Solana is an open source blockchain platform which enables developers all over the world to build decentralised applications. It can also be used in Governance Platform Development. It is capable of 50000 transaction per second. It makes this world’s fastest blockchain. Solana ecosystem has necessary securities, censorship resistance, and cost efficiency. This is the reason why numerous developers are showing interest in it.
This ecosystem refers to suite of technologies which can work with the protocol to boost its speed and scalability. Anyone can start building on the ecosystem. It is open protocol and suite of developer resources. This ecosystem hosts 500 d apps. The network’s growth indicates a steady rise. For the reason of increase in demand of DeFi the ethereum ecosystem suffered congestion. This was the cause developers like Solana.
To achieve its peak scalablity Solana employs eight core innovations. These computational technologies support many node operators, which allows transaction output to proportionally scale with network bandwidth. Solana throughput has seen peaks of 400000 TPS.
The network’s consensus mechanism is unique in comparison with bitcoin’s proof of work. Solana employs both proof of stake and history. This mechanism helps to improve scalability and throughput.
Proof of history works as a clock before consensus. It is a cryptographic clock that enables nodes to agree on the time order of on-chain reactions. Each node has own cryptographic clock. Proof of history stores historical record of transactions. The system can order events and keep track of them faster.
Solana’s PoS consensus model is reinforced by Tower BFT. It enforces a decentralised source of time across the network. It is a permanent reference for each node that supports the network.
Tower BFT leverages proof of hour to reduce the processing power to meet consensus. On traditional PoS networks verifying a time stamp requires great deal of processing power and lots of time. Tower BFT enables network to reach to a consensus having potential attacks from node operators.
Solana known as ethereum killer allows developer to rapidly experiment. This kind of compasiblity is not available in ethereum.
It has many advantages:
Industry leading speed: it is a truly scalable blockchain. It claims to support 50000 TPS which is secured by 200 nodes.it achieves high trough put on layer 2 scaling. The ethereum network averages about 13 TPS. It works faster than smart contract platform.
Scalability: it is the most scalable blockchain ecosystem for its protocol.
Cost efficiency: it is one of the cheapest ecosystems for developers and DeFi enthusiast. It average cost is about us $ 0.0025 per transaction. Ethereum averages us $ 6.25 per transactions. Due to its low fee structure it would cost us$ 10 for US$ 1 million transaction. And for ethereum the gas fees go higher.
This also has disadvantages: Solana is a young project. Whether it offers complete functionality it is still in beta as its mainnet is beta. It marks that the team is improving network’s features and scalability. Despite that it can be useful for governance platform development.