Solana (SOL) is one of the cryptocurrencies with long-term growth potential. Therefore, in this article, Binance will provide the most detailed information about SOL coins for investors to understand. Let’s talk about why Solana blockchain is popular for NFT website development.
What is Solana (SOL)?
Solana is the world’s first web-scale blockchain, a high-performance open source. It provides decentralized financial solutions (Defi); creating decentralized applications (DApps) will become more accessible with the Solana protocol.
Solana improves the scalability of the blockchain without sacrificing security or decentralization. Solana (SOL) uses Proof of History in combination with Proof of Stake rather than a sharding solution.
How Solana works
Solana implements a scaling solution using the PoS consensus algorithm combined with PoH. You can imagine that Solana’s PoH is a standard clock of the entire Solana Blockchain system, available and the source of time is before consensus is born. PoH is used to verify the order and flow of time between events to encode unreliable elapsed time into the ledger.
The potential of the Solana project
As you know, most developers now prioritize Ethereum before trying any other blockchain. However, Ethereum has significant problems with its scalability and stability. While ETH 2.0 has yet to make substantial progress, many Layer 2 solutions have been launched, but none have the optimal efficiency to dominate the market.
With its outstanding advantages, Solana is currently considered an excellent solution for developers:
- High Throughput: The Solana network can support 50,000 transactions per second while maintaining 400 millisecond block times without complex solutions like Sharding or Layer 2.
- Low latency: ~1 second
- Low Fees: Estimated to be around $10 for 1 million transactions
Rust is understood as the leading programming language (also supports C, C++, and Libra’s Move)
The above advantages have helped Solana achieve the following requirements:
High throughput, low fees, low latency, sufficient consensus layer hierarchy, and clear, detailed scaling solution.
- This is a robust execution environment and dev. tool
- Helps reduce the complexity of applications/segments / Layer 2
- Backward compatibility becomes solid and stable in the future.
Why Solana blockchain is popular for NFT website development
Some of the reasons for this question include the following:
- Movement of cash flow: As I mentioned in the Solana forecast, Defi is not the right time to attract cash flow. With a well-developed ecosystem, it is understandable for money to move to another potential branch, and NFT is very suitable for this.
- The boom of Steph and Move to Earn: With gamified running habits like a game that helps users run and earn extra income, Step has created a storm in the community inside and outside of Crypto. Users only need to buy NFT shoes to start joining the world of Steph.
- The emergence of new NFT collectibles: Recent times have marked the emergence of many new collectible NFTs. With the quality of art and the strong community, those NFTs have attracted a large amount of money, and some projects are now considered a highlight for NFT on Solana. Subsidiaries can be mentioned as Degods, Sets on Check, or Sold.
Want to know more about Solana blockchain – contact SmrtOSC here!
Contact us if you have any queries about Blockchain development services, dApps development, NFT marketplace development, Crypto wallet development, Smart contracts development.
