What is Solana?
Solana Is one blockchain single string (cannot extend second class). Solana was born with the aim of improving the scalability of blockchain but not at the expense of security or decentralization. Solana does not choose a sharding solution, but uses Proof of History in combination with Proof of Stake. As the world's first web-scale blockchain, Solana will unlock a whole new class of applications and facilitate larger-scale blockchain adoption.
What is Solana Token (SOL)?
Solana token (SOL) is the native token of the Solana blockchain. SOL will be used for the specific purposes of a native token on the blockchain platform such as:
- Fee: SOL will be used to pay fees in Solana's blockchain network such as smart contract fees, transactions fees, etc.
- Reward: SOL is used as a reward for Nodes/Stakers to ensure that the network will operate stably in the long run.
- Governance: SOL will be used to vote on governance activities in Solana's network in the future.
Basic information of Solana
- Ticker: SOL
- Token Type: Utility Token
- Blockchain: Solana
- Token Standard: SPL
- Alternative unit: Lamport (1 SOL = 2^34 Lamport) – same as sts of BTC
- Block time – Time to execute 1 block: 400ms
- Average transaction time: 50,000 – 65,000 TPS
- Consensus Algorithm: POS & POH
- Maximum total supply: 1,000,000,000 SOL
- Initial total supply: 500,000,000 SOL
Solana's Proof of History algorithm
PoH, the basis for the Solana network, is a computational chain that can provide a way of cryptographically verifying the elapsed time between two events. It uses a cryptographically secure function written so that the output cannot be predicted from the input and must be executed implicitly to produce the output. PoH is not a consensus mechanism, rather it is a component in consensus Proof of Stake by Solana.
PoH . algorithm architecture
PoH involves timestamping transactions as they are added to the Solana block. A new block on Solana is created every 400 milliseconds (compared to about 15 seconds for .). Ethereum and 10 minutes of Bitcoin). The decentralized clock used as a reference for the timestamps is the SHA256 hash. SHA256 is 's Proof of Work consensus mechanism algorithm Bitcoin.
However, instead of working to "resolve" the hashes to generate a new block, SOL instead uses the repeated outputs of SHA256 as a reference – the timestamp. This creates a kind of “clock ticking” where each clock tick is 400ms (instead of a second like a regular clock).
The potential of the Solana project
Nowadays, most developers consider Ethereum before trying any other blockchain. However, the big problem of Ethereum is Scalable & Stable. Many Layer 2 solutions have been offered, but none of them can dominate the market.
There will be an opportunity for any blockchain platform that can provide all of the following:
- High throughput, low latency, low fees, sufficient consensus layer hierarchy and clear scaling solution
- A powerful execution environment and dev . tool
- Minimize application/segmentation/Layer 2 complexity
- Strong guarantee of backward compatibility and future stability
These, in turn, are a great fit for Solana, which offers:
- High Throughput: Solana network currently supports over 50,000 transactions per second, while maintaining 400 millisecond block times without complex solutions like Sharding or Layer 2.
- Low latency: ~1 second
- Low Fees: Estimated $ 10 for 1 million transactions
- Rust is the leading programming language (also supports C, C++ and Libra's Move)
Secure Solana (SOL) Storage Wallet
SolFlare.com is a community-generated, unattended web wallet built specifically for Solana. SolFlare supports the creation and management of share accounts and provides users with the ability to send and receive any SPL Token.
sollet.io is an unattended web wallet created by the Project Serum team. Sollet.io can be used to send and receive SOL and any SPL tokens.
MathWallet supports wallet addresses to send and receive SOL and SPL tokens via browser extension and web wallet interface.
Note: The MathWallet iOS and Android apps do not yet support SOL.
Trust Wallet is an app available for iOS and Android and can be used to send and receive SOL tokens.
Note: Trust Wallet staking accounts and staking operations are not supported.
Coin98 Wallet is an app available for iOS and Android and can be used to send and receive SOL tokens.
Note: Coin98 wallet does not support staking accounts and staking operations.
Solana is highly rated, so it is listed on many major exchanges, for example: Binance, OKEx, Hoo, Bitmax, MXC, Bithumb Global, Gate.io, T-REX…
Should you invest in Solana (SOL)?
Although it was born not long ago, the number of projects running on Solana's blockchain has increased rapidly, proving Solana's strong attraction. In the future this could be one of the blockchain platforms that can compete with Ethereum nice EOS. Solana is a good quality coin but not as explosive as other coins DeFi, suitable for those with long-term investment goals.
Competitive advantages and advantages
- Fast transaction speed.
Solana can reach speeds of up to 65,000 transactions per second, extremely short block generation times of only 400 milliseconds.
- Cheap transaction fees.
Thanks to the use of Proof of Stake algorithm, Solana's transaction fee is only 0.00001 USD.
- Support multi-language programming.
Solana supports many programming languages such as C, C++, Rust, Move, integrated on virtual servers.
- Easily expandable.
Thanks to the Proof of History algorithm combined with Proof of Stake, Solana can quickly scale the blockchain without the network congestion problems like first-generation blockchains (like Bitcoin nice Ethereum).
- Enterprise-grade security.
Solana's development team
Solana's team consists of high-quality personnel who have worked in large technology companies such as Google, Apple, Intel, Twitter, Dropbox, Microsoft...
With new and breakthrough technologies, Solana promises to be an optimal blockchain for decentralized financial projects. However, it will have to face formidable competitors such as: Ethereum, Polkadot nice Cardano… Let's wait and see if Solana will beat the “elders” in the upcoming race or not? Follow MoonFinance on social channels regularly to update more new information as well as Solana's ecosystem.
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