Review on Solana by David Olayide
Solana Scalability Features
Solana is a high performance cryptocurrency blockchain project, that is built to support smart contracts and decentralized applications. The project utilized the proof of stake consensus mechanism along with time stamped transactions to maximize efficiency. There are a lot of cryptocurrency affiliated projects around us today with each of them claiming to solve one pertinent problem or the other. From what I was able to access on the website of the Solana project, I discovered that they claim Solana can process about 50,000 transactions per second. This is indeed, very fast, and the project seems to be built for speed.
I was impressed to see that Solana boasts of contributors from various high level companies such as Intel, Qualcomm, Twitter, Dropbox, Google, Apple and Microsoft. As such I expected to see some really impressive project structure giving the scale of contributors. Solana tries to provide a solution to the issue of scalability that affects most blockchain platforms around the world today, including Bitcoin.
To do this effectively, Solana built their blockchain based on Proof of History mechanism which is a proof for verifying order and passage of time between events. The purpose is to encode the trustless passage of time into a ledger. A Proof of Stake consensus mechanism is also used to confirm the current sequence produced by the Proof of History generator.
I have discovered that it can be very hard to explain the project because it can be very technical and complex if you decide to go into details. SOL is the native currency of the project and it is used to pay fees on the Solana network. There is a total supply of about 500 million SOL tokens. The token is readily available on Binance in case you plan to keep some for yourself. Huobi Global and Bilaxy are other options too. Storing the tokens however is not as easy because there are few capable wallets apart from Binance Trust Wallet.
I personally think the SOL tokens will be profitable for investments as the price keeps improving.
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Pros
- Highly scalable
- Fast transactions time
- The Solana project is capable of processing large volume of transactions per second
- SOL tokens are available on Binance and it can serve as a profitable investment
Cons
- There are few mobile wallets that you can use
