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254.23 K




8,924.63 SOL


What is solana?

Solana is a fast-growing blockchain with striking similarities to Ethereum—often referred to as an “Ethereum killer.”
Like Ethereum, the SOL token can be purchased on most major exchanges. The token’s real value is in conducting transactions on the Solana network, which has unique advantages.
The Solana blockchain uses a proof-of-history consensus mechanism. This algorithm uses timestamps to define the next block in Solana’s chain..

  • By using a unique blend of proof of history and delegated proof of stake, Solana offers exponentially faster transaction speeds than its closest competitors, Ethereum and Cardano (ADA), at a fraction of the cost, Anissimov says by using a unique blend of proof of history and delegated proof of stake. Unlike proof of work, which uses the miners themselves to define the next block in a chain, or proof of stake, which uses staked tokens to define the next block, proof of history uses timestamps in its definition of blocks for the Solana chain. This innovative system allows validators on the blockchain to vote on the timestamps of different blocks in the chain. This keeps the chain relatively decentralized while simultaneously allowing for faster, more secure computations.
  • Solana works on a combination of proof-of-history and delegated proof-of-stake protocols.
    The reason for this combination of protocols, Bryan Routledge, associate professor of finance at Tepper School of Business at Carnegie Mellon University, says Solana is trying to “process lots of transactions quickly.”
    Routledge points out that trying to process transactions quickly usually requires centralization. For example, Visa uses a huge network of computers to keep its processing speed on track. Bitcoin, on the other hand, Routledge says, “processes transactions very slowly” to remain decentralized.
    Since the entire point of blockchain technology is to provide decentralized systems, Solana attempts to process transactions at speeds akin to a large, centralized company like Visa while maintaining the decentralization of Bitcoin. This speed allows for increased scalability since the environmental and monetary costs of Solana’s systems are lower.
    The speed at which blocks are added to Solana’s blockchain requires additional levels of security for the blockchain. This is where Solana’s proof of history algorithm comes into play. This algorithm timestamps each block in such a way that maintains the system’s security.
    Solana’s SOL tokens are then staked and used as collateral to process transactions on the network. These transactions include everything from validating smart contracts to using Solana as a non-fungible token (NFT) marketplace..
  • Solana's rapidly expanding ecosystem and its versatility have inevitably drawn comparisons to Ethereum, the leading blockchain for decentralized applications (dApps).
    Both Solana and Ethereum have smart contract capabilities, which are crucial for running cutting-edge applications like decentralized finance (DeFi) and non-fungible tokens (NFTs). But there are some fundamental differences between the two.
    Unlike Solana, Ethereum is a proof of work (PoW) blockchain, wherein miners must compete to solve complex puzzles in order to validate transactions, making this technology more energy intensive and hence detrimental to the environment.
If considered by market capitalization, Solana is the ninth largest cryptocurrency company as of Sept. 11, 2022. Larger rivals include Bitcoin, Ethereum, Tether, USD Coin, BNB, Binance USD, XRP, and Cardano.
A solana faucet is a reward system, in the form of a website or app, that dispenses rewards in the form of a lamport has a value of 0.000000001 SOL, for visitors to claim in exchange for completing a captcha or task as described by the website. is a free solana faucet where you can claim up to 0.04 SOL for free every hour.