of the framework and contains several developer tools.

Also, read: Ethereum Smart Contract Development | Discovering the Potential

Conclusion

Industries are adopting more and more blockchain technology, and the graph of decentralized apps continues to grow. With the high-speed, scalable, and low-cost space, Solana empowers the development of the fast and scalable smart contract. Also, the Smart contract development on Solana is the hottest topic in the blockchain world.

If you are planning to develop a project on Solana, feel free to connect with our Oodles blockchain experts.