Solana (Sol): The project that concerns the scalability problems of the blockchains

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Von: Krypto News Österreich

Solana (SOL): Die Lösung für Skalierbarkeitsprobleme bei Kryptowährungen Seit dem Jahr 2017 hat der Krypto-Boom die Welt erfasst. Plötzlich berichten Mainstream-Medien über Bitcoin, Ethereum, Ripple, IOTA und andere Kryptowährungen. Wo vorher nur Schweigen herrschte, ist jetzt überall Krypto zu finden. Besonders der Bitcoin-Kurs erreicht noch nie dagewesene Höhen und auch Altcoins versuchen, der Kryptowährung Nummer eins nacheifern. Mit dem wachsenden Interesse am Krypto-Markt treten allerdings auch Probleme auf. Vor allem Bitcoin und Ethereum haben massive Schwierigkeiten mit der Skalierbarkeit. Das bedeutet, dass sie die hohe Anzahl von Anfragen im Netzwerk kaum bewältigen können. Die Blockchains geraten zunehmend an ihre Grenzen. …
Solana (SOL): The Crypto boom has grasped the solution to scalability problems in cryptocurrencies since 2017. Suddenly mainstream media report about Bitcoin, Ethereum, Ripple, Iota and other cryptocurrencies. Where there was only silence beforehand, crypto can now be found everywhere. The Bitcoin course in particular has reached unprecedented heights and alto coins are also trying to emulate number one cryptocurrency. However, problems also arise with the growing interest in the crypto market. Bitcoin and Ethereum in particular have massive difficulties with scalability. This means that you can hardly manage the high number of inquiries in the network. The blockchains are increasingly reaching their limits. ... (Symbolbild/KNAT)

Solana (SOL): The solution for scalability problems in cryptocurrencies

The crypto boom has hit the world since 2017. Suddenly mainstream media report about Bitcoin, Ethereum, Ripple, Iota and other cryptocurrencies. Where there was only silence beforehand, crypto can now be found everywhere. The Bitcoin course in particular has reached never-for-existent heights and old coins try to emulate number one cryptocurrency.

With the growing interest in the crypto market, however, problems also occur. Bitcoin and Ethereum in particular have massive difficulties with scalability. This means that you can hardly manage the high number of inquiries in the network. The blockchains are increasingly reaching their limits.

To tackle this problem, two developers from California, Anatoly Yakovenko and Raj Gokal, have developed an idea. They worked on a blockchain project that is supposed to solve the scaling problems of the existing blockchains. Inspired by a beach where you often spend time, you called your Solana project.

Although the idea was born, three years passed before the project started. Good needs time.

The solution was then presented

in 2020: Solana was able to scale much better with the Proof of Stake Mechanism. Later he was improved with the "Proof of History" technology.

The Solana project was a great success and recorded a steadily growing community. This was so enthusiastic that she at times celebrated Solana as an "Ethereum killer". Solana (Sol) climbed to 8th place in the ranking of cryptocurrencies until July 2023. With a market capitalization of over $ 11 billion, Solana was able to win a lot of investor capital.

Despite the euphoria, Solana did not succeed in ranking Ethereum. Ethereum was able to upgrade over time (in 2020 the project also switched to the Proof of Stake) and had a decisive advantage: it was simply there before Solana.

Overall, the development of Solana shows that the project offers an innovative solution to the scalability problems in cryptocurrencies. It remains to be seen whether it can actually replace Ethereum as a "Ethereum killer". The crypto world is developing rapidly and new projects are always in the starting blocks to offer their solutions.

(article based on information from the text)