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Solana A $SOL #deepdive How fast is $SOL , what are the transaction fees, and how does it differ from other cryptocurrencies? Solana can process up to 65k transactions per second, with a theoretical TPS of over 700,000, if current hardware was adequate. With the network only getting faster as technology and hardware evolves, SOL is the fastest. The projects primary goal is to be as fast as centralized marketplaces like the NYSE (New York Stock Exchange). * Something special about SOL’s extremely high TPS, is that it also applies to its smart contracts. Usually TPS of other crypto projects are only applicable to basic coin or token transactions. Solana’s transfer fee is next to nothing compared to Ethereum ( $ETH ) ($0.00025 on average), and has a block time of 0.4 seconds. This is possible because of Proof of History (PoH). Proof of History or PoH, involves adding a verifiable delay function to the SHA256 mining algorithm which makes it possible for all transactions to be timestamped. Validator nodes on the network can then organize transaction records after the fact without having to wait for other validator nodes to check their records. SOL is easy to decentralize because of its extremely low barriers to gain entry as a validator node on the network. Unlike other cryptocurrencies, there is no minimum stake required to be a validator node on the blockchain. To ensure security, the chances of a validator being selected to produce a block is dependent on number of staked SOL, and slashing penalties for misbehavior will eventually be 100%. Solana clusters are groups of validator nodes which are dedicated to a specific category of transactions on the Solana blockchain. These clusters make the network more efficient. Tokenomics SOL is the native coin to the Solana blockchain, which is used to pay gas fees, and is burned when doing so. At some point this will be cut to 50% burned with the other 50% going to Validators. SOL must also be staked to become a validator node and issued as block rewards. Misbehaving validator nodes will have their stakes slashed, which is then added to the block rewards pool. SOL had an initial supply of 500 million, of which 11.4 million were burned after the Solana community discovered a mysterious address that held over 13.5 million SOL. This address turned out to be an undisclosed loan which was made by the Solana foundation to an anonymous market maker, which provided liquidity on binance. 36% of SOL’s initial supply went to private investors from 4 sale rounds (2018-2020). From this SOL was able to raise around $11 million USD. 23% of SOL’s initial supply was granted to the Solana labs team or through the Swiss-based Solana foundation, which was also funded by members of Solana labs which was also founded by members of Solana Labs in July 2020. 39% of SOL’s initial supply was set aside for community reserves, which are being held by the Solana foundation. 1.7% of SOL’s initial supply was sold to retail investors through a coin listing in March 2020, which was able to raise around $1.8 million USD. An incredibly small amount of SOL was circulating until January 2021 when 95% of SOL’s initial supply was unlocked. However, this had little to no effect on the price. Also in January 2021, the SOL community voted to enable inflation for SOL. This began in February 2021 at 8%. Of the 8% annual inflation rate, 15% will be cut per year until SOL reaches an annual inflation rate of 1.5%. This is projected to be around the 2031. The Solana foundation will earn inflationary rewards as well, although it’s not very clear if this will add to the current inflation schedule. Sources - - - Not financial advice. DYOR. DCA. BTD. HODL. #unbankyourself #crypto #cryptocurrency #bitcoin #ethereum #sol #solana #avalanche #avax #polygon #matic #algorand #algo #public #publiccommunity #longterm #growth #learningtoinvest #learningaboutcrypto #possibilities #tech #technology #dyor #dca #btd #hodl
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