Solana is a project that aims to combine scalability with lightning-fast speed and near-zero fees. It’s ambitious — but it’s shown promise thus far, with new blocks being produced in less than half a second, and support for more than 50,000 transactions per second. The network has been around since 2017, but it didn’t launch officially until 2020. It’s favoured by creators of decentralised applications.
Solana takes a slightly novel approach to achieving consensus across the network. It uses a ‘Proof of History’ function, alongside a proof of stake consensus for the underlying blockchain. Rather than ascertaining what time that particular events happened, it focuses on establishing the order in which they happened. It’s this method that’s behind the currency’s impressive achievements.