Crypto projects have become the talk of the town in recent days everyone seems to be getting on the crypto train. But within the crypto space as well, some projects have outshone the others. And one of the brightest shining lights in the crypto space is the Solana projects.
What is Solana?
Solana is a fast-growing scalable layer 1 blockchain that enables fast and cheap transactions and high throughput. Because it is fast and cheap, this third-generation blockchain is enticing new projects, especially in the NFT space.
Solana is a programmable blockchain that uses a Proof-Of-Stake consensus and Proof-Of-History. This algorithm is used to qualify nodes for validation and to provide a secure network activity.
Because Solana is an open-source blockchain, any developer can benefit from this and the result is that Solana already has more than 350 projects on its blockchain. This has also happened because Solana has provided Dapp developers with a cost-efficient ecosystem for developing applications.
The PoS mechanism offers a high degree of scalability and also an ability to process a high volume of P2P transactions. Because security and scalability are at the heart of the Solana blockchain, it can handle 50,000 transactions per second. Not only that, it charges the lowest transaction fee in the market which is $0.00025. And when the maximum number of validators join the network, Solana can scale its transactions per second up to 710,000 tps.
