What is solana blockchain 🤔
When it comes to blockchain technology, scalability is one of the biggest challenges out there. As these networks grow, they often face limitations in terms of transaction speed and confirmation times. Solana aims to tackle these limitations without compromising security or decentralization.
Founded in 2017 by Anatoly Yakovenko from Solana Labs, the Solana blockchain adopts a new method of verifying transactions. Bitcoin, Ethereum, and many other projects suffer from scalability and speed issues. Using a method known as Proof of History (PoH), the Solana blockchain can handle thousands of transactions per second.
How does Solana work?
Solana is a third-generation, Proof of Stake blockchain. It has implemented a unique way of creating a trustless system for determining the time of a transaction called Proof of History.
Keeping track of the order of transactions is hugely vital for cryptocurrencies. Bitcoin does this by bundling transactions into blocks with a single timestamp. Each node has to validate these blocks in consensus with other nodes. This process adds in a significant waiting time for nodes to confirm a block across the network. Solana instead takes a different approach. Let’s take a closer look.