J.C.
April 18th, 2022
In the world of cryptocurrencies, open source projects have gained a lot of popularity in recent years, promoting the development of DApps (decentralized applications). The Solana network offers a scalable solution, very secure and as decentralized as possible.
Solana’s technology has been specially developed to be adaptive and responsive like no other blockchain. Founded in 2017 by Anatoly Yakovenko, Solana proposes to create a new verification system called Proof of History (PoH), this system allows the Solana network to support thousands of transactions per second. The network was launched in 2020 and currently works in its version or Beta phase. It is normal that because we are in beta phase, the network is exposed to the possible presence of bugs and errors, making it a possible disadvantage.
Within the Solana network, as in any other blockchain, we have the SOL token, this being a utility token, necessary for the payment of transaction fees and to be able to interact with smart contracts.
In a short time, Solana has become a worthy competitor to the ethereum network. Its speed and performance have helped cryptocurrencies and DeFi projects that use it as their Layer 1 increase in the last year. Its architecture is designed to facilitate the development of decentralized finance platforms and NFTs (Non-Fungible Tokens) market.
Solana today is in position number 7 in the ranking by Market Capital, and without a doubt it is a project that must be closely followed; Its speed and low transaction fees allow the development of applications and solutions such as Arweave, Oxigen, Serum, Orca, SolFarm, Mango, Raydium, among others, which have captured the attention of the market.
