There is a lot of fuss about Solana lately. It’s quite understandable, based on some amazing features Solana has. I will tell you about them later. Now let’s focus on the question “what is Solana”. The answer is, well, it’s another blockchain smart-contract network. The name of Solana coin is simply SOL, in Latin it means SUN. The network is based on DPOS mechanism, which stands for Delegated-Proof-Of-Stake.
There are six main people responsible for the creation of Solana. Their names are Alan Yu, Anatoly Yakovenko, Eric Williams, Greg Fitzgerald, Raj Gokal and Stephen Akridge. The most important one of them and at the same time being the CEO of this fascinating project is Anatoly Yakovenko. He is a quite interesting person. It’s worth mentioning, that Anatoly used to work for Qualcomm and Dropbox. This man clearly knows his stuff.
As I mentioned before, Solana is based on Delegated-Proof-Of-Stake (DPoS). I have to explain what DPoS actually is. A little bit of history: Delegated-Proof-Of-Stake was developed in 2014 by software engineer Daniel Larimer. The entire mechanism relies on two groups – block producers and token holders (sometimes called voters). The aim of the block producers (validators) is to validate transaction and produce blocks of course. They receive some number of tokens for doing the job. The token holders choose appropriate validator and assign their tokens to it. This gives the block producer more “voting power”. Token holders are rewarded for it, based on the number of tokens they assigned. Please, remember this is a huge simplification of Delegated-Proof-Of-Stake mechanism.
The ROI is about 7% now. The epoch time is 2 days. This means, that you will get some tokens every 2 days.
First and foremost, it’s extremally affordable. You pay almost no fee. That’s because Solana can support up to 65,000 transactions per second! This is huge! Besides, that new blocks are created every 400 milliseconds. Those factors make Solana 10000 times more efficient than Bitcoin and about 2.5 times faster even than Visa.
All things considered Solana is revolutionizing technology. It clearly changes the course of blockchain history. For a proper adoption of crypto we need fast, reliable coin with very low transaction fee. This is exactly what Solana provides us.