Saltworks is the fastest growing blockchain network, 5th by market capitalization. Lots of services that were included before Ethereum now switching to the Solana network. And behind it stands the founder of the FTX stock exchange. Therefore, all these achievements have certainly interested you, and we are here to fulfill your curiosity. In this article, we will explain Solana and how it works together with its features.
Solana is a decentralized blockchain network. Anatoly Yakavenko created and founded Solana blockchain 2017. Solana can currently add a block for 400 milliseconds on your blockchain. Compare this with Bitcoin which requires 10 minutes to add a block. And it can process 65,000 transactions per second. 3 times more than VISA can handle.
SALT is a sign of Solana. Used to trade on crypto exchange and pay the miners. The the transaction fee is $ 0.0015 which is almost negligible. The SOL token has electricity a bid limit of HRK 500 million which could increase in the future.
Access to Solana creates a fast blockchain network resistant to the future. This is necessary in order to Decentralized applications (DAPPS) can work on this network without any delay or delay.
Here are some of the most popular Solana-based Dapps
The salt network allows miners or validators to process multiple transactions at once instead of one. That’s why, although it’s a newer blockchain. It processed 15 billion transactions. All of these factors help make Solana’s blockchain network fast, huge, and cheaper.
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Features of Solana
Let’s take a look at some of the interesting features of the Solana network. How it can work so fast and what sets it apart from other cryptocurrencies.
Proof of history (PoH)
When it comes to checking blocks and records of data in a decentralized network, all computers must agree on a specific time. These computers are called nodes. These nodes must communicate continuously to agree when a block is created. And not all nodes will have a high-speed Internet connection, so the speed at which they send blocks will vary.
To speed up this process. Anatoly decided to add timestamps which will have the exact time when the block was created along with cryptographic (secret) evidence on these blocks of records. This allowed computers to continue sending in blocks regardless of their internet speed. The timestamp added to the blocks will notify others when it is created and can then be organized accordingly on the blockchain.
This significantly speeded up the process and enabled numerous transactions within one second and faster addition of blocks to the blockchain. This process is called Proof of history. It’s a little more complicated than that so if you want to find out more, we recommend taking a look.
Sealevel is a term that describes that Solana validators do not have to check one transaction at a time. Instead, I can confirm multiple smart contract codes at the same time. Validators can execute contracts in parallel. This way 25 validators on Solana can check 25 blocks at once.
That’s why Solana can perform 3 times more transactions than VISA which is 23,666 transactions per second. The number of transactions so far is 65,000 per second. It is also claimed that Solana can potentially process over 7 easy transactions per second.
Scalability and proof of the future
This also leads to the topic of Scalability of Solana. Solana says it’s not limited to ideas or software but hardware. So in the future, if the computing power doubles in the future, Solana will also be able to double its efficiency.
It will evolve and create more computing potential as technology advances. That is one of the reasons why many Dapps who were previously on Ethereum are now switching to Solana.
Rust programming language
Solana uses the Rust programming language. This is different from the Solidity code language used by Ethereum. Rust is a low level language this means that it takes more effort to create things on Rust, but it is generally much more powerful than in other languages.
One downside to Rust is that you can’t just copy and paste your code to Rust from other blockchains. You will need to re-create and re-write the code on Rust. Developers planning to move to the Solana network will find this a hassle. But these smart contracts will be more powerful than Ethereum.
Ethereum v. Solana
Solana is said to be a longtime rival of Ethereum. This is due to the improvements that Solana has made compared to Ethereum. Solana is quite new in cryptospace, but it has attracted a lot of attention in such a short period of time. Let’s see how Solana differs from Ethereum.
Faster and more efficient
As we discussed, Solana can perform more transactions and add blocks faster compared to Ethereum.
Saltworks can add a block each 400 milliseconds and spend 65.00 transactions per minute. Ethereum can add a block each 10 seconds and spend 15 transactions per second.
This just shows how fast Solana is compared to the Ethereum network. Moreover, Solana processed 15 billion transactions since its inception. On the other side, Ethereum has processed more than a billion transactions although it has existed longer than Solana. You can get an idea of how effective Solana is through Ethereum.
Cheaper transaction fee
It is common knowledge that the transaction fee on Ethereum is a big problem. This is a fee charged for confirming and processing your transaction. It is also called i Gas fee. Sometimes the gas fee itself can be higher than the transaction itself.
Average Transaction fee on Ethereum is up from $ 50. Average transaction fee on Saltworks is up from $ 0.0015.
At Solana, not only is the transaction process much faster due to parallel validation, but the transaction fee is also significantly lower. That’s a fraction of a penny. This is why Solana and its growth are attracting many new investors DeFi ecosystem.
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Bottom input bar
To become a validator on Ethereum. You need to stake or locking 32 Ether which are Ethereum network tokens. That equates to over 9 million rupees or $ 120,000. So, this is not something that no one can get into at this stage.
At Solana, in order to become a validator, one has to invest only a nominal amount of SOL token and fee. This lowers the input bar and calls multiple validators to the network. Solana uses the Proof of History scheme which adds a timestamp to the blocks and saves a lot of time in the validation process.
Although Solana has a lot of advanced features and improvements. Have had a complete network outage in 2020 and 2021. This is a big problem because a decentralized network should never fail. Although this did not affect the price of Solana in exchange. This can affect potential investors.
Solana seems to have a great future ahead of her. He adds more and more famous Dapps to his network and is becoming more and more attractive every day. We hope we were able to help you explain and understand everything about Solana, how it works and its different features.
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