What is Solana Blockchain | All details of Solana crypto Project by @malikusman1 | [25/07/2022]
WHAT IS SOLANA ?
Friends, of the more than 10k+ cryptocurrencies now in existence, Solana is one of the most popular. SOL is a single cryptocurrency unit, and Solana is the name of the cryptocurrency platform. Solana developed by Anatoly Yakovenko, uses blockchain-based decentralized computer network.
This blockchain database essentially keeps a running record of every transaction in the currency, organizing and tracking it like a long-running receipt. Financial transactions are tracked through a computer network, which also checks the accuracy of the data.
The network is more stable because of this decentralized architecture, and users can transact without the help of a middleman. The Solana blockchain claims to be the fastest in the world and boasts that it can confirm 65,000 transactions per second for less than a penny.
While many people think of cryptocurrency only as a payment method, it is more beneficial to think of it as a token that can power or enable other applications based on the platform. Solana, for example, can enable NFTs, decentralized financial apps, smart contracts, and more. Now we would talk about its applications below.
TOP DEFI PROJECTS ON THE SOLANA
Friends, there are many Defi projects that built on solana blockchain due to its modren features. Now I will tell you about some top Defi projects on solana blockchain. These projects includes Orca, Saber, Serum, Drift protocol, Raydium and Mango. You can also see the pictures of these projects below.
TOP LENDING PROTOCOLS ON SOLANA
Friends, there are many lending protocols that built on solana blockchain due to its modren features. Now I will tell you about some top lending protocols on solana blockchain. These projects includes apricot, francium, solend, port finance, jet protocol and Tulip protocol. You can also see the pictures of these projects below.
TOP NFT MARKETPLACES ON SOLANA
Dear friends, you all know how much price pump Salana got because of NFT. There are many wonderful NFT marketplaces that are available on Solana platform. But Now I will tell you some famous and top one NFTs marketplaces on Solana. These marketplaces Include Metaplex, Solanart, Magic eden, Solsea and Digital eyes. You can also seen a picture about that below.
TOP WEB 3 APPLICATIONS ON SOLANA
Guys as we all know that the coming era is of Web 3. There are also many web 3 applications that are available on Solana blockchain. Now I will tell You about some top ones web 3 apps on solana. These Apps Include Audius, Grape Protocol, squads, Wum.bo, Brave Browser and Bonfida. You can also see them in the Screenshot below.
FEATURES OF SOLANA BLOCKCHAIN
Solana can power a number of programmes with a range of features:
Non-fungible tokens (NFTs): NFTs, which are frequently linked to digital art, can be powered by Solana, enabling creators to sell their products to consumers.
Finance that is decentralised: Using Solana, you can create and use payments that are not subject to centralised or governmental authority.
Currency: You can send, receive, or transfer Solana using a cryptocurrency wallet in exchange for goods and services.
Smart contracts: When a contract's criteria are met, apps that use smart contracts will automatically carry out its terms.
Digital apps: In addition to its other features, Solana supports the creation of a variety of other apps, such as social media, gaming, and investing apps.
POH approach: In addition to using the proof-of-stake method to verify transactions, Solana timestamps them, making it impossible for validators to manipulate the order of transactions to their advantage. As a result, Solana is a network that is censorship resistant.
CONSENSUS MECHANISM OF SOLANA
Dear friends, Solana consensus technique is PoH mean proof of history which make it different from other cryptos. A series of calculations creates a digital record that can be used to show what actually happened on the network at any given time. Think of it as a cryptographic clock that assigns a date and data structure to each network transaction.
which can only be the addition of data. PoH relies on Proof of Stake, which uses the Tower BFT algorithm for consensus and serves as an additional tool for verifying transactions. PoH at its core (VDF) is a high-frequency verifiable delay function.
VDF is a three-step process that combines setup, evaluation and verification to produce original and reliable output. This keeps the network in order by showing that block producers have waited long enough for the network to continue.
In the instance of Solana, it employs SHA256, a collection of patented cryptographic operations that produces a number that is 256 bits long. The SHA256 count and hashes are periodically sampled by the Solana network, which provides real-time data as directed by the set of hashes built into CPUs.
A specific piece of data created before a given hash index is generated can be recorded by validators using this series of hashes. Once this piece of information is inserted, the timestamp for transactions is generated.
Solana asserts that it can achieve a throughput of 65,000 TPS with an average block time of 400 ms. Instead than waiting for other nodes to verify transactions, all validators on the network use a cryptographic clock to keep track of events in order to attain these numbers.
SOLANA STAKING
Friends do you know that Holders can benefit from benefits for contributing to the network's security through staking. They assign their tokens to validators, who operate the network and handle transactions using a shared-risk, shared-reward business model.
The more stake a validator holds, the more frequently it will be selected to add new transactions to the ledger and the more rewards it will receive. On various exchanges and through personal wallets, SOL can be staked. While for beginners, staking on an exchange is a fantastic choice. In order to stake Sol Coin, I will now discuss different exchanges and wallets with you.
STAKING WALLETS
The wallets in which we can stake Sol crypto coin are given below:
Zelcore wallet
Math Wallet
Atomic Wallet
Exodus Wallet
Phantom Wallet
So these are some wallets where we can stake our Sol crypto coins. These are some best wallets for staking.
STAKING EXCHANGES
The crypto exchanges in which we can stake Sol crypto coin are given below:
Binance Exchange
Kraken Exchange
FTX Exchange
Crypto.com Exchange
So these are some exchanges where we can stake our Sol crypto coins. These are some best exchanges for the staking of Sol coin.
CONCLUSION
Friends, During the crypto money bull runs of 2020 and 2021, Solana had the strongest growth rate. It is still stable, number 9 in terms of market cap. Despite its relative youth, Solana has backed a number of promising technologies with a clear set of applications, some of them I also explain above.
Moreover, it has attracted significant institutional support and established solid partnerships. Additionally, over a hundred projects were submitted to the Solana x Serum DeFi Hackathon, demonstrating the interest of developers in the network.
Other Details:-
| TOPIC | SOLANA BLOCKCHAIN |
|---|---|
| COMMUNITY | STEEM4BLOGGERS |
| DATE | 25/07/2022 |
| AURTHOR | @malikusman1 |
| AURTHOR PICTURE |  |
https://steemit.com/hive-172186/@malikusman1/achievement-1-by-introduction-malikusman1
WRITER:
