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What is Solana, and how does it work?

Published 03/06/2022, 02:30 PM
Updated 03/07/2022, 08:00 PM
QCOM
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Solana is a highly functional open source project that implements a new, permissionless and high-speed layer-1 blockchain.

Created in 2017 by Anatoly Yakovenko, a former executive at Qualcomm (NASDAQ:QCOM), Solana aims to scale throughput beyond what is typically achieved by popular blockchains while keeping costs low. Solana implements an innovative hybrid consensus model that combines a unique proof-of-history (PoH) algorithm with the lightning-fast synchronization engine, which is a version of proof-of-stake (PoS). Because of this, the Solana network can theoretically process over 710,000 transactions per second (TPS) without any scaling solutions needed.

What makes Solana unique?

How does Solana work?

The Solana (SOL) token

Solana vs. Ethereum

The downsides of Solana

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