Solana Light Report

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A high-speed layer-1 blockchain

  • Solana is a high-speed layer-1 blockchain with the ability to hit highs of 65,000 transactions per second (TPS) and a theoretical limit of 710,000 TPS in the future. 
  • Currently, the chain processes roughly 1,900% of the number of transactions Ethereum does while users only pay a fraction of the fees. At its peak, the network processed over 4,800% of the transactions on Ethereum.
  • Using a new network timestamp system called proof-of-history (PoH) as outlined in its whitepaper, Solana is able to boost blocktimes up to 400ms. 
  • Smart contracts on Solana use the general-purpose programming language Rust. Solana is not EVM-compatible. This implies the metamask wallet cannot be used for Solana. Users can use other wallets such as Phantom, Trust and Solflare for Solana. 
  • Solana's speed and high throughput have made it possible and efficient to build certain smart contracts that are rendered prohibitively expensive or computationally infeasible on the Ethereum mainnet - for example: decentralized order books such as Serum, and the other DeFi protocols built on top thereof. 
  • Solana has been criticized for its perceived high degree of centralization and downtimes. 
  • SOL is the native and utility token on the Solana network that provides a means of transferring value as well as blockchain security through staking. 
  • The total supply of Solana is around 500 million SOL. 
  • SOL was launched in March 2020 and has become one of the top 10 cryptocurrencies by market capitalization.
  • Founded in 2017 and dreamt up by Anatoly Yakovenko, Solana’s core technical team comes from Qualcomm, a Fortune 500 chip manufacturer.

 

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