How does Solana Blockchain work?
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Solana is a decentralized, open-source blockchain platform designed to support high transaction throughput and low transaction fees. It was created in 2017 by a team led by CEO Anatoly Yakovenko.
Solana uses a novel consensus algorithm called “Proof of History” (PoH) to ensure the integrity of the blockchain. PoH is based on the idea of using verifiable delay functions (VDFs) to create a timeline of events that can be used to establish a consensus about the order in which transactions occurred.
The Solana blockchain is composed of a network of nodes, which are computers that validate and record transactions on the blockchain. These nodes communicate with each other using the Solana protocol to reach consensus about the state of the blockchain.
Solana also includes features such as smart contracts, which are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. Solana also has a decentralized exchange (DEX) built into the platform, which allows users to buy and sell cryptocurrencies and other assets directly on the blockchain.
Overall, Solana is designed to be a fast, secure, and scalable blockchain platform that can support a wide range of applications and use cases.