Resources

What is Solana? Explained

• Solana was founded by Anatoly Yankovenko
• Solana has a block time of 400 millisecond as compared to Ethereum’s 10 seconds
• Solana can handle 710k transactions per second
  • Transactions around one hundreth of a second
• Solana uses the proof of history consensus mechanism - this is basically proof of stake but adds in a special variable of time
  • They use timestamps with a cryptographic proof to place a date and time on the blocks
  • This makes it such that validators know the transaction orders without having to communicate back and forth

Validators:

There are 25 Validators who validate at the same time

There are no requirements to be a validator

On Ethereum 2.0 in order to stake you must stake 32 ETH or above

• On Solana you stake a small amount of the coin and pay a daily fee
  • The fee is one SOL per day which now equates to about $70k a year

Scaling Issues:

Solana enables something called SeaLevel

• This allows for smart contracts to be run in a parallel way

Solana claims they are constrained by hardware not software