Crypto101

Solana is a high-performance blockchain founded by former Qualcomm, Intel, and Dropbox engineers. It uses a delegated Proof-of-Stake (dPoS) consensus algorithm. The network uses a unique method of ordering transactions to significantly improve its speed and throughput. Solana has been called “the Ethereum killer” as more developers have been turning to the platform to build their own decentralized apps (dapps) and cryptocurrencies. Blockchain networks have historically struggled with scalability issues, with the few that managed to solve them dealing with centralization issues. A decentralized network with small confirmation times and transaction fees has been hard to create, but the problem was tackled in 2017 with the creation of Solana. Using what’s known as Proof-of-History (PoH), the Solana blockchain is able to handle thousands of transactions per second. PoH uses Verifiable Delay Functions to hash incoming events and transactions to allow nodes to locally generate timestamps of

DeFi or also known as Decentralized Finance, is a term used to describe financial products that are built on permissionless and decentralized blockchains like Ethereum and Solana. This includes all sorts of exciting financial applications that offer lending, borrowing, trading, insurance and much more. The possibilities are almost limitless. Traditionally, if you want to borrow US$10,000, you first need some assets or money already in the bank as collateral. A bank employee reviews your finances, and the lender sets an interest rate for the repayment of your loan. The bank gives you the money out of its pool of deposits, collects your interest payments and can seize your collateral if you fail to repay. Everything depends on the bank: It sits in the middle of the process and controls your money. DeFi turns this arrangement on its head by re-conceiving of financial services as decentralized software applications that operate without ever taking custody of user funds. Want a loan? You ca