SOL is going insane and stay tuned for updates new ATH.
In mid-April, the crypto market saw a sudden dip. Coins and tokens bled across the board, posting losses of 20% or more. However, there was one cryptocurrency that continued to move upwards against all odds. While the rest of the market crashed, Solana charged up the rankings with a 50% gain. And now seems to be momentum away from becoming one of the top 10 largest cryptocurrencies by market cap.
Now given how rare it is to see this type of gain against the grain, you might be wondering what caused it and whether Solana still has room to grow. As it turns out, there has been a lot going on behind the scenes for Solana, and today, I’m going to tell you why these developments suggest the SOL coin is just getting started.
If Solana doesn’t ring a bell, here’s TLDR. Solana was created by Solana Labs which was founded in late 2017 by a team of senior software engineers in San Francisco.
The chief architect behind Solana is Anatoly Yakovenko who drafted a white paper for something called Proof of History (PoH).
Now, in short, Proof of History involves using Bitcoin’s SHA256 hash function as a way of keeping time inside a blockchain.
While Proof of History (PoH)is not a consensus mechanism, it does play a critical role in Solana’s proof of stake consensus mechanism. Proof of History it makes it possible for Solana validators to cram as many transactions as they can into a block since they can easily be sorted out and verified by other validate and loads later using time stamps.
When you combine this feature with Solana’s block time of 400 milliseconds, you get a blockchain that can process over 50,000 transactions per second. According to Anatoly Solana’s TPS would be more than 700,000 were it not for hardware constraints, and Solana will only get faster as hardware improves. Read More…
Categories: CRYPTO PROJECTS