The Solana Timeline
What makes Solana unique?
Solana’s creators aimed to tackle a few obstacles that they thought were missing from other blockchains and traditional financial instruments, such as:
Speed: Solana’s creators wanted to build a blockchain with the potential for widespread adoption. Unlike Visa and Mastercard, which handle about 65,000 transactions per second (TPS), standard blockchain transaction speeds were only about 15 TPS. To address demand on a global level, Solana Labs set out to create a new platform that now processes 65,000 TPS.
Low cost: Solana offers far lower entrance costs than the hefty gas fees on Ethereum's network, which has worked in its favor and has resulted in a rapidly growing user base. Solana transactions come in at an average of $0.00025, which is modest compared to other blockchains. Solana draws users from all over the world because of its low pricing and higher transaction speeds.
Consensus mechanism Most blockchains use a proof-of-work (PoW) or proof-of-stake (PoS) consensus mechanism. However, the Solana blockchain uses a unique voting system to validate blocks called a proof-of-history (PoH) protocol based on a PoS consensus mechanism with a different time calculation method.
How Does Solana work:
Solana sets itself apart from other blockchains due to its method of functioning. It processes crypto transactions as they occur instead of adding each block on the blockchain. This allows Solana to offer levels of high performance that benefit dApps on its platform.
g events. Solana's algorithm facilitates higher scalability, reduced transaction fees, and more stable platforms for dApps. It allows stablecoins, gaming, cloud storage, and decentralized exchanges to be parts of its network architecture.
The migration brought conflicting views from community members and the Solana NFT
ecosystem as a whole, as some disapproved of the move, while others expressed excitement
and one person even referred to it as a “level up.”