There are many blockchain networks in the world of cryptocurrency, the most prominent of which is of networks such as Etreum, Bitcoin and BNB Chain. However, all these networks have many characteristics, which make them different from others. Apart from these blockchain networks, a network that has become increasingly popular due to its high speed and low fees is that SolanaIn this article, we will talk about Solana Community in detail and know how it works, what is its major features and what is the importance of Sol Token.
What is Solana?
Solana is a Decentralized Layer 1 Blockchain Community, which was launched in 2020 by Anatoly Yakovenko. It is an open-source network, the main purpose of which is the transaction processing in high speed and low cost. Solana is particularly known for Evidence-of-Historical Past (Poh) concept, which distinguishes it from other blockchain networks.
Solana’s design supports smart contracts and dysented applications (DApps) similar to Ethereum, but has a faster and cheap transactions. Solana is also known as “Ethereum Killer” as it processes more transactions and works on low gas fees. If you want to know what Ethereum is, then you can get complete information by visiting the link.
Major features of solana
1. Evidence-of-Historical Past (Poh)
The biggest and most special feature of Solana is its Evidence-of-Historical Past (Poh) concept. It is a revolutionary concept that offers a new way to track time. By POH, the timestamp of transactions is recorded, which can make the sequences and orders of transactions on the network fixed.
The main advantage of Poh is that it can be verified by it quickly and without more time. This means that transactions on the network are very fast and in low cost, which makes Solana different from other blockchain networks.
2. Evidence-of-STAKE (POS) and Delegated Evidence-of-STAKE (DOPOS)
Solana’s Evidence-of-STAKE (POS) Concept is also seen in networks like Ethereum 2.0, but Solana has used delegated evidence-of-stake (Dpoos) method, taking it a step forward. In this method, special nodes are selected for block creation and network security. These nodes are called validators, which protect the methodology of the blockchain of solana and verify transactions.
3. SEALEVEL (Multi-Threaded Transaction Processing)
Solana’s Sealevel Protocol allows smart contracts to be processed in multi-through manner. This means that many transactions can be processed at the same time. While other blockchains can process only one transaction at once, solana processes thousands of transactions parallel with the help of Sealevel.
4. Gulf Flow Protocol
Solana’s Gulf Flow Protocol ensures that transactions are already sent to the next node, which increases the speed of transaction processing and validation. This confirms transactions quickly and reduces pressure on the network.
5. Turbine Protocol
Solana’s Turbine Protocol makes the data distribution faster and efficient on the network. It divides block data into small packets and then distributes these packets on various nodes, which reduces overloading on the network and data rapidly distributes.
6. CloudBreak
CloudBreak of Solana Community is a distributed account, which stores the data of network accounts in a scalable way. This method maintains the speed and efficiency required to do large scale transactions.
What is sol coin?
SOL is a natural token of Solana Community C, which is used to pay transaction fees on the network. In addition, SOL is also used for stacking. When users hand over their sol token to validators, they get inflationary rewards in exchange for helping the security of the network.
Another major use of solana is used for interoperability with other protocols via smart contracts and other protocols via smart contracts and dapps. Sol worth Its utility is fixed on the basis of network development and solid ecosystem.
History and development of solana
Solana was launched in 2017 by Anatoly Yakovenko, which was aimed to create a network that could cross the blockchain boundary and process transactions more quickly. The idea of Anatoly became further strengthened when he developed the Evidence-of-Historical Past (Poh) concept, which later became the basic foundation of Solana.
Solana’s Mainnet was launched in 2020 and the network was then adopted rapidly. In 2021, due to Etreum’s high gas fees and slow processing speed, many developers and users were attracted to Solana, as it offered fast and cheap transactions.
However, Solana also faced some technical problems, such as network outage and downtime from time to time, causing many users inconvenienced. Nevertheless, the network made constant efforts towards improvement and updates, which improved its performance significantly.
Future of Solana Community
Solana’s future looks bright as its high speed, low fees and better support for smart contracts make it a major cryptocurrency network. As Solana is developing in ecosystem, fields like DFI, NFTS and Gamefi are constantly increasing.
Fast transaction time and low fees of Solana make it an ideal option to adopt it on a large scale. If solana further improves the stability and security of its network, it can become a major blockchain in the future.
Conclusion
Solana (SOL) has given a new direction in blockchain technology through its technical characteristics. Its Evidence-of-Historical Past and High-Speed Transactions have made it different and better from other networks. Solana is not only able to process the fast transactions, but it is also playing an important role in fields like DFI, NFTs and Gamefi.
The price of SOL token depends on the utility and development of its network and is likely to create a strong place in the Crypto World in the long run.
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