Solana (blockchain)
| Original author(s) | Anatoly Yakovenko |
|---|---|
| Developer(s) | Solana Foundation, Solana Labs |
| Initial release | March 2020 |
| Development status | Active |
| Written in | Rust |
| Operating system | Cross-platform |
| Platform | x86-64, ARM |
| Type | Distributed computing |
| License | Open-source licenses |
| Active hosts | 913 (2021-08)[1] |
| Website | solana |
Solana is a decentralized, open-source blockchain with smart contract functionality. Its native currency is also called Solana (SOL).[2] It is one of the top 10 cryptocurrencies by market capitalization, surpassing the 40 Billion USD mark in September 2021.[3]
It is one of the fastest blockchains, theoretically capable of processing up to 710,000 transactions per second.[4] Yet only 65,000 transactions per second has been achieved. Solana's speed is permitted by proof-of-history used alongside a proof-of-stake consensus mechanism.[5]
Solana aims to work with the lowest fees possible, the average transaction cost being 0.00025$.[6] Like Ethereum, a fixed portion (initially 50%) of each transaction fee is destroyed.[7]
Applications[edit]
Programs (smart contracts)[edit]
On Solana, smart contracts are called programs.[8] Solana programs are usually written in Rust, but most compiled languages could be used. Solana programs can be processed in parallel thanks to Sealevel, Solana’s smart contracts runtime.[9] Almost everything on Solana is handled by a program, from the proof-of-stake voting program to the token program (see below).
SPL Tokens[edit]
The token program allows for fungible tokens on the Solana blockchain. This is similar to ERC-20 tokens on Ethereum. SPL tokens are not built-in, but powered by a Solana program (a smart contract).[10][11] This program provides all common functionalities like minting, transferring, burning and delegating tokens.[12] SPL tokens also benefit from the extremely low fees of Solana. This is one of the reasons why Circle and Tether chose to launch their tokens (USDC and USDT) on the Solana blockchain as SPL tokens.[13][14]
Non-fungible Tokens (NFTs)[edit]
The NFT ecosystem on Solana is still quite new, but is progressing fast. As OpenSea does not support Solana NFTs yet, competitor platforms like Solanart and SolSea emerged. In 2021, the Solana NFT Alliance has be formed to move towards a common standard for Solana contracts.[15] Several NFT collections based on Solana have already been highly successful, like Degenerated Apes, Sollamas and Star Atlas NFTs. These projects triggered impressive price rises (x5) of the Solana currency in summer 2021.[16][17]
References[edit]
- ↑ https://solanabeach.io/validators
- ↑ "Solana price today, SOL live marketcap, chart, and info". CoinMarketCap. Retrieved 2021-09-05.
- ↑ Hayward, Decrypt / Andrew (2021-09-03). "Solana Flips Dogecoin to Become Seventh-Largest Cryptocurrency". Decrypt. Retrieved 2021-09-05.
- ↑ "Introduction | Solana Docs". docs.solana.com. Retrieved 2021-09-05.
- ↑ https://www.coinbureau.com/review/solana-sol/
- ↑ Solberg, Oskar (2021-06-17). "How Much Are Solana Fees? Current & Future Solana Transaction Fees". SOLBERG INVEST. Retrieved 2021-09-05.
- ↑ "Transaction Fees | Solana Docs". docs.solana.com. Retrieved 2021-09-05.
- ↑ "Programming on Solana - An Introduction | paulx". paulx.dev. Retrieved 2021-09-05.
- ↑ Yakovenko, Anatoly (2020-02-23). "Sealevel — Parallel Processing Thousands of Smart Contracts". Medium. Retrieved 2021-09-05.
- ↑ "Programming on Solana - An Introduction | paulx". paulx.dev. Retrieved 2021-09-05.
- ↑ "The token program on a Solana explorer". explorer.solana.com. Retrieved 2021-09-05. Unknown parameter
|url-status=ignored (help) - ↑ "Token Program | Solana Program Library Docs". spl.solana.com. Retrieved 2021-09-05.
- ↑ "Circle & Solana Partner to Bring USDC to Solana Blockchain". www.circle.com. Retrieved 2021-09-05.
- ↑ "Tether (USDt) to Launch on Solana | Tether". 2020-09-09. Retrieved 2021-09-05.
- ↑ Banksy, Burnt (2021-08-10). "The Solana NFT Alliance". Medium. Retrieved 2021-09-05.
- ↑ Hakki, Decrypt / Tim (2021-08-21). "Ethereum Competitor Solana Hits All-Time High As Market Continues to Rise". Decrypt. Retrieved 2021-09-05.
- ↑ Ponciano, Jonathan. "Solana Skyrockets To New High—Amassing Nearly $40 Billion In Market Value As Competition With Ethereum Heats Up". Forbes. Retrieved 2021-09-05.
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