What is Solana Smart Chain ?
Solana is a layer 1 public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL. The Layer 1 landscape in blockchains has undergone consistent evolution since the start of DeFi summer 2020. Many L1 blockchains have emerged, promising increased transaction throughput, improved security and an overall resilient architecture.
How does Solana Smart Chain work?
Solana is a popular Layer 1 blockchain solution that relies on an entirely different consensus mechanism known as Proof of History (PoH). In PoH, a series of computational steps are relied upon to validate the time difference between two events. This is done cryptographically by adding a delay function to SHA 256. The protocol relies on placing transactions in a timely order.
How does Solana Smart Chain work?
Ethereum blockchain has more participants running the chain. the Ethereum blockchain has countless miners running its proof-of-work (PoW) blockchain. When the network shifts over to a proof-of-stake (PoS) consensus algorithm, stakers holding a certain minimum amount of ETH will run the blockchain. Block times for Ethereum range from about 2 to 14 seconds per block. Ethereum scaling has surfaced as an issue, with high gas fees burdening network users during specific periods.
