Solana network is popular among DeFi and NFT diehards as it requires a cheap and prompt blockchain solution. This platform operates on a combination of Proof Of History (PoH) and Proof Of Stake (PoS) mechanisms. Solana platform attracts energetic and young groups of artists and Solana developers who are looking to create new projects based on a decentralized ledger. The following are the reasons why Solana could be the future of blockchain technology.
Transactions per second
One main reason Solana can be the future of blockchain technology is its high processing speed at which it handles transactions. Solana network can handle approximately 50000-65000 transactions per second. Solana users prefer this platform due to its incredibly high speed, at which it promptly enables the settlement of transactions on any NFT platform. Solana NFT platform is perfect due to its latest use cases, such as NFT gaming and metaverse.
Low transaction cost
Solana’s NFT platform is significantly cheaper than other platforms like Ethereum. It is rising in prominence because of its high scalability and low transaction fees. Solana minting fees amount to only $0.00025.
No mempool issue
Mempool is a place where the processed transaction must wait before getting accepted by the blockchain network. One great feature of the Solana network over the Ethereum platform is that it needs not to wait between processing a transaction and adding the transaction to the blockchain network. There are no mempool issues, so transactions take place instantaneously.
Growing ecosystem
Solana network is a growing ecosystem that is making it possible to carry numerous decentralized applications and Solana smart contracts. This network also does not suffer from any congestion problems while processing information.
Straightforward programming
Solana is a versatile network for creating NFT platforms, products, and decentralized apps. The decentralized ledger of the Solana platform utilizes the Rust app, which is quite a simple and straightforward program that enables the development of several apps
Scalability
Solana was mainly created in 2017 to scale up the censorship-resistant issue, reduce the transaction cost, and expand the transaction throughput. This network uses a combination of proof of stake and proof of history mechanisms to boost its scalability. Due to this technology, the Solana platform is able to process 50,000 settlements per second at ultra-fast speed.
Interoperability
Solana platform can seamlessly connect with the popular DeFi network using a wormhole. Wormhole is the type of messaging mechanism that takes place between the Solana platform and other types of networks. With the help of this bridge, several communities, projects, and platforms can move tokenized assets seamlessly across decentralized ledgers. Their main aim is to enjoy the affordable cost and fast speed of Solana.
Liquidity
Solana network has unique features such as ultra-fast speed, affordable costs, and interoperability which helps to create a highly liquid marketplace.
Composability
Solana NFT marketplace is the future of blockchain technology because it is highly compostable and enables users to create their virtual assets. They can also incorporate bidding, trading, and NFT with this composability feature of the Solana platform.
Greener environment
Solana marketplace works on a proof of stake mechanism, which is environmentally friendly compared to other blockchains that work on proof of work consensus mechanism and results in high computing power.