Solana Labs in San Francisco developed the blockchain. When compared to other blockchains like Ethereum, Solana is substantially quicker in terms of the volume of transactions it can handle and has far cheaper transaction fees.
In November of 2017, Anatoly Yakovenko gave a presentation at which he outlined the Proof of History (PoH) concept in a white paper.The Proof of Hypothesis is a kind of proof that validates the order of events as well as the moving of time.
The purpose of Solana's design is to show that it is possible to create a blockchain without using software as a performance constraint, allowing transaction throughput to expand in line with network capacity. Scalable, secure, and decentralized are all requirements for a blockchain that are met by Solana's design. According to Solana's architecture, the maximum theoretical throughput on a gigabit network is 710,000 TPS and on a 40-gigabit network is 28.4 million TPS.
In 2021, Solana generated a lot of excitement since it has a clear edge over Ethereum in terms of transaction prices and transaction processing times. Solana has a maximum TPS processing capacity of 50,000 and an average cost per transaction of $0.00025. Ethereum, in contrast, can only process around 15 TPS, and transaction costs peaked at $70 in 2021.
Solana has unavoidably earned parallels to Ethereum, the top blockchain for decentralized apps, because to its quickly growing ecosystem and adaptability (dApps). Smart contracts are essential for operating cutting-edge applications like decentralized finance (DeFi) and non-fungible tokens, and both Solana and Ethereum contain them (NFTs). However, there are several important distinctions between the two.
Expected SOL tokens will number 4,890,000 in circulation, of which 260 million have already hit the market, according to the Solana Foundation.