The topic of our today’s blog is Solana. I’m sure you’ve heard about it many times lately. Last year it grew by 3000%. Wow! Speaking in the language of youth “Solana is now on the hype.” Today we will find out whether this phenomenon deserves the attention it now has.

Solana is a third generation blockchain. Remember, in our Staking article, we talked about Proof of Stake. So Solana is working on a completely new blockchain that uses a unique consensus mechanism called Proof of History (PoH). You probably already understood how it works by the name. This mechanism is based on adding temporary marks, marks to blocks. What does it give? This is a very useful feature indeed. Thanks to the Proof of History, it is possible to determine exactly when the transaction took place, the user will know exactly when a certain event occurred.

Solana appeared in 2017, in the city of San Francisco. It was founded by developer Greg Fitzgerald, PhD Eric Williams, also former Qualcomm and Dropbox employee Anatoly Yakovenko and Stephen Akridge and Raj Gokal. At the moment, the team has more than 2 dozen employees.
The first test launch took place in 2018. The creators themselves say the following about Solana: “a public operating system in which everyone can participate.” Solana immediately became a hit, in the same 2017, during the ISO prime time, then the project raised about $ 25 million in various rounds and private sales.
It is worth noting that they have a larger community, about 2 million followers on Twitter, as well as about 80 thousand users on the Telegram network.

This system is capable of carrying out 60,000 operations per second. The numbers are already very significant, but representatives say that the number of the operation could grow to 710,000. But how do they do it?
They owe such a high transaction processing speed and their number to Proof of History. Many networks spend a lot of time and resources synchronizing transaction time between network nodes. But the creators of Solana were able to create a centralized clock that can check all the nodes without wasting resources. The system is also supported by Tower Consensus. It allows distributed networks to reach consensus despite attacks from malicious hosts.

Solana naturally has her own token, which flaunts under the local name – SOL. All transactions and smart contract operations on Solana will consume SOL. Anyone holding enough SOL can become a validator of the network and support consensus building for the blockchain to work.
At the moment, the cost of one Sol is about 36 US dollars.