Solana is a third-generation blockchain developed to improve on the mechanisms of Bitcoin and Ethereum. Solana’s blockchain is scalable, decentralized and secure with its novel proof-of-history consensus mechanism. The proof-of-history mechanism upgrades the proof-of-stake with a timestamp to make transactions faster. The Solana blockchain has over 400 Dapps ranging from NFT, gaming and other DeFi solutions.
Solana can conduct thousands of transactions per second without compromising security. As a result of this, fees to Solana are minimal, costing $0.00025 per transaction. Furthermore, Solana’s blockchain is ideal for developers and users as it solves the blockchain trilemma and its POH and BFT mechanisms. SOL is the native token of the Solana blockchain. SOL is currently ranked as the 7th largest coin by market capitalization.
Solana has been on a steady rise over the years because of the utility it offers. As a result, Solana has been dubbed as an ETH killer, although that dream may be halted with the launch of ETH 2.0, making the Ethereum blockchain more scalable.