The Tech Quiz - Season 33
Hello everyone,
It's a pleasure on my path to share with you all my entries in this week's contest which is titled "The Tech Quiz - Season 33 " which was organized by @malikusman1. It is an interesting contest and I would love to drop my entry ASAP.
Before we go ahead I would like to invite @perpetaul, @entity01, and @josepha to join this contest in this community today and share their participation as well, I do hope to see and read your entries as well.
Tell us about the Solana (SOL) blockchain.
Solana Blockchain is a blockchain just like other blockchains the likes of Steem Blockchain, Ethereum blockchain, and many more. Though they are all blockchains the way they are built is different from others and today I want to take you all on a ride as to how the Solana Blockchain is different from other blockchains.
Firstly, the blockchain started in 2017 but work was still ongoing as it never became a fully functional blockchain until the year 2020 when it was officially launched.
The blockchain is an open-source blockchain and it was built using two major consensus mechanisms i.e. the Proof of Stake (PoS) and the Proof of History (PoH). Also since the project is open source, it allows the development of decentralized applications (dApps) and decentralized finance (DeFi).
Solution blockchain is also cheap when it comes to carrying out transactions and the speed or scalability of the blockchain is also very high. The cost per transaction is as low as about $0.00025 per transaction so the charges by this blockchain are negligible and very low.
So based on the above-listed factors you will agree with me that Solana Blockchain is different and unique from other blockchain. In terms of scalability, charges we see that it stands out.
Tell us some benefits of the Solana blockchain.
One of the most important benefits of using the blockchain is the scalability and the low transaction charges for every transaction. Every blockchain always looks for ways to attend to their customer the most effective ways they can and the Solana Blockchain has this to offer.
The blockchain execute about 50,000 transaction per second and also the service charge for each transaction is around $0.00025 worth of Solana since they use the native token for transaction in the blockchain. These are the benefits users enjoy in this blockchain.
Aside this, the blockchain also allows other projects to run on it giving room for more investment and other activities within the blockchain so users have the ability to develop dApps, DeFi and perform many other activities.
What is the future of the Solana blockchain and its native token SOL?
Going through coinmarketcap, I notice that Solana is ranked number 5 in the market and it has a total supply 579,070,461 SOL. From the data chart, I also noticed that the SOL token has attended a ATH of about $210 before dropping to its current price.
So from all indications seeing how new projects are coming into the blockchain and how massive the movement of the native token has been over the past few months it's only natural to say that they blockchain is doing well and will grow even more higher in this bull run.
So I believe strongly with all the evidence provided that the Solana Blockchain and its native token will soon become one of the leading blockchain in the world.
Thank you, friend!
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https://x.com/olaiyidennis/status/1806983512056062120
salam friend ur detailed of the solana blockchain was very clearly and telling ... ur impresive to see how solana stands out with its highly scalabillity and low transection costs. I also apreciate the on the future potentially of the solana blockchain and its natives token SOL.wishing you the best of luck in the contest.