Solana — World First Web-scale Blockchain
In November of 2017, Anatoly Yakovenko published a whitepaper describing Proof of History, a technique for keeping time between computers that do not trust one another.
Solana is a public base-layer blockchain protocol built from the ground up and optimized for scalability. Solana goal is to provide a platform that enables developers to create Decentralized applications (dApps) and run there apps on Solana blockchain ,enabling NFTs services. The Solana runs on Proof of History (POH) protocol , a globally-available, permissionless source of time in the network that works before consensus.
Solana offers a great Scalability and has high-performance with a Blazing fast speeds of 71,000 transactions per second with 400ms block time, recently Solana network just passed 6 BILLION transactions,it has permissionless blockchain that features support for smart contracts. Which is has a great impact on Solana ecosystems.With the use of Turbine block propagation protocol, the platform can support thousands of nodes while remaining performant and scalable.
The Solana network has a native token called sols (SOL). Sol tokens are used to pay Solana node-clusters as a fee for processing and validating on-chain programs or transactions.Users can stake there sol and rewards. Solana Token has a max supply of 488,601,507 SOL and currently trading at 2.17$ (as of 20–nov-2020).
Solana’s Partnership
Solana has a huge number of partnerships and collabs with different ecosystems
1Solana & Terra partnership :- Solana partnered with Terra to make it easy for users and developers to transfer stablecoins onto Solana’s “web-scale blockchain.” Terra will benefit from an expanding customer base and developer interest in their currency-pegged stablecoins, Terra X Solana worked on a new DeFi product Anchor, The partnership allowed developers to leverage performance enhancements from Solana — including transaction processing and fees.
This partnership made a huge impact on entire Solana ecosystem because of Terra (dApps) mass adaptation and it opened doors for Solana to expand its reach in South Korea, Hong Kong & Mongolia and other parts of asia.
2 Solana’s & Kin partnership :- On May 22, 2020 Kik Interactive Inc. put forth a proposal to the Kin Ecosystem recommending a migration from the Kin Blockchain to the Solana Blockchain, Kin was originally built on the Ethereum blockchain,Ethereum for security and the Stellar blockchain for transactions. And due to latency , high fees and low TPS kin ecosystem faced many issues. So they decided to migrate there entire ecosystem to Solana for better and ultra fast network and low fees. This partnerships open doors for both ecosystem to expend in reach in Korea, china and other countries.
3 Tether (USDT/USDC Stable Coin) launched on Solana blockchain :- Solana has seen growing adoption by major companies recently, Stablecoin issuer Tether has launched its USDT coin on Solana blockchain, and the Tether Team said that is pathnership will help users to exchange USDT in higher speed greater than 70k TPS and 400ms with a very little transaction fee of $0.00001.
Previous runing on Ethereum’s blockchain Tether has a speed capacity of 15TPs with unusual high fees , with This Solana integration, Tether now works on eight blockchains: Algorand, Ethereum, EOS, Liquid Network, Omni, OMG Network, and Tron.
4 Project Serum :- Project Serum will unveil a fully functional Decentralized exchange (DEX) with trustless cross-chain trading, all at the speed and price that customers want. And despite living natively on Solana blockchain, Solana-based Serum DEX has a higher speed and lower costs than older blockchains. Serum DEX is Higly popular and Successful DEX.
5 Audios Selects Solana to continue to scale community- owned muscis streaming
6Bonfida.com continues to grown Solible, the first NFT exchange on Solana. Solana And Serum Launched There first NFT exchange on Serum exchange called “Solible.
Solana facts
For developers of Dapps they require a best suitable blockchain platform for there ecosystem. Solana provide them these mainly features
1. High throughput : The network today demonstrated peak capacity over 71,000 transactions per second on a global network of over 350+ participating consensus nodes.
- Low latency of 400ms blocks
- Inexpensive transaction fees $10 for 1,000,000 transactions that’s a great point in my view
- Rust as the flagship programming language (also supports C, C++, and Libra’s Move)
- An asynchronous, BFT consensus algorithm
- A single global state that supports composable smart contracts
7. A vast and global partnerships for mass adaptation.
8. Support of NFTs.
