What is the Solana blockchain?
Solana has been in the headlines for some time now for its price appreciation and projects completing funding rounds. It is one of the prominent blockchain ecosystems in the crypto space and has scaled itself to be one of the top 10 most significant projects in crypto. Often Solana is called an Ethereum killer as it can surpass Ethereum in both the number of users and market capitalization. Solana is an open-source blockchain that implements a high-speed, permissionless layer one blockchain. Solana supports an array of decentralized finance platforms as well as NFT marketplaces.
Solana helps solve the blockchain trilemma, which describes the three significant challenges faced by the developers while building blockchain: decentralization, security, and scalability.
What are the benefits of Solana?
Solana’s benefits are numerous, and the main advantage is the block speeds and low gas fees, which enables Solana to produce a next-generation launchpad. Given below are some of the major Solana benefits.
Transactions Per Second (TPS)
Solana is all about speed as it needs only 400 milliseconds to mine a block and can handle upto 50,000 TPS and ramp up to 65,000 TPS. It is much more than its rival Ethereum. Speed may not be everything, but it has been an obstacle for many evolving cryptocurrencies.
Costs Per Transaction
Solana is vastly cheaper than Ethereum at an average cost per transaction of $0.00025.
Solana Doesn’t Have a Mempool Problem.
A mempool is a waiting area where a processed transaction waits before the blockchain accepts it. One of Solana’s most significant advantages is that there is no waiting period, and therefore, it doesn’t have a mempool. Thus, the transactions are accepted nearly instantaneously.
Solana Is Easier to Program
Solana is programmed on software called Rust which can build a variety of applications like games and blockchains, which are easy to use and much more familiar, this helps in making Solana an easily accessible platform to use.
Faster expanding ecosystem
Solana can support more DApps and smart contracts, which are growing exponentially. It will eventually take over Ethereum for its current rate of ecosystem expansion as it has no issues related to cost or speed.
Solana Uses Less Bandwidth and Is More Resilient
Solana uses a Turbine protocol, which helps break down each block into different packets transmitting each packet to a group of computers and retransmitting the data. This helps to share the load, which leads to low bandwidth, minimal processing times, and a resilient network that resists breakdowns.
Solana Is Better for the Environment
Solana uses Proof of Stake (PoS) and Proof of History algorithms that are more energy-efficient than Proof of Work(PoW) which Ethereum uses. It is a better method for the environment as it uses less energy and computing power and makes it much more appealing to the users and the environmental groups.
Wrapping up
Solana is hitting its all-time high in the crypto market, and its low gas costs and faster transaction speed make up for its win. Solana benefits help the users make it a platform of choice for future projects looking to raise capital. Still, if there is confusion regarding Solana, it is all up to you as even though Solana has its visible advantages, it has its share of demerits. Solana can become vulnerable to centralization as there are not many blockchain validators. Anyone can become a blockchain validator as it requires a lot of computing resources. However, Solana is one of the most extensive ecosystems in the crypto world, which seems to be developing in the right direction.