For music enthusiasts, the Solana blockchain has a music streaming platform, Audius, which offers a more equitable remuneration scheme for recording artists. In the future, we may see Solana-based games and apps, including robust player-to-player marketplaces, similar to those you’ll find in specific online ecosystems and games. In other words, they will interact with one another and with the Solana ecosystem, blockchain, and token.
The platform has "composable building pieces," making it simpler to develop applications that cooperate and collaborate. The platform now supports the Rust, C, and C+ programming languages. Solana is a platform enabling developers to build mobile DeFi applications, in addition to its cryptocurrency and blockchain. So, what exactly does Solana do apart from transactions? However, if all Solana coins were circulating, their thoroughly diluted market value would be slightly above $83 billion.Īpart from Bitcoin, blockchains are capable of more than simply supporting transactions. Solana’s circulating supply currently has a market value of just a little over $47.9 billion, according to CoinMarketCap. Most of these DApps run on the Ethereum blockchain, but the high transaction fees and congestion on the network have become a limitation that is driving more and more top developers to Solana The past few years have seen DApp developers launch several products, from decentralized finance (DeFi) platforms to games. The network is the fastest-growing ecosystem in the crypto scape, supporting over 400 projects across NFTs, DeFi, Web3, and others.ĭecentralized applications (DApps) are one of the most exciting innovations of blockchain technology. Solana is a decentralized blockchain that enables user-friendly, scalable apps for users around the world.
Honestly, we’ve seen incredible progress towards this objective thus far. The end purpose of cryptocurrencies is to replace today's inefficient and corrupt financial institutions. Because of Solana’s robust protocol, it can provide global scaling capabilities for DApps decentralized platforms. The Solana network is a fourth-generation blockchain that attempts to address the trilemma by building a fast and scalable network without sacrificing security or decentralization.
The next goal of the update is to achieve 100,000 TPS, but there's still a long way to go. SOL transactions are complete within fractions of a second.Įthereum, Solana’s biggest competition, is now undergoing a significant update (Eth 2.0) to increase transaction speed and lower costs. Still, these transactions take several days to settle, delaying the transfer of money from a bank account to another. In contrast to Solana's transaction speed, a Visa card may only process up to 24,000 transactions per second. For this reason, many dub Solana as the true “Ethereum killer.” Polkadot and Cardano are two other cryptos contending for this title. Solana has increased in price 40-fold in the past year, from $3.50 to $159.34 at the time of this writing.īecause of its speed and throughput of up to 50,000 TPS, Solana is among the world's fastest networks and first web-scale blockchain networks. With a market value of approximately $47.9 billion, it has just surpassed Uniswap, USD Coin, and Polkadot and seems to be on a tear. This surge came nearly a year and a half after its Mainnet beta debut in March 2020. Solana rose from practically nothing in a blink of an eye to number 8 in the crypto market capitalization rankings.