Solana is a public blockchain network that has an ecosystem of cryptocurrency. Crypto developers designed the blockchain at Solana Labs, San Francisco. It streamlines quick transactions, provides robust security algorithms, and processes transactions in relatively less fee.

Almost all the features of Solana are similar to the features of Ethereum and Bitcoin. It can deal with about -fifty thousand transactions at one go in a second. Not only that, the transaction’ speed can increase up to 700,000 TPS.

Solana, the fastest blockchain in the world, is presently a solid competitor to all the cryptocurrencies in the cryptocurrency space.How it works

One way Solana achieves high transaction speeds is via a combination of the proof-of-stake consensus mechanism and a new mechanism called “proof of history.” Proof of history is designed to keep time between computers on a decentralized network without all the computers having to communicate about it and come to an agreement.
Keep in mind

Like Ethereum, Solana is a computing platform that can interact with smart contracts. Smart contracts power a wide range of applications, from NFT markets and DeFi to games and decentralized lotteries.

One reason a user might choose an app that runs on Solana over, say, Ethereum, is that speeds are high and congestion is low — resulting in very low fees. (But always remember that there can be risks associated with emerging crypto applications and technologies, from volatility to the potential for undiscovered smart-contract bugs to be exploited.)Who Are the Founders of Solana?

Anatoly Yakovenko is the most important person behind Solana. His professional career started at Qualcomm, where he quickly moved up the ranks and became senior staff engineer manager in 2015. Later on, his professional path shifted, and Yakovenko entered a new position as a software engineer at Dropbox.

In 2017, Yakovenko started working on a project which would later materialize as Solana. He teamed up with his Qualcomm colleague Greg Fitzgerald, and they founded a project called Solana Labs. Attracting several more former Qualcomm colleagues in the process, the Solana protocol and SOL token were released to the public in 2020.
What Makes Solana Unique?

One of the essential innovations Solana brings to the table is the proof-of-history (PoH) consensus developed by Anatoly Yakovenko. This concept allows for greater scalability of the protocol, which in turn boosts usability.

Solana is known in the cryptocurrency space because of the incredibly short processing times the blockchain offers. Solana’s hybrid protocol allows for significantly decreased validation times for both transaction and smart contract execution. With lightning-fast processing times, Solana has attracted a lot of institutional interest as well.

The Solana protocol is intended to serve both small-time users and enterprise customers alike. One of Solana’s main promises to customers is that they will not be surprised by increased fees and taxes. The protocol is designed in such a way as to have low transaction costs while still guaranteeing scalability and fast processing.

Combined with the longstanding professional expertise creators Anatoly Yakovenko and Greg Fitzgerald bring to the project, Solana is ranked number 7 in the CoinMarketCap ranking as of September 2021.

This came on the back of an impressive bull run, where Solana price gained over 700% since mid-July 2021. The launch of the Degenerate Ape NFT collection sent SOL price to an all-time high (ATH) above $60, and it has been climbing since, largely due to higher developer activity on the Solana ecosystem, greater institutional interest, growing DeFi ecosystem, and the rise of the NFTs and gaming vertical on Solana. Solana price rose to an ATH of $216 on Sept. 9, 2021