The widely acknowledged open secret in the crypto community is that layer-one blockchain projects are poised for significant growth in the next bull run, and among them, Solana stands out as particularly promising. In this article, I’ll explain why Solana’s ecosystem of decentralized applications (DApps) and features positions it uniquely for success.
Despite facing FUD (Fear, Uncertainty, Doubt), Solana has experienced remarkable growth, nearly tripling in value over the last 30 days. Even as it approached the $40 mark, contrary to expectations, it surged to almost $70 before the broader market underwent a healthy pullback. For those still on the sidelines, this may be the last opportunity to prepare for potential gains as Solana soars in the upcoming bull run.
Developments
Now, let’s delve into what makes Solana distinctive. Founded by Anatoly Yakovenko and Rajgopal in 2018, Solana is a layer-one blockchain boasting over 11.5 million users. Similar to its predecessors, Solana relies on a proof-of-stake consensus mechanism, but what sets it apart is the introduction of Proof of History in 2021. This innovation, utilizing a verifiable delay function (VDF), generates timestamps for each block, enabling a high transaction throughput of over 65,000 transactions per second while reducing storage and bandwidth requirements.
Solana’s use of horizontal scaling allows for more efficient parallel processing by enabling additional computers to join the network. The turbine protocol, unique to Solana, facilitates rapid transaction validation through node clusters known as neighborhoods, reducing the risk of network slowdowns caused by malicious nodes.
Furthermore, Solana’s commitment to creating a highly censorship-resistant network has contributed to its popularity as an open-source application, allowing global users to download and build with it. With a minimal block time of about 400 milliseconds, Solana’s speed, efficiency, and security have made it a preferred choice for developers.