Download XDEFI Wallet: the best Solana (SOL) wallet.
What is Solana?
Solana is a Blockchain that utilises the Proof of History protocol: Proof of Stake but with some edited features. Proof of history gives each hash a different feature that allows the blockchain to later place the hashes in order. In Proof Of Stake, each node has to agree on the time each block was made, making the blockchain slower. With Proof of History (POH) and sharding, Solana is the fastest blockchain at the time of writing.
Solana also offers Smart Contracts, except their smart contracts are written in Rust language compared to Ethereum using solidity. This makes Solana more powerful. The downside is that they cannot just copy-paste the code from dApps on the Ethereum network, instead, they have to build everything from scratch.
What makes Solana unique?
- Built to Scale – One of the most exciting features of Solana is its speed and scalability. It is one of the few protocols that boast over 1000 TPS because of its genuine web-scale blockchain features. In addition, Solana supports at least 50,000 TPS, which is about 3800 times faster than Ethereum and 10000 times faster than Bitcoin. Solana can add a new block to the blockchain within 600 milliseconds, its average blocktime. In essence, this platform has a short processing time. The reduced validation time for smart contracts and other transactions on the Solana platform is possible because of its hybrid protocols.
- Ultra-low Fees -The developers of Solana designed the protocol to offer fast processing and scalability without increasing the transaction cost. Solana’s transaction fees are far lower than what several other similar blockchains networks charge today. Solana’s average network fee is $0.00025 per transaction. In essence, a $2 million transaction on Solana would cost approximately $20.
- Turbine –( A Block Propagation Protocol) – Since the Solana consensus layer does not depend on peer-to-peer messages, the turbine protocol simplifies data transmission to individual blockchain nodes. Turbine does this by dividing the data into smaller bits, enabling Solana to solve bandwidth problems while simultaneously increasing its total capacity to process transactions more quickly.
What are the core features of Solana?
- Turbine – Solana divides different blockchain nodes into small packets, making transactions easy without validation and bandwidth problems. The turbine is a block propagation protocol that helps data divide in smaller increments and makes data transfer between nodes easier.
- Sealevel – Solana allows different smart contracts to run at the same time, the technology it uses is named Sea Level. Using this Sealevel technology, Solana became cost-efficient and fast also.
- Pipelining – Pipeline system uses multiple sequential steps to process a data input stream, and each of those steps has dedicated hardware.
- Cloudbreak – Cloudbreak is a horizontal scaling method, moreover, an organized database, to efficiently read and scribe transaction input. Cloudbreak also engages in the activity of establishing hardware and software connections.
- Gulfstream – The Gulfstream system makes Solana capable of managing a memory pool size of 1,00,00. And this Gulf Stream enables Solana to touch approximately 65000tps, reduce confirmation time, complete transactions, save more time, and do its best.
- Proof Of History – Solana uses the Proof of History system to keep things fast, meaning every blockchain node takes its own decision and has its clock.
What is the native token of Solana and where can I buy it?
The native token of Solana is SOL. SOL coin is needed to pay for its very low (e.g. $0.00025) and speedy gas fees for all transactions on the Solana network.
SOL can be traded for any SPL token (SPL tokens are tokens built on the Solana blockchain) using any Decentralised exchange (DEX) built on the Solana blockchain.
Using Cross-Chain protocols and THORChain, Solana can be traded for tokens from other blockchains such as ETH or BTC.
Where can I get a Solana wallet?
XDEFI Wallet allows you to safely store, send, and swap Solana (SOL) tokens directly within the wallet.
XDEFI Wallet is multichain and supports more than 9000 tokens, including Solana and all SPL tokens.
Download XDEFI Wallet browser extension here.