What is Solana - One of Ethereum's major competitors
Solana is a blockchain platform specially designed to host dApps
It was implemented by Solana Labs in San Francisco
Solana blockchain uses the PoS (proof of stake) technology
Solana is a blockchain platform specially designed to host decentralized applications. The blockchain is similar to Ethereum, Cardano, and other leading dApp blockchains, but Solana is an open-source project currently run by the Geneva-based Solana Foundation. It was implemented by Solana Labs in San Francisco.
With its ability to provide faster operation and lower transaction fees, Solana has gained traction with its competitors.
The Solana blockchain uses the PoS (proof of stake) technology, which is a more environmentally friendly alternative to PoW (proof of work) blockchains like Ethereum and Bitcoin. It has its own native coin called Solana with the acronym SOL.
To run a blockchain, the Solana protocol uses the proof of stake protocol. Unlike proof of work, where the network needs massive power to operate, proof of stake makes the validator nodes stake something in order to run.
Solana's validators stake the SOL tokens. Their power consumption may be the same as that of the PoW miners, however, they consume far less than that of the PoW miners.
Solana is presently one of the fastest programmable blockchains in existence. Currently, the network can process more than 50,000 transactions per second (TPS). The developer estimates that this number could grow to 700,000 TPS as the network grows. This is significantly more than Ethereum, which can only process from 15 to 45 TPS.
Many developers have been attracted to the blockchain by Solana's speed and low transaction fees. The Solana project now supports a wide range of dApps and smart contract projects. As a result, it is one of the most widely used blockchains and cryptocurrencies.
Solana (SOL) has been one of the best-performing cryptocurrencies this year without a doubt. SOL has risen to the top ten cryptocurrencies in terms of market cap, ahead of Dogecoin and Polkadot. It is also in direct competition with XRP.