<aside> 💡 URL: flint.money/learn/what-is-solana


<aside> 💡 Page Title: What is Solana? | Flint


<aside> 💡 Metadata: Solana is one of the most promising blockchain networks that has a vibrant developer community, good tokenomics and…


What is Solana? How does Solana work?

Solana is one of the more progressive blockchains that can boast of extremely high transactions per second and massive adoption in the crypto community. Solana was created by Yakovenko in 2017, an engineer by profession, who, before creating Solana, worked at one of the biggest semiconductor manufacturers, Qualcomm.

Theoretically, the Solana network can process upto 710,000 transactions per second. To put that into perspective, Visa can process upto 1700 transactions per second.

What makes Solana unique?

Solana is unique in the crypto world primarily because of 2 things:

Speed of Transactions

Solana processes about 3000 TPS, in contrast, ethereum processes only about 10-15 transactions per second. But what makes Solana faster?

Solana can execute thousands of smart contracts every second. If you haven’t read our article on Smart Contracts yet, do give it a read. It will help you understand about the world of smart contracts and how they can be leveraged to make smarter products

Here is an infographic that compares the speed of transactions across different blockchains

transactions per second for ethereum, binance, solana, cardano, avax

transactions per second for ethereum, binance, solana, cardano, avax

Transaction costs

The Solana blockchain has one of the lowest transaction fees (incorrectly referred to as ‘gas’ fees) amongst all blockchains. This allows Solana to have a much more vibrant developer community and more varied applications. There are 2 major reasons that allow Solana to have lower gas fee for crypto transactions:

  1. Lower block time
  2. Higher block size

Lower block time (0.4 secs) and higher block size (20000 transactions) allows the Solana blockchain to have much lower transaction fees of about $0.00025 as compared to Ethereum that has gas fee of about $10