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Tuesday, September 19, 2023

Solana: All The Information That We Know About Them

Anatoly Yakovenko back in 2017 developed a highly open source project which tends to be functional, permissionless as well as faster 1 layer blockchain. According to a former executive of Qualcomm, the SOL tends to scale such that it may achieve much more than the other blockchains.

Solana may offer 710000 transactions per second (TPS) on paper. The primary aim with SOL is to cover the three primary touchpoints of the Defi space; decentralization, ability to scale, and security. The main dilemma was herein that all three points were hardly covered by any blockchains or developers.

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However, Solana deciphered a hybrid mechanism for consensus to inflict the aspects of decentralization over faster speed. The per-second transaction in Solana is boosted by the fulfilling duo of PoH and PoS and is considered the best and most unique project within the industry of blockchain.

Is Solana Better Than Ethereum?

SOL is considered a potential competitor of Ethereum owing to its accomplishments and speed of the same. The primary point wherein Solana may beat Ethereum with a clear margin is the TSP. Ethereum adheres to a working model that allows it to ensure 15 TSP while on paper TSP of SOL appears to be much more in comparison.

Further, SOL is referred to as far more cost-effective than Ethereum. Thus, if Solana amounts to be the same as good as it looks on paper, evidently enough may beat off Ethereum with ease. 

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SOL makes perfect combined use of the consensus algorithm and Pos which not just serves the purpose but also is considered to be eco-friendly. In the recent scenario, a new version of Ethereum is under construction which adds up an extra layer of consensus and thus would be expected to be equivalent to SOL. However, the project of Solana also reflects a few disruptions like any other crypto project.

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