A Simple Introduction to Solana

What is Solana (SOL)?

  • Does not use proof of stake or proof of work, but uses a new system called Proof of History. This is like proof of stake, but with a time element to it
  • Add timestamps of when blocks are created, which results in fast sequencing validators
  • Other blockchains faces the problem of consensus of time, which results in slower transaction speeds
  • Anyone can stake Solana but requires a small amount and a staking fee (1 Solana per day)
  • SeaLevel: unique to Solana where validators can run smart contracts code in parallel
  • Uses a different smart contract system with programming language called Rust. Extremely low level which means it takes more work to create things, and code cannot be copy and pasted; everything must be coded from scratch

Advantages of Solana

  • Ability to process a block every 400 milliseconds vs. a block every 14 seconds for ETH
  • Speed of transactions that enables the network to process over 50,000 transactions per second
  • Scalable at the base level and does not require layer-two solutions to scale
  • Extremely low transaction fees

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Ricky Young

My belief is that financial freedom can only be achieved through a combination of smart investing and passive income. This is my journey to achieve financial freedom.

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