Solana (SOL) is a web-scale blockchain that provides fast, secure, scalable dApps (decentralized apps) and marketplaces. It’s native token, $SOL, is used for transactions on the network. Currently, the system can carry out 50,000 (transactions per second) and 400ms Block Times (time taken to create a new block in a blockchain). Solana’s long term goal is to address speed, scalability and transaction fee issues associated with other blockchains by utilising a combination of Proof of Stake and so-called Proof of History consensus mechanisms. Solana hopes to support all high-growth and high-frequency blockchain applications and to democratize the world’s financial systems. Achieving these goals requires the implementation of several optimizations and new technologies, Solana’s success signals a new phase in blockchain development.
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Modified on: Thu, 9 Dec, 2021 at 9:33 AM
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