Exploring Solana Blockchain for Smart Contract Development

Exploring Solana Blockchain for Smart Contract Development
4 min read

In this blog, we explore the disruptive potential of Solana, a cutting-edge blockchain network driving the future of decentralized applications (dApps). We explain unique features that set Solana blockchain development apart, highlighting its ongoing evolution and continual enhancement of capabilities.

What is Solana

Solana is a cutting-edge blockchain project that is using several groundbreaking technologies to power the next generation of decentralized applications. The project aims to provide a platform that is scalable, secure, and decentralized, which can support a large number of nodes without sacrificing throughput. It was founded in 2017 during the ICO boom and has raised over $25 million in various private and public sale rounds. The platform went live on mainnet in March 2020, but it is still in beta mode.

What Makes Solana Stand Out

When it comes to decentralized applications, speed is key. The Ethereum network is experiencing some congestion issues. Solana’s high throughput architecture avoids some of the problems that other blockchain platforms face. Solana claims that its blockchain can handle more than 50,000 transactions per second at peak load, which would make it arguably the fastest blockchain currently in operation. To put this in perspective, this is almost 1,000x faster than Bitcoin (max throughput ~5–7 TPS) and more than 3,000x faster than Ethereum (max throughput ~15 TPS).

What Consensus Algorithm is used by Solana

Solana uses a Proof-of-History (PoH) algorithm instead of the more commonly used Proof-of-Work (PoW) algorithm. This method is used to ensure that the system is running smoothly and that transactions are being recorded correctly. With PoH, you can create historical records that prove that an event occurred at a specific moment in time. The algorithm is a high-frequency verification delay function. This function requires a specific number of steps to be executed for it to be fully evaluated. Events or transactions that will be evaluated will have a unique hash and a count that can be publicly verified. The count allows us to track the chronological order of each transaction or event, providing a timestamp for each. Within every node on the network, there is a clock that keeps track of the network’s time.

Ethereum Vs Solana

Ethereum uses the same technology as Bitcoin. PoW is a security measure that is secured by hundreds of miners. PoH relies on a certain number of sequential computational steps that determine the time gap between two events and give the transactions a time stamp. How do you think people can best live together in a society? Crypto investors are very impressed with Solana’s quick transaction times. Ethereum can process 30 transactions per second, while Solana can process 65,000 transactions per second. The block time of Ethereum is 15 seconds, while that of Solana is just one second. I’m not sure what you’re asking.

Operating costs

Since many of us hate paying transaction costs, this is important. Solana is known for its low transaction costs. Ethereum calculates significantly more transaction costs compared to Solana. I love it! It looks great on you. What do you think of my new hairstyle? Ethereum has a large community of developers, but Solana does not always track who its developers are. This sentence is not a sentence.

Both Ethereum and Solana are good recommendations from everyone. If you are planning to include cryptocurrencies in your portfolio, evaluate the above points.

Also, if you are interested in blockchain or cryptocurrency-related project development, connect with our solana developers.

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Arslan Siddiqui 2
Joined: 6 months ago
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