Is Solana ($SOL) Network the Next NFT Powerhouse?

Despite Dogecoin, which is well-known thanks to billionaire Elon Musk, Solana is another altcoin coin that recently moved into the limelight.

What is Solana?

Solana is a programmable blockchain similar to the theory that supports developers and institutions around the globe to create decentralized applications and marketplaces.

Anthony Yakovenko (former worker at Qualcomm and Dropbox) founded the company in 2017 together with Rhodes Gokal, a former digital health worker, and two other engineers.

How It Works and Why It Is Unique 

Currently, the Solana Foundation funds and develops the project’s community-building initiatives.

Solana has a unique consensus architecture that results in a network of more than 200 distinct notes generating up to 50,000 transactions every second. As a result, the market capitalization has gone up.

Solana also uses a proof of history method that allows users to make historical records showing an event that occurred at a particular time. The “Proof of history” enables the Blockchain to work fast while maintaining security. 

The algorithm is a high-frequency verifiable delay function that uses specific sequential numbers to evaluate transactions or events. 

There is also a cryptographic clock that keeps time and the order of events. 

The leader sequences the messages and other nodes process them. Once processed, the leader then executes the transactions and publishes them. After which, the verifiers publish them. Once confirmed, the transactions move to the consensus algorithm. 

Solana’s Sales Data

On Tuesday, SOL hit an all-time high of above $130 (close to a 30% increase). Since the beginning of 2021, the company has jumped 2,348%. 

The platform’s success can be attributed to the intense heat surrounding investments, as it supports ‘smart contracts’ . These Smarted contracts are those needed for Explosions of decentralized finance applications and NFTs.