Beginners Guide

The Beginner’s Guide To The Solana Blockchain Network

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Mar 27, 2022

The crypto space is highly competitive.

Blockchains are the backbone of cryptocurrencies; thus, if you want to develop your currency, you must improve your Blockchain.

Scalability is the most crucial challenge for Blockchain, and competitors are constantly working to enhance it.
Blockchains like Bitcoin have drawbacks like transaction time and speed, so a competitor called Ethereum came up with a solution for faster transactions, more privacy, and decentralization.

Because security is critical and decentralization is one of the basic ideas of blockchains, most projects face the difficulty of growing without jeopardizing the other features.

Here's where Solana enters the picture. In 2017, Solana was created by Anatoly Yakovenko as solid support to the crypto industry. The Solana blockchain claims to have figured out a way to solve this problem and promises to offer faster transactions with lower fees.

What is Solana?

Solana is a decentralized crypto computing platform that promises to achieve high transaction speeds while maintaining scalable applications. Solana is an open-source, high-performance, permissionless project that enables anyone worldwide to develop crypto apps that can scale today.

The native cryptocurrency on the Solana blockchain is SOL, which is utilized for transaction fees and staking. It also entitles owners to vote on future upgrades.

Solana scales well as a layer 1 blockchain, implying it doesn't need off-chain solutions to speed up transaction processing or avoid bottlenecks.

The third-generation blockchain architecture developed by Solana is intended to make smart contracts and decentralized application (DApp) development easier.
Solana is not only ultra-fast and low-cost, but it also avoids censorship. This means that the network will stay available for apps to function freely and that transactions will never be halted.

The scalability here assures its users and developers that the transaction fee is ...

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