What is Solana?
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 ...