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Solana: What You Need to Know About the Rapidly Rising Cryptocurrency

 

Solana, a cryptocurrency that began its journey with relatively little popularity in April 2020, has recently upset its investors somewhat. Its price has gone from roughly $1.50 in January 2021 to just over $234 at the time of writing. Which naturally made it the sixth largest cryptocurrency in the world with a market capitalization of $ 61 billion.


So what is Solana? Continue reading!


What is Solana?

Solana is a blockchain platform for decentralized applications. It is an open source project maintained by the Geneva-based Solana Foundation and built by developers at San Francisco-based Solana Labs.

Solana is a competitor to Ethereum, which is currently the largest decentralized application platform, promising faster processing and lower transaction fees. It is a PoS (proof of stake: proof of stake) blockchain that makes it more environmentally friendly than PoW (proof of work: proof of work) blockchains such as Bitcoin. The local cryptocurrency is called Solana and has the code SOL.

So why is PoS so much better? In a decentralized blockchain system, many computers (nodes) verify transactions. A bad player may want to add a group of nodes to take control of the network. You can prevent this by solving a math puzzle and making computers running the network work hard, which makes it costly to attack the network. This is proof of work; it is effective, but the network can consume a lot of electricity.

So, What Is the Most Important Feature that Distinguishes Solana From Bitcoin?


Bitcoin's PoW mechanism also acts as a kind of clock for the network, ensuring that all nodes on the network can agree on the correct sequence of operations. It is not so easy to achieve this in PoS systems. For this reason, Solana also uses a technology called Proof of History, which it claims helps the network determine the time of transactions more efficiently.

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Most modern blockchains use some kind of PoS. However, Solana's biggest competitor is Ethereum, which is still based on POW, although it is in the process of transitioning to POS.

For a technical overview of how Solana works, you can check out the documentation and videos on Solana's website.

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