Solana :: A Precised Invention

moyeon (70)SKP [Mod]in Steem Alliance • 4 months ago

Hello Steem Alliance Community

Today we will discuss the major points about the cryptocurrency named SOLANA . Here in this article we must see what is Solana , plus points of Solana, working algorithms of Solana, it's creation and history .

Solana

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Just like any other cryptocurrency Solana (SOL) is the currency based on blockchain parameters known for its activity and coherence.
The SOL token is its native cryptocurrency and is used to pay its transaction fees. Since its launch in 2017, Solana has become one of the world's largest cryptocurrencies.

Since the Solana blockchain has smart contract capabilities, developers can use it to build decentralized apps (dApps). Due its high speed working and precise features , it is now considered as a rival to other cryptocurrencies such as Ethereum(ETH) AND Cardano(ADA) .
Solana is in a competitive market, but there are many reasons to be bullish on it.

Plus Points Of Solana

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Solana (SOL) is a high-performance blockchain platform that aims for fast and low-cost transactions. Solana has the capability to deal with thousands of transactions per second. SOL is used for network supervision, administration and support in the SOL field.

Solana's biggest attraction is its fast and cheap transactions. It is reportedly capable of handling 65,000 transactions per second, and the average cost per transaction is $0.00025.

If each event has a trustworthy time stamp within its data structure, it would be possible to arrange them in a sequence. If all nodes agree that event A has to come before event B, without having to verify that information with any other node, this naturally speeds up the whole process.

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With each event having a unique “cryptographic timestamp”, it becomes possible to create a verifiable sequence of events. Since the transactions are already timestamped, the network can work on validating multiple blocks simultaneously, skipping the long wait for the previous one to be validated.

Upon its launch in 2020, the cryptocurrency Solana was already capable of processing 65,000 transactions per second, confirming that Proof of History was indeed much faster than traditional blockchain consensus mechanisms. It also offers much cheaper transactions with an average fee of $0.00025.

Creating

The Solana Pay is , a portal open for everyone and is free to use . It allows the traders to accept payments directly through Solana network.
The use of Solana Pay, the huge amounts wasted in middle of transactions can be avoided.
Payments are made in stablecoins such as USD Coin (USDC 0.0%) that are designed to maintain a stable value.

How Solana Works

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Solana is built for scalability, and it accomplishes this through its unique hybrid protocol.

Working algorithms of Solana ::

Proof to capitalize

It is basically a way to assure blockchain transactions.
Validators are selected based on the amount of crypto tokens they have staked (pledged to the blockchain). Those who verify receive bonus for confirmation of new block of transaction.

Proof-of-history blockchains

They verify the order of transactions and the time elapsed between them. Timestamps for transactions are automatically mentioned in the blockchain. Since the timestamp is built in, validator nodes do not need to communicate with each other to confirm the time of a transaction.

Where did Solana come from

When Solana was invented then it was originally named Loom but the name was changed since Ethereum published its Loom network simultaneously. In order to avoid the confusion in naming, it was later renamed as Solana and the company was named Solana Labs.

The Solana cryptocurrency was first available during a private token sale in 2019, where Solana Labs raised around $20 million. Both the Solana protocol and the SOL token were released to the general public in 2020.

Conclusion

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Solana is a new cryptocurrency which is very rapidly taking over old cryptoassets . As I already mentioned above some of its features are extremely beneficial and are good enough to attract investors. Although, there are many plus points , there may be some negative points too . I will always suggest one to research themselves and so go ahead for any trading . It s modern day invention in crytp industry, henceforth is fast and accurate .