What makes us so interested in Solana? Why not some other cryptocurrency? Well, don't think we didn't start there.
In earlier days Bitcoin seemed like it was the One, and it made sense to learn more about it. However, since it seemed like a unique store of value, there was not a lot else to do but maybe hodl. Who doesn't wish they got all aboard THAT train? When Ethereum came along, THIS seemed like something that could change the world. Smart contracts? That could affect everything. We tried some transactions with tokens in 2017. The whole idea of offering up more and more gas just to get a transaction to go thru just made it seem wrong. You want your transaction network to be a source of confidence, not a source of "gas anxiety." So that Ether is still in that wallet. We'll see if Ethereum 2.0 gets us to crack it open.
Not too long ago, after reading about concerns with energy usage of crypto networks, and some research into the various currencies, it appeared that Solana might really be the crypto that breaks into the regular world. There are three reasons why, all related to transactions:
Solana transactions are fast, they are inexpensive, and they can occur at high throughput on the Solana blockchain.
We are not financial advisors or crypto experts, so take the description below as a regular person's opinion. If you see something you disagree with, please let us know and we will try to correct it.
Solana transactions are fast. Because the the Solana blockchain uses Proof-of-History as its means to enable blockchain validators to communicate the timing of their messages, their ability to quickly reach Proof-of-Stake consensus is enhanced greatly. This means that it does not take long for a transaction to be entered into the blockchain. The Solana website indicates that block times on the system are under 400 milliseconds. They also indicate that as computer hardware gets faster, so will the speed of the Solana network.
Solana transactions are inexpensive. The last few transactions we did cost $0.00045. Additionally, the energy usage of a single transaction is on the order of a couple of DuckDuckGo searches - nearly zero when compared to some other cryptos. Hope Solana can keep this sort of performance into the future.
Solana network throughput is very high. The actual numbers seem to be in the 50,000 transactions per second range. This is much higher than other blockchains. Hope they can keep increasing the throughput as things scale up.
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