The Tech Quiz - Season 31

Hi Steemians,
It's another day of the week and I'm delighted to participate in this contest today organized by @malikusman1 which talks about Solana Blockchain. I will be making my entry below so read through it and drop your valuable comment as it will be appreciated.

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Tell us about the Solana (SOL) blockchain.

The Solana Blockchain is one of the most popular blockchain in the crypto space today because of the many projects running on it. In recent times we have a massive pump also in the price of this very asset all because of the wide use of the said token.

Solana Blockchain started as far back as 2017 but it was officially launched in the year 2020 and since then till now we have seen massive growth in the blockchain due to the services offered.

The Solana Blockchain is an open source project which means other people or tokens can build on them while using their native token SOL as a gas fee. So many dApps and Defi have been built and developed on this very blockchain since it is open source.

Another important that we need to note about this blockchain is that it is a hybrid blockchain that uses two consensus mechanisms for its operations and these mechanisms are the proof-of-stake (PoS) and proof-of-history (PoH).

Because of the usage of this very blockchain the team in charge tried to make it highly scalable and faster such that a minimum of about 50,000 transactions are been processed in a second.

Tell us some benefits of the Solana blockchain.

There are many benefits associated with the Solana Blockchain as I have mentioned above. One thing that makes the blockchain stand out among others is that it uses two consensus mechanisms i.e. proof-of-stake (PoS) and proof-of-history (PoH).

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Another benefit of the Solana Blockchain is that it is an open-source blockchain hence many dApps and DeFi projects are built on it. So anyone who wishes to create a token and doesn't have a blockchain can do that on the Solana Blockchain once they meet the criteria set by the blockchain.

Another benefit of the blockchain is that it is highly scalable and can process about 50,000 transactions per second hence when we talk about fastness in transaction processing then we can trust the Solana Blockchain for that.

What is the future of the Solana blockchain and its native token SOL?

The future of the Solana Blockchain and its native token is sure much brighter because recently we have seen greatly how the token has risen during the little bull run we experienced.

From the screenshot above, you can see that recently SOL made an ATH of about $210, and the current price is trending at around $144 which is still very good if you ask me because, after the little bull run, we saw the market went down and all crypto assets were affected as well.

So comparing the price now and the price of SOL late last year to early this year, you will notice that Solana Blockchain has made massive progress recently. I recall that less than a year ago the price of SOL was less than $30 but today we are seeing the price making 4x of its initial price. So this is a clear indication that the Solana Blockchain future is much brighter.

Here I will want to invite a few friends to also join the contest and share their entries as well. I invite @okere-blessing, @sahmie and @mesola.