When considering a blockchain, it is essential to analyze the performance. Is Solana the fastest blockchain? According to experts, Solana was designed to yield 710,000 transactions per second. But the actual test results during its launching in March 2020 are between 1,200 TPS and 2,500 TPS.
Evidently, this blockchain is at its optimum performance and leading among the other notable DLT networks. Considering its real-time performance figures, we can say that Solana is fastest than Ethereum and Bitcoin.
When determining the crypto speed, there are two important factors to consider: the transactions per second and the transaction finality. A fast cryptocurrency must have high TPS and low transaction finality. The high TPS of Solana is because of its use of Proof of History technology along with the DPoS consensus or Delegated Proof of Stake.
What are Solana’s applications?
Considering its speedy transaction, Solana is very competitive in the blockchain industry. Aside from being the largest altcoin in terms of market cap, Solana also supports decentralized applications.
Here are some popular uses of Solana:
NFTs or Non-fungible tokens
These are unique data structures of tokens used for keeping pieces of information like asset properties, ownership, and others. It also supports buying, selling, trading, and minting on specialized NFT marketplace like Solanart and SolSea.
DeFi or decentralized finance
DeFi is a new financial technology in the blockchain industry allowing users to interact and access traditional financial instruments. It spares the users from going to banks. DeFi apps offer features such as capital efficiency, latency and low fees, and high yields.
Gaming
The platform also develops complete gaming ecosystems using web3 technology. The gaming ecosystem is called metaverses including Panzerdogs, Aurory, and Star Atlas. Solana also offers a music streaming platform, called Audius.
Decentralized payments
Businesses can make use of Solana Pay for online payments. It supports digital assets like Sols, Ethereum, and Bitcoin. Solana Pay offers fast processing speeds and low transaction costs.
DAOs or decentralized autonomous organizations
The governing rules of this organization are encoded on Solana blockchain. The members of the respective organizations can monitor any transaction.
Takeaway
Aside from fast transactions, Solana is leading in the blockchain industry in terms of innovative decentralized networks. It is also environmentally friendly, and cheaper to transact among other platforms. Considering all the beneficial facets, no network can be better than Solana in terms of network speeds, transaction costs, popularity, and use cases.
