Solana: Building Scalable, Secure, and Affordable Blockchain Tools for the People
The Solana blockchain is an open-source platform for building the next generation of decentralized apps (dApps) to provide decentralized finance (DeFi) tools.
The project focuses on building a scalable network that is secure and highly decentralized without compromising on its high throughput.
Currently boasting a maximum throughput of at least 50,000 transactions per second (TPS), Solana aims to meet the rising demand for blockchain tools. This soaring demand has plagued other competing blockchains like Ethereum with congestion.
Easing the Burden on Ethereum
The Ethereum blockchain, on which most dApps run, is struggling to meet the soaring demand and is notorious for incredibly high fees. The blockchain’s planned upgrade to Eth2 is a multi-year project that just started rolling out in late 2020. In the meantime, building protocols on blockchain platforms isn’t slowing yet. Solana meets this market deficiency with its unique and unmatched value proposition.
The highly functional blockchain is building an infrastructure that enhances usability for the masses by facilitating fast transactions while maintaining ultra-low fees. Solana has advanced its interoperability and can connect to the Ethereum ecosystem. Projects that aim to leverage the high speed and low cost on Solana can now seamlessly transfer ERC-20 assets to their SPL-standard equivalents via the Wormhole Bridge.
A Growing Ecosystem
Solana is fast becoming an indispensable platform for dApps and DeFi protocols. The project’s top tokens have a combined market cap of $23.9 billion, with Chainlink ($LINK) grabbing the top spot among Solana projects. Being the faster and cheaper blockchain, decentralized projects on the blockchain can build a solid framework to offer users convenient financial solutions that can compete effortlessly against traditional financial services. Compared to centralized finance, many DeFi tools still lag due to their high fees and unreliability. Thus, Solana resolves this bottleneck to the adoption of DeFi solutions.
Building protocols on Solana is simple and fast. Developers can download the open-source project’s code from GitHub and start building their tools. Creating solutions for users and developers decentralizes the project further, making it the platform to build tools for everyday people through large-scale access to DeFi tools.
Top Tools
Two of the key projects built on Solana are Solstarter and Solanium. Among many other large-cap projects, these tools focus on driving adoption on Solana.
Solstarter: Solstarter is a Solana-powered protocol helping projects raise liquidity fairly and transparently, without centralized influence. Solstarter aims to accelerate the already fast-growing adoption of Solana to higher heights by driving incubation and financing of innovative projects. The platform ensures fair and accessible capital for all developers, with guaranteed allocations and in a sully decentralized manner as the project is governed by a decentralized autonomous organization.
Solanium: Solanium is another top project that brings decentralized fundraising to the Solana ecosystem. The platform offers multiple financial services under one roof with an integrated wallet, decentralized exchange (DEX), and transaction management. The simplified platform supports top Solana wallets and includes an inline wallet management feature, creating an exciting user experience (UX).
Finally
Solana remains committed to driving scalability on blockchain technology. Its stand-out features are the hybrid consensus models. Its proof-of-stake (PoS) consensus algorithm is backed by a Tower consensus which allows the distributed networks to reach consensus even when malicious nodes infiltrate the network. This consensus model couples with the Proof-of-History (PoH) model that provides the list of past events on the blockchain to verify the consistency of records for permanent reference.
The blockchain is stepping up and setting itself up for the masses. Towards the future, scalable, secure, and cheap blockchains will actualize the dream for mainstream adoption.
by Unicall Me
