Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @noshi
The Solana Blockchain is a hot topic in the world of cryptocurrency and blockchain technology. But who are the founders of this innovative platform and when was it created? Solana is a startup that was founded by Anatoly Yakovenko, Thomas Cox, and Greg Meredith in early 2018. Solana launched their mainnet on July 17th, 2018
The company is based in San Francisco, California. Solana's goal is to create a blockchain platform that can handle large-scale transactions at high speeds. The company has raised over $50 million in funding from notable investors such as Andreessen Horowitz, Clocktower Capital, and Polychain Capital.
The platform has already shown impressive transaction speeds, with some tests clocking in at over 7500 transactions per second. Solana plans to use their technology to power the next generation of decentralized applications.
Solana Blockchain?
Blockchain technology is a distributed database that is secure, transparent, and tamper-proof, permitting trustworthy transactions to occur. This technology has a revolutionary capacity to alter the way in which the world does business. The Solana Blockchain is a new blockchain platform that uses Proof of History to improve upon the scalability of other blockchains. Proof of History is a novel algorithm that allows nodes in the network to agree on the order of events without having to store all data. This makes it possible for Solana to achieve throughputs of up seven thousand and five hundred transactions per second, making it one of the fastest blockchains in existence.
Proof of History the Concensuss algorithm of Solana?
Proof of History is a novel algorithm that allows blockchains to scale to thousands of transactions per second. It does this by taking a snapshot of the blockchain every few minutes and verifying the legitimacy of each transaction against that history. This makes it possible for Solana to process transactions without the need for miners or confirmations.
Blockchain technology is often touted for its ability to enable trustless transactions without the need for a centralized authority. However, the current state of blockchain technology suffers from scalability issues that prevent it from being able to handle large-scale applications. Solana is a new blockchain protocol that aims to solve the scalability issue by using a consensus algorithm called Proof of History. Proof of History allows Solana to achieve a throughput of 710,000 transactions per second, making it one of the fastest blockchains in existence.
What is the earliest shortcoming of the Solana Blockchain?
As we know, everything that is made by developers is not perfect. there are a few shortcomings. These deficiencies are fixed by the team as they experienced these mistakes. The Solana Blockchain is also victimized by a few shortcomings in the beginning. We will be discussing one error that occurs in the blockchain. There are a few changes that can make the Solana Blockchain efficient. Now will see what are the things that Solana needs to upgrade.
Delay In Transaction Execution:
As we know, there are thousands of transactions that are executed on the blockchain in unit time. If a delay is made in the transaction execution, it will be very stressful and increased the disbelief on the network. Recently, on 14 Sep 2021, the transaction delay is reported. Many complaints are reported on the issue of delays in transactions. This condition is critical for the Solana team.
The team diagnose the error and post the reason behind the delay in the transaction on Twitter. They said that the number of transactions is overloaded by 400,000 TPS. The ability of transaction execution of the Solana Blockchain is 60,000 TPS. This is why the transactions are overloaded.
The transaction issue is solved by launching the new mainnet beta version 1.6.25. This version is applied to all the decentralized apps that are attached to the Solana Blockchain. In this way, the Solana team solve the error regarding the transaction lagging.
What are the features of the Solana Blockchain that make it favorit?
- Byzantine fault tolerance (BFT): is a term used in computer science to describe a fault-tolerant computer system whereby the majority of components must be functional for the system to operate correctly. In order to understand Byzantine fault tolerance, it is important to first understand what constitutes a Byzantine failure. A Byzantine failure is a failure that can be caused by malicious or accidental actions within the system.
- Turbine protocol: is a set of rules that govern the interactions between nodes in the Solana blockchain. The protocol defines how data is stored and transmitted, and how new blocks are created and added to the chain. It also includes rules for verifying transactions and punishing miners who break the rules.
- Streamlining: Solana is a new blockchain platform that aims to streamline the process of creating and using smart contracts. Solana's platform is designed to make it easier for businesses to launch their own smart contracts, as well as access third-party services that can help them automate their operations. The Solana platform also offers a variety of features that are not currently available on other blockchain platforms, such as the ability to create decentralized applications (dApps) and a marketplace that allows users to buy and sell tokens.
- Pipeline: is a data structure in Solana that allows pruning of the blockchain and enables users to store only the latest state of each account rather than the entire history. This makes it possible to keep track of an account's state without needing to store the entire blockchain.
- Cloudbreak: Solana is a blockchain platform that aims to enable the execution of smart contracts and decentralized applications. It runs on its own virtual network, which allows for fast and low-cost transactions. Solana also has a built-in governance system that allows for the coordination of network users and the implementation of new features.
What makes the Solana Blockchain Different from other Blockchain projects.
The Solana project is a blockchain platform that is designed to be scalable and speedy. It achieves this through the use of a proof-of-history algorithm that allows for the verification of data without the need for a global consensus. This makes it possible to process large amounts of transactions quickly and easily. Additionally, the Solana blockchain does not require the use of mining, which helps to keep transaction costs low.
The Solana Blockchain is an open-source project, meaning that it can be studied and improved upon by the general public. It is also a permissionless network, which means that anyone with a computer or smartphone can connect to the Solana blockchain without requiring permission from a third party.
The Solana blockchain is designed to work on a large scale and it is designed to be scalable. It has an architecture that allows for the creation of multiple blockchains, each with its own set of rules and responsibilities.
The native token of the Solana Blockchain is the SOL. It is used to power the network and reward participants for their contributions. The SOL is also used to pay for services on the network, such as data storage and bandwidth.
What changes do you think would make the network better?
As we know that the Solana blockchain has several competitors in the market. If Solana wants to acquire space in the market then, then Solana needs to do things that are liked by the people. The Solana Blockchain is a centralized blockchain. The centralized nature of the Solana raised many questions in the mind of people.
The Centralized nature of Solana is the biggest issue of the blockchain. people thought that the authority behind the Solana Blockchain can manipulate anything that is attached to the blockchain. Due to this fear, many investors avoid investing. So, if Solana wants to get more efficient then it should be turned to decentralization.
What are the Projects that are built on Solana Blockchain?
Raydium Project
Project Raydium is a project built on the Solana blockchain that is designed to offer a secure and scalable platform for gaming. The project is spearheaded by Justin Sun, the founder of TRON (TRX) and BitTorrent. Sun has been a vocal advocate for the use of blockchain technology in gaming and believes that it can offer a more secure and transparent platform for game developers and players.
Project Raydium will be built on top of the Solana blockchain, which is designed to offer high scalability and security. The team behind Project Raydium believes that this will be the perfect platform for gaming, as it will be able to handle high volumes of transactions without compromising security or performance. The team has already released a working prototype of the game engine that will be used in Project Raydium.
Audius Project
Audius is a decentralized music-sharing protocol and application built on the Solana Blockchain. It is designed to address the shortcomings of past music-sharing platforms, which have been plagued by issues such as artist exploitation, low payouts, and lack of transparency. Audius will use blockchain technology to ensure that artists are fairly compensated for their work and that listeners can enjoy high-quality streaming without fear of data theft or censorship.
Star Atlas Game Project
The Star Atlas Game project is a blockchain-based game that is built on the Solana blockchain. The game allows users to earn rewards by playing the game and staking their Solana tokens. The project is in development and is scheduled for release in 2020.
GARI Project:
It is the famous decentralized social media app in India. It is also developed on the Solana Blockchain. In this social media application, the users get rewarded by sharing the viral social media content on the app. They get a GARI token as a reward and also get a reward by liking the content that is shared by the users.
Is Solana Blockchain better than the Ethereum Blockchain?
The Solana Blockchain is a new blockchain platform that was designed with the aim of providing scalability and efficiency benefits over existing blockchain platforms. The Ethereum Blockchain, on the other hand, is currently the most popular blockchain platform in use. However, some experts believe that the Solana Blockchain may be better suited for certain applications than the Ethereum Blockchain.
The Solana Blockchain has fewer transaction or gas fees and a faster transaction execution rate. The gas fee of the Solana Blockchain is less due to the larger block size. Due to these reasons, we can say that the Solana is better than the Ethereum Blockchain.
Solana Tokenomics
The Solana Foundation alone will contribute 489 million SOL tokens to circulation when the SOL Token distribution 16.23 of tokens was allocated to an initial seed sale, 12.92 to a founding sale, 12.79 to team members, and 10.46 to the Foundation is complete.
According to Coinmarektcap.com Solana's price at the time of writing this post was $87.65 and the Trading Volume, 24his $1,709,658,770.08.
The Market Cap is $29,252,633,215.85. The Circulating Supply is 334,403,139. Further information regarding the Solana is mentioned in the following table.
| Parameters | Values |
|---|---|
| Solana Price Today | $87.65 |
|
Trading Volume 24h | $1,709,658,770.08 |
|
Volume | 0.05844 |
| Market Dominance | 1.71% |
|
Market Rank | #6 |
| Market Cap | $29,252,633,215.85 |
|
Fully Diluted Market Cap | $44,754,791,806.26 |
|
All Time High Nov 06, 2021 | $260.06 |
|
All Time Low May 11, 2020 | $0.5052 |
|
Circulating Supply | 334,403,139 |
|
Total Supply | 511,616,946 |
Solana is indeed one of the best Blockchain right now which is growing really fast, there transaction speed is much faster than Ethereum and the NFT marketplace of Solana is also doing a pretty good job.
Thank for good words regarding the Solana . No doubt the Solana is a big competitor of Ethereum.