Note: Currently, Solana has not integrated IBC nor any other trustless bridge solution. At the moment, its connection to other chains is dependent on trusted and/or custodial bridges.
Solana is a fast, secure, and censorship-resistant blockchain providing the open infrastructure required for global adoption. It’s designed to facilitate decentralized app (dApp) development. It aims to improve blockchain scalability by using a combination of Proof of Stake (PoS) and Proof of History (PoH) consensus algorithms.
Technology and Performance
Solana’s hybrid protocol allows for significantly decreased validation times for both transaction and smart contract execution. With lightning-fast processing times, Solana has the potential to support decentralized applications and systems on a larger scale.
Proof of History (PoH)
One of the unique features of Solana is the Proof of History (PoH) consensus. PoH is a proof for verifying the order and passage of time between events. The purpose of PoH is to encode the trustless passage of time into a ledger.
Token and Staking
The native token of Solana’s blockchain is SOL. These tokens can be passed to nodes in the Solana cluster in exchange for running an on-chain program or validating its output. Staking is also a crucial component of the Solana network. SOL holders can stake their tokens to help secure the network, earn rewards, and influence the network’s future.
Applications on Solana
Solana’s high-performance blockchain technology is ideal for deploying dApps. It’s capable of handling large scale applications, with the same security as Ethereum but at much faster speeds and lower costs.