⚡ Ok, What is Solana?
Solana, like Ethereum, is a layer-1 blockchain (L1). An L1 provides the infrastructure or pipelines on which all kinds of dApps, Smart Contracts and decentralized exchanges can be deployed.
But what differentiates Solana from other L1s, especially Ethereum? The answer is speed, cost and resultantly efficiency. As we’ve discussed all blockchains must use some kind of consensus mechanism to validate transactions that occur on-chain. Bitcoin and Ethereum (for now) use a proof of work consensus mechanism, which requires validators to contribute computing power to solve complex mathematical problems or hashes.
Solana, on the other hand, uses a novel consensus mechanism known as Proof of History (explained in detail in the video below). Proof of History allows Solana to create blocks much faster than PoW, which in turn increases speed (nearly 50k transactions per second) and reduces fees for transactions.
Fast speeds and low transaction costs have led to Solana’s emergence as a preferred L1 solution for all kinds of DeFi, NFT and fantasy sports platforms. Its popularity can be gauged by the fact that Solana is now the 5th largest cryptocurrency by market cap.
Learn about Solana and how it works from its founder, Anatoly, in the video below:
Here's a video to get you going
Here's an article for a complete deep divehttps://www.coinbase.com/learn/crypto-basics/what-is-solana
You can't go long without Crypto Twitter
If you have any doubts related to this topic or you have a suggestion, feel free to create an issue here.
If you want to make edits to this topic or update the topic, please click on the "Edit on Github" link you see on the top below the title, make the changes and create a pull request to the master branch. One of the moderators will look at your changes & merge your changes if all looks good.
And yes, if you update anything on this topic, don't forget to add your GitHub username to the contributors' list!
Have a happy learning! ✌️