What exactly is Solana and how does it work?
What exactly is Solana?
Solana is an open source project that develops a new, permissionless, and fast layer-1 blockchain.
Solana, founded in 2017 by Anatoly Yakovenko, a former Qualcomm executive, intends to grow throughput beyond what popular blockchains normally accomplish while keeping prices low. Solana employs a novel hybrid consensus model that combines a novel proof-of-history (PoH) method with a lightning-fast synchronization engine, which is a kind of proof-of-stake (PoS). As a result, the Solana network may potentially perform over 710,000 transactions per second (TPS) without the requirement for scaling solutions.
Solana’s third-generation blockchain architecture is intended to simplify the construction of smart contracts and decentralized applications (DApps). The project is compatible with a variety of decentralized finance (DeFi) systems and nonfungible token (NFT) exchanges.
During the 2017 initial coin offering (ICO) craze, the Solana blockchain was launched. The project’s internal testnet was published in 2018, followed by various testnet stages until the main network’s official debut in 2020.
