Solana Review and Rating on Scortik

The Solana project, which began in 2017, is managed by the Geneva-based Solana Foundation, which was formed to speed the public use of blockchain technology. Solana Labs invented the Solana blockchain. Solana ranks among the fastest blockchains, with an estimated TPS of 1,249 per second. The average transaction cost is roughly $0.00025, which is significantly cheaper than the cost of several major blockchain systems. It is a public, open-source blockchain that tries to solve the blockchain trilemma.

Solana's Bio

Solana is a high-performance blockchain protocol that is perfect for hosting scalable dApps. It is one among the world's first web-scale blockchains and is noted for its speedy network—thanks to its high throughput. It's a rapidly expanding ecosystem with thousands of active projects in fields like DeFi, NFTs, and Web3.

Consensus Mechanism

Solana employs a hybrid of Proof of Stake (PoS) and Proof of History (PoH) consensus techniques. PoH's peculiarity rests in its capacity to keep time and is utilised to encode the trustless flow of time into Solana's ledger. It implements the VDF, or Verifiable Delay Function, which uses previous occurrences to timestamp transactions.

Key Characteristics

Solana employs Gulf Stream, a high-performance mempool management system.

Because of Solana's excellent scalability, transaction costs are kept under $0.01.

The blockchain is extremely fast, with block times of roughly 400 milliseconds.

Solana is the first blockchain to employ Proof of History.

Founders

Solana's founders are Anatoly Yakovenko, Greg Fitzgerald, Stephen Akridge, and Raj Gokal. However, Solana was initially presented by Anatoly Yakovenko in a white paper in 2017, where he also discussed Proof of History.

Popular Use Cases

• Star Atlas is a multiplayer space exploration video game.

• Raydium is an Automated Market Maker (AMM) or liquidity provider designed for the Serum DEX.

• Serum is a high-speed decentralised exchange that aspires to make DeFi as fast and convenient as centralised exchanges.

• Magic Eden is a premier NFT marketplace based on Solana to simplify the minting and trading of NFTs.

Check Solana Review and Rating on Scortik. Scortik is a Blockchain Protocol Rating and Review Platform that shares the ranking of Web3 ecosystems on basis of their features.