Solana Price CAD (SOL / CAD)

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What is Solana?

The Solana project is what many people are calling the “next generation” of blockchain technology. The Solana protocol was designed to be scalable and efficient so that its decentralized networks can process transactions faster than any other blockchain in existence today. It also has a novel consensus algorithm which we’ll go into detail about later on in this article.

The first thing to understand about what Solana is, is that it’s a public blockchain platform. Like all other blockchain platforms out there, it uses cryptography and consensus algorithms in order to secure the data being sent on its network so no one can tamper with or alter any of the blocks containing information about transactions.

Also like most other blockchains, Solana is what’s called a “permissionless” network. This means that anyone can download the software and start adding their computer to it without needing any type of permission from any central authority or entity controlling the blockchain.

Solana’s novel algorithm is called Proof-of-History. It’s what allows the network to process transactions much faster than other blockchains while still maintaining a high level of security. Proof-of-History is based on something called “directed acyclic graphs” or DAGs for short. This is a data structure that can be used to represent complex relationships between data points in a more efficient way than what is possible with a traditional blockchain.

Solana vs. Bitcoin

One of the biggest differences between Bitcoin and Solana crypto is how transactions work on each network. In Bitcoin, the network is limited to how many transactions it can process per second. In Solana crypto’s case, the “proof of history” ledger that allows for far more throughput than what Bitcoin currently offers.

Founding Story

The idea of proof of work was coined by Anatoly Yakovenko in 2017. In November, 20217 Yakovenko published a whitepaper explaining Proof of Work. In February 2018, Greg Fitzgerald who had previously worked with Yakovenko created the first implementation of the open source “Loom” which he called “Silk”. It demonstrated the speed to verify and process transactions and later in 2018 was renamed to Solana.

Resources

Official Solana Website

Solana Whitepaper