What is a Solana?
Anatoly Akavenko is the founder of Solana. It was first drawn on a white paper. Solana is a decentralized platform that uses SOL crypto coins to pay for every transaction made within 400 MilliSeconds. It is an open-source platform that uses both general agreements between Proof of Stake (POS) and Proof of History (POH). Every transaction made in this blockchain technology is super fast compared to the Etherium and Bitcoin having 10 Sec and 10 Minutes respectively. Solana also claims that they can even handle 710,000 transactions per second which are pretty crazy 30 times more than what VISA currently handles. Also, it’s super cheap as compared to ETH gas fees.
7 Reasons why Solana coin is better than Any other?
Since 2008, the Crypto King (BTC) value is increasing as every year the halving takes place. This process is somewhat known as dividing the number of generated rewards per block to maintain the total supply of BTC. This halving occurs every 4 years. Block reward is the main purpose of mining the BTC. When users transfer their BTC to another wallet a gas fee is charged by the network, which goes to the miner as a reward. Due to the halving and fixed supply of BTC in the blockchain this gas fee decreases. Because of the decrease in the value of gas fees the miners get lesser rewards, which ultimately increases the value of BTC. The faster mining the better is the reward. The BTC blockchain is based on Proof Of Work (POW).
- Low transaction fees
- Proof of History consensus based key innovation
- Superfast in transaction speed
- Proven capability of handling of upto 50000 transaction per second
- No requirements to be a validator
What is Ethereum, London Hard Fork, and EIP-1559?
In 2015, following the BTC blockchain, another crypto named Ethereum was launched by Vitalik Buterin. This coin was originally inspired by the Bitcoin-based blockchain technology but has features like a smart contract which makes it easier for it to be used in all types of functionalities. Since Ethereum has a higher value of gas fees, Vitalik Buterin first proposed five major improvements to be made in ETH to make transactions faster with lower gas fees. One of these is EIP-1559 or London Hardfork.
You can find more about Solana in this video. Watch it till the end.
Let Us know in the comment which crypto do you like and why?