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Thursday, June 24, 2021

What Is Solana? (FIL) Complete Guide & Review About Solana

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About Solana

Founded by former Qualcomm, Intel, and Dropbox engineers in late-2017, Solana is a single-chain, delegated-Proof-of-Stake protocol whose focus is on delivering scalability without sacrificing decentralization or security. There are many ways to contribute to the Solana ecosystem. Build an app, organize an event, or create educational resources to help others learn.

Solana is a high-performance scalable blockchain that can support crypto applications. They can currently handle 50k transactions per second with an average 400ms block time. Blazing fast. The coin is the native cryptocurrency of the network.

Core to Solana Cryptocurrency scaling solution is a decentralized clock titled Proof-of-History (PoH), built to solve the problem of time in distributed networks where there is not a single, trusted, source of time. By using Verifiable Delay Functions, PoH allows each node to locally generate timestamps with SHA256 computations. This eliminates the need for the broadcasts of timestamps accross the network, improving overall network efficiency.

Solana Key Points

Coin Basic Information
Coin Name Solana Cryptocurrency
Short Name SOL
Circulating Supply261,900,137 SOL
Total Supply488,630,611
Source CodeClick Here To View Source Code
ExplorersClick Here To Visit
Twitter Page Click Here To Visit Twitter Group
DocumentationClick Here To View
Support24/7
Official Project Website Click Here To Visit Project Website

How Does Solana Work?

  1. Input of transactions to the Leader
  2. Leader will sequence the messages and orders them efficiently so that it can be processed by other nodes
  3. The leader then executes the transactions on the current state that stores in the RAM 
  4. Leader will then publish the transactions and signature of the final state to Verifiers (replication nodes)
  5. Verifiers will then execute the same transactions on their copies of the state and publish their signatures of the state if confirmed
  6. Published confirmations will then serve as votes for the consensus algorithm

Price

Solana price today is $3.45 USD with a 24-hour trading volume of $43,074,102 USD. Solana is down 1.60% in the last 24 hours. The current CoinMarketCap ranking is #42, with a market cap of $903,526,427 USD. It has a circulating supply of 261,900,137 SOL coins and a max. supply of 488,630,611 SOL coins.

Background

The Solana Cryptocurrency (SOL) platform was founded back in 2017 by Anatoly Yakovenko. Yakovenko worked at Qualcomm before founding Solana. He has a wide range of experience with compression algorithms after his previous experience at Dropbox as a software engineer. Along with Eric Williams and Solana’s CTO, Greg Fitzgerald, they created a new process of dealing with traditional throughput problems that existed in the Bitcoin and Ethereum blockchains.

Fast, Secure, Scalable

Solana is a web-scale blockchain that provides fast, secure, scalable, decentralized apps and marketplaces. The system currently supports 50k TPS (Transactions per second) and 400ms Block Times. The overarching goal of the Solana software is to demonstrate that there is a possible set of software algorithms using the combination to create a blockchain.

Say goodbye to high fees and slow confirmations. Solana is built for speed, without trade-offs.

Scalable

Solana Cryptocurrency leverages Proof of History and several other breakthrough innovations to allow the network to scale at the rate of Moore’s Law.

Low Cost

Never worry about rising fees as your user base grows. Solana is designed to keep fees low for applications with billions of users.

Composable

Solana Cryptocurrency single global state ensures composability between projects. Never deal with multiple shards or layer 2 systems.

Build Crypto Apps that Scale

They is a fast, secure, and censorship resistant blockchain providing the open infrastructure required for global adoption.

Try to Break Solana

Solana Cryptocurrency can process 50k transactions per second. Don’t believe us? Stress test the network to experience Solana’s speed for yourself.

The Sol Token

The SOL token is the native currency in Solnaa’s ecosystem. So the token can pass to nodes within the Solana cluster in exchange for running on-chain programs or validating its output. SOL can also be used to perform micropayments known as lamports.

The current circulating supply of SOL is 26 million. The maximum supply of SOL caps at 489 million SOL. SOL also has additional use cases, you can stake the token to earn additional rewards. So Staking is a good way for users to earn profit if they are just looking to hold their tokens. The process of staking is quite simple, it is as follows: 

  1. Transfer tokens to a wallet that supports staking
  2. Create a staking account
  3. Select a validator from Solana’s validators
  4. Delegate your stake to the validator
Vernahttps://coinworldstory.com
One of Coinworldstory's longest-tenured contributors, and now one of our news,ico,hyip editors, Verna has authored over 6900+ stories for the site. When not writing or editing, He likes to play basketball, play guitar or visit remote places. Verna, to his regret, holds a very small amount of digital currencies.
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