What is Solana? Why take notice of Solana? What is it all about?Ī relatively new player in the crypto world, Solana has seen exponential growth since its launch. With transaction speed as high as 50,000 to 65,000 per second and a nominal fee around $0.00001 per transaction, it's an answer to the scalability problem of Ethereum. It is being referred to as the most productive network in the crypto-space. Solana is a super advanced and promising blockchain project that has everything going for it atm. Launched in March 2020 on Mainnet Beta, Solana claims to have achieved the impossible. The other problem is the high gas cost which is really an outcome of scalability. With as low as 25 transactions per second, how can one imagine it to be the centre of the blockchain world. Ethereum, undoubtedly the most popular blockchain with almost 90 percent of the dapps built on it has the problem of scalability. Blockchain ecosystem is ever-growing with new blockchains evolving and offering one or the other solution. A blockchain might have any two but achieving the holy trinity is impossible. These are all inter-related and to achieve one, you have to compromise the other. It consists of security, scalability and decentralisation. One of the most popular methods to classify a blockchain network is the triangle trilemma. To understand Solana or for that matter, any other blockchain, we need to first know what the underlying problems are and then we see how Solana or any other blockchain fits in. Is Solana worth all the hype? Or is it just a strong marketing strategy? Solana is claimed to be a technically complex blockchain and I will try to simplify it for better understanding. Today, I knock at Solana's door and we do some serious dissection here. Following up on my last article about the Sollet Wallet and as promised, this one is a detailed account about the blockchain that is making some serious headlines.
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