Yesterday, cryptocurrency Solana reached a new all-time high of 63.88 euros. That is more than a tripling of the exchange rate since July 20, when the currency was worth less than 20 euros. The coin is now in the top 10 in terms of market cap. After many requests via email and on social media, it is time to delve further into the coin.
What is Solana?
The idea of Solana is quite simple, and that has contributed to its popularity anyway. Solana has its own blockchain, the corresponding currency is SOL. Users and developers are incentivized to build decentralized apps and marketplaces. https://moveco.io/ has enough information. The blockchain follows the same principles and makes the same promises as almost any other project: fast, secure and censorship resistant.
Scale for the future
The blockchain is highly scalable and ready for the future. It remains to be seen what the limits of this scalability are, but so far it looks good. Solana uses a suite of computing technologies that can support thousands of nodes, allowing transaction throughput to be scaled proportionally to network bandwidth. it is a hybrid blockchain, and uses both Proof of Stake and Proof of History.
Proof of History is not a consensus mechanism, but a cryptographic clock with which nodes can agree on the time sequence of events in the blockchain. These nodes do not need to be in contact with each other, each node has its own clock.
Since March 2020
Solana claims to be able to handle 50,000 transactions per second, making it the fastest blockchain in the world. The average time a new block is added is 600 milliseconds. The fees are also very low. It’s a fairly new project, the mainnet beta went live in March of 2020.
Investors throw money at Solana
In June, bullish news surrounding the network contributed to positive market sentiment among investors as Solana Labs completed a $267 million private token sale led by Andreessen Horowitz and Polychain Capital.
In the words of Yakovenko, CEO of Solana Labs:
“The next phase is the onboarding of a billion users. Solana was built from the ground up to handle this scale. With this funding, Solana Labs is now positioned to bring in the right partners and capital to build products and tools to get there.”
In addition, projects built on Solana also bring in the necessary money. Last week, the DEX Mango Markets raised almost 60 million euros with the sale of tokens. Visit folm.io has enough information. Data from the Solana blockchain shows that Solana’s network has processed more than 24 billion transactions to date and has consistently processed more than 1,100 transactions per second.