DIKSIA.COM - Imagine a blockchain platform that can process thousands of transactions per second with low fees and high security. A platform that can support various applications such as decentralized finance, gaming, non-fungible tokens, and more. A platform that can scale with the demands of the modern internet and the future of web3. Sounds too good to be true, right? Well, not anymore. Meet Solana, the world's fastest smart contract platform.
In this article, we will explore what Solana is, how it works, why it is important, what makes it unique, what are its features, how it came about, what is its technology, what is its market, and what is its investment potential. By the end of this article, you will have a better understanding of Solana and its potential to revolutionize the blockchain industry. Let's get started.
Introduction
Solana is a highly functional open source project that banks on blockchain technology's permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.
Solana Details
| Name | Solana |
|---|---|
| Symbol | SOL |
| Launch Date | March 2020 |
| Consensus Mechanism | Proof-of-History + Proof-of-Stake |
| Block Time | 400 milliseconds |
| Transactions per Second | 50,000+ |
| Average Transaction Fee | $0.00025 |
| Circulating Supply | 404,372,624 SOL |
| Total Supply | 553,689,123 SOL |
| Market Capitalization | $9,849,659,183 USD |
| All-Time High | $260.06 USD (Nov 06, 2021) |
| All-Time Low | $0.5052 USD (May 11, 2020) |
What is Solana?
Solana is a programmable blockchain that strives to perform high-speed transactions without losing its core feature, decentralization. The network uses a novel mechanism called the proof-of-history (PoH), which timestamps transactions before they are ordered and validated by the underlying proof-of-stake (PoS) consensus of the blockchain. This allows Solana to process thousands of transactions per second with low fees and high security.
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