Does Solana have all that it takes to win the ‘best smart contract blockchain’ race? Keep in mind that many crypto projects appear to chase Ethereum, offering cheaper and quick transactions coupled with high-end technological innovations.
Meanwhile, how does Solana fit in that contest? Well, the crypto project attracts investors in various ways. A remarkable high transactions volume, internal clock, and low trading fees put the project somewhat ahead.
However, is that enough to rule the market? Is SOL the awaited Ethereum-killer? You will learn all you need to know about crypto projects and make up your mind in this content. We will summarize the best and ugly parts of Solana.
About Proof-Of-History – How Does It Work
Contrary to your thinking, this isn’t a consensus model. Solana (SOL) utilizes PoS to validate crypto blocks. Meanwhile, Solana’s core innovation is POH (Proof of History), a globally accessible time that works before consent, available on the crypto’s network.
Techcrunch simplifies “proof of history,” stating that the Solana network developed a synchronized clock. It provides timestamps for every transaction on the blockchain. With that, the platform ensures high censorship resistance and security.
Solana’s Key Characteristics
Technically, Solana is in the beta phase. Though its MainNet is running already.
Low entry barriers for validators. There is no such this as a minimum stake for users to begin validating. Though, the probability of succeeding depends on the user’s stake size.
It is quicker than centralized crypto exchanges and legacy financial schemes.
The platforms enjoy exponential growth, from 100 projects in 2020 to over 250 projects built on the Solana network this year.
While writing this content, their official data shows 1,331 nodes and 905 validators. Meanwhile, the average fee for each transaction stands at $0.00025.
For now, the platform records 1,375 transactions every second.
Solana supports ‘smart’ contracts in all programming languages.
Solana Scandals and Criticism
Though with many accessible documentations, Solana lacks a well-defined strategic plan.
The Solana Foundation does not have adequate data about the project’s functions.
Someone noted an enigmatic wallet holding 11,365 SOL. They exposed it as an unrevealed loan to a marketing company that provides Binance with liquidity. Solana Foundation issued the undisclosed loan. The platform ended burning the tokens.
Solana aims to ensure faster and secure transactions. That is according to the project’s founder and CEO.