Solana
Solana is a Ultra High-Speed Layer 1 decentralized Blockchain, designed to support Smart contracts and decentralized apps(dApps) on its platform and provide a bunch of benefits to the Dapps developers. Solana goal is to provide a platform that enables developers to create decentralized applications (dApps) without needing to design around performance bottlenecks. Recently Solana network passed 6 BILLION transactions.
Scalable Design
The Solana system also offers horizontal scaling by mixing inputs from different generators. This bring larger scaling opportunities that can reach up to 710,000 tps. Solana was made to compete with existing smart contract platforms, such as Ethereum , Steller , NEO, providing higher transaction rate with comparative very less fee, throughput that could enable large scale applications to be built on top of it.
Solana now lets its users to Create there own Token on Solana blockchain Using spl-token-ui.netlify.app and bonafida/mint.
“Solana was originally designed to support thousands of transactions at Nasdaq speed.”- Unknown
Solana was designed for the decentralized applications that demand high throughput, more stability and fast network speed with low latency rate, Its architecture enables the transactions to be ordered and then it on enter the network, rather than by block.
Network Token
Solana’s network token “SOL”, it has many use and demand such as staking and transaction fees. It has a supply of 500m sol, but initial token supply is around 45M.
In Solana, new SOL tokens will be created based on an inflation rate that varies which is based on two main factors —
1. Staking participation rate — the current fraction of staked SOLs out of the current total circulating supply
2. The global time since the first block
What is Staking
Staking is the process of actively participating in transaction validation (similar to mining), On these blockchains, anyone with a minimum-required balance of a specific cryptocurrency can validate transactions and earn Staking rewards.
Staking on Solana network
We can stake SOL tokens on Solana network and earn rewards by doing this and also a best way to support the world best highest performing blockchain network. Solana is a Proof-of-Stake (PoS) network with delegations, which means that anyone who holds SOL tokens can choose to delegate some of their SOL to one or more validators, who process transactions and run the network.
Delegating stake is a shared-risk shared-reward financial model that may provide returns to holders of tokens delegated for a long period. This is achieved by aligning the financial incentives of the token-holders (delegators) and the validators to whom they delegate.