The transaction speed of the blockchain platforms plays a major role in driving the network traffic. A Solana Blockchain development company provides to create a Solana products with Dapps and other related products. A blockchain platform with high transaction speed will offer better exchange facilities to confirm the transactions on-chain. Solana is one of the most preferred high-speed blockchains that possesses cryptographic time-sampling. It can approximately regulate the network traffic and process up to 2500 transactions per second. Solana is, therefore, one of the fastest networks in the world.
Because of Solana’s high transaction speed and low gas fees, many businesses and entrepreneurs prefer to develop their dApps on the Solana platform. Solana overcomes the communication cost and transaction latency with a unique PoH consensus mechanism and PoS Tower BFT. It uses the network’s Proof of History as a reminder before the PoS consensus.
Solana has a dynamic ecosystem with many tools and features like interoperability. It has devised its interoperability protocol known as the Wormhole. With the interoperability protocol and a distinctive consensus mechanism, Solana provides businesses, entrepreneurs and developers with a wider spectrum to securely build and launch their decentralized applications. It minimizes the network congestion and scalability issues that exist while processing a transaction or using a dApp with the help of a unique block propagation protocol and minimum to negligible mempool status.
About Solana Blockchain
Founded by Anatoly Yakovenko in 2017, Solana is a public blockchain network that is open-source in nature. Its ecosystem is based on the proof-of-history and proof-of-stake consensus mechanism. Solana’s native currency is the SOL and is used to regulate peer-to-peer transactions on the network. The Solana network is ‘censorship-resistant’ and is a fourth-generation blockchain; it also supports the use of smart contracts and NFTs in its ecosystem.
Solana functions according to the time-keeping technique based on the Proof-of-History (PoH). Proof-of-History helps eliminate the problem of scalability and time required to reach the consensus regarding the transaction orders. Solana’s founder, Yakovenko, believes that this robust consensus mechanism can smoothly automate the blockchain process of transaction ordering on the Solana network.
Solana supports multiple wallets with the help of its native command-line program. It advocates using application wallets or a wallet based on the online browser. These wallets give a user-friendly experience for the users rather than utilizing the command-line tools. The wallets based on the command line are for the blockchain experts and developers, as the new attributes on the Solana network will always be supported on the command line first. The wallets based on the command-line tools will then be incorporated into the third-party solutions.
The various wallets supported by the Solana chain are as follows:
Mobile application wallets
Web wallets
SolFlare web wallet
Hardware wallets
Command-line wallets
Now that we are familiar with the Solana network and its types of wallets, let us understand why blockchain enthusiasts and developers highly prefer it in the next section.
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Why should you build on Solana?
The best part about starting development on the Solana ecosystem is that you do not require prior smart contracts or Rust knowledge. You do not need any blockchain experience before starting a development process on the Solana ecosystem, as it is one of the most user-friendly blockchains and can be programmed easily.
On the Solana network, smart contracts are referred to as Programs. Programming languages like Rust C and C++ are used to develop programs for the Solana network.
Solana Programs are important to build unique and robust dApps on-chain. Additionally, there are plenty of ready-made tools in the Solana ecosystem for the new users who are not familiar with the dApp development process on Solana. Solana Labs has developed a convenient Solana web3.js SDk that helps users communicate with the blockchain and with Solana Programs or the Solana smart contracts efficiently.
The foundation of the dApp development on the Solana chain is the JSON RPC API which is equivalent to a layer of communication that allows the users and developers to communicate with the blockchain. There are various benefits of developing on the Solana ecosystem as given below:
Speed
Solana is one of the fastest blockchains globally, with a record of processing approximately 2500 transactions per second.
Cost per transaction
To process a transaction on a blockchain platform, the user must pay a minimum gas fee. This fee varies from blockchain to blockchain and some of them require a good amount of gas fee to process a transaction. In regards to this, Solana is one of the cheapest blockchains in terms of its gas fee, which is equivalent to $0.00025 approximately.
No mempool issue
Mempool in blockchain implicates the waiting area in which the transaction waits after getting processed for it to be accepted by the blockchain. In Solana, there is no such hassle of Mempool status on the network; it directly adds the transactions to the blockchain, therefore saving a lot of time and minimizing the network congestion.
Easier to program
Solana is a user-friendly platform with ready-made tools and has an easy smart contract deployment process. It can exponentially host multiple decentralized applications on its platform. Solana also supports cross-chain transactions, communication and dapp hosting with its bridging protocol known as the Wormhole.
Open-source
Solana is an open-source network with easy-to-use software and codes for building on its ecosystem. Solana users and developers can download Solana software code directly from Solana Lab’s Github and can also own a node up and running instantly.
dApp built on Rust
All the decentralized applications are built using Rust on the Solana ecosystem. Rust is one of the most used programming languages and in Solana, it addresses the issues of memory safety and thread concurrency.
Now that we are familiar with the advantages of building on the Solana platform, let us dive into the steps to create a decentralized application.
Solana Blockchain Development Company
Innosoft Group provides Solana Blockchain Development services that provides high Solana blockchain consultancy, DEX development, Solana smart contract development, dApp Maintenance and many more.
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