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Solana is the future of cryptocurrencies?
A question that has invaded cryptoactive fans for a few months
Solana has impacted the whole world with its presence in the market and new system of how to manage a blockchain or chain of blocks.
Its speed in transactions is one of the most relevant aspects that it has liked.
The genius behind this cryptocurrency is the programmer Anatoly Yakovenko, who had the idea already realized in mid-2017.
It took almost 3 years for this virtual currency and open source platform to be released to the public.
And do you think that only the speed of transactions may be able to convert it in the future? Find out by reading this article.
Solana Token
With extreme speed, the currency that was created to maintain the Solana platform, called Sol, became one of the currencies with the highest capitalization in the market just months after its exit.
Its governance in the network is to pay the commissions of the transactions.
We must emphasize that it has surpassed virtual currencies, such as: Dogecoin, Polkadot and SHIBA INU. Technically, you have heard more about them, but this, because they are very mediatic currencies that serve to manipulate the market.
Lately it has risen a little more in the ranking of virtual currencies, occupying the number 7 position, and costing USD $156.15.
Practically, Solana has had a huge, but silent climb, hiding several mysteries behind her, since one of the problems that plagues her is the lack of transparency.
How does Solana work?
Like all cryptocurrencies, its network is decentralized, and it can be considered to have a very complicated system, which makes it stand out from the other blockchains of other cryptocurrencies.
It is known as the long-term competition of the great of virtual currencies: Ethereum.
First, their network has a much stricter and more orderly recording order than other blockchain protocols, such as Bitcoin.
Each transaction has temporary information, making the creation of a whole chain of blocks much more easy. Using the time division multiplexing system.
Using the SHA-256 algorithm, created by Bitcoin. Which, Yakovenko, has turned into a clock, to assign time stamps.
Thus, allowing it to be possible to carry out many more transactions at the same time, and making possible a significant increase in the speed at which transactions are verified.
In total there are 65,000 transactions per minute, without even needing the help of a parallel network.
What makes it different from other cryptocurrencies?
One of the main differences is that most cryptocurrencies do not maintain an order of their transactions by date and time, which is noticeable to be a bit confusing.
Adding the fact that the miners in charge of ordering and certifying the transactions create several forms of the chain when by coincidence they decrypt a block at the same moment.
This is a problem, since it takes transactions a lot, you may even have to repeat it or request a transaction again because it was not registered.
Solana, meanwhile, has an algorithm created by Anatoly Yakovenko himself, for the verification of transactions, which consumes almost no non-renewable energy.
As we already know, the carbon mark left by other cryptocurrencies is very large, which is why many describe Solana as a renewal for the digital currency market.
Although it uses less energy, it does not mean that it is a slower system or network, on the contrary it is much faster than that of Bitcoin itself.
What does it offer?
As the idea behind the creation of Solana is to compete with the Ethereum network, the ability to separate the validation of transactions or smart contacts or Smart contracts, will be much more effective than the previous one mentioned.
Their system has a support of DApps and DeFi introducing in them NFT, that were thought before, that could only be of Ethereum.
This opens up another market in which you are no longer fighting sharks, as in the network capitalized by ETH.
These features for decentralized application developers is too attractive, as it is not only faster than Ethereum, but also less expensive.
It also offers us the ability to exchange cryptocurrencies from its own platform, its Swap is a copy of Uniswap.
Mysteries of Solana
The people who make the network work are the miners, who get their reward in the platform currency (SOL)
These coins were shared among the components of Solana. Where they are: the validators, the public and the Solana Foundation.
Where, the latter has not explained well its function and how much money it really handles in Solana.
The SOL token started with a total amount of 500 million to enter the market. But after that start, the Solana community burned almost 11.4 million of these coins.
Since it appeared in a random Wallet, a sum of more than 13 million Sols, for no reason.
In addition to the tokens that are used to pay the commissions of the platform, they are also burned. They will have more value if there are few tokens.
We must also highlight the fact that Solana has had stoppages or interruptions in her activities. It has become a whole day without working, which should not happen.
They speculate that it is because your system is overheated from so many transactions per second, but it is that your system is supposed to be prepared for that.
Decentralized or centralized platform?
Much is said that all cryptocurrencies to be considered cryptocurrencies must be strictly decentralized, that's what the miners and the entire system itself are for. So that there is no controlling entity for everything.
If there is a particular entity that has great influence, there cannot be an Exchange.
And this is exactly what Solana is suspected of.
There is a programmer for several highly scalable applications and projects within the Solana network, named Sam Bankman-fried.
And it is believed that he has had a lot of influence regarding the growth of the platform. Speculating until he is the person who runs the so-called Solana Foundation.
But we cannot assure this, what we can confirm is the incredible power that Solana offers us, and that it can bring many incalculable benefits in the future.
