Tech
This is why Solana is hailed as the apple of cryptocurrencies
New research suggests as much Solana emerged as extraordinary. It draws comparisons to tech giant Apple, especially for its innovative approach to fusing hardware and software.
However, Solana’s appeal extends beyond yet another Apple imitator. Unlike Apple’s hardware-centric approach, Solana reverses the equation, focusing on using hardware to improve and broaden the Web3 experience.
How Solana Stands Out in the Cryptocurrency Market
Co-founder Raj Gokal often refers to Solana’s vision as the “Apple of cryptocurrencies.” It highlights the ambition to innovate through software, introducing new features and experiences rather than just facilitating hardware sales.
This analogy, while suited in showing Solana’s dedication to performance and user experience (UX), it merely scratches the surface. According to Four Pillars researchers, the true essence of Solana lies in network performance, which is powered by multi-threading for parallel processing.
This technical prowess attracted pragmatic developers eager to explore Solana’s potential during the DeFi and the NFT boom. Its ability to offer fast transactions at low fees has quickly positioned it as a competitor to Ethereum.
“Solana is capable of processing thousands of transactions per second, with block times recorded at 400-500 ms – significantly higher performance than existing blockchains. Ultimately, Solana’s adoption of this technical approach aims to achieve two missions: an expandable platform capable of handling high usage and composability across applications,” the Four Pillars researchers wrote.
Level 1 transaction costs. Source: Four pillars
The commitment of those who shared Solana’s vision did not waver. Indeed, the focus on strengthening network stability and addressing technical challenges has helped build community trust.
Solana addressed network vulnerabilities, adopting the QUIC protocol for reliable communications and introducing weighted quality of service (QoS) to prioritize traffic based on SOL stakes. Additionally, the introduction of a localized pricing market has helped mitigate spam and encouraged efficient network usage.
“QUIC is a new communication protocol based on UDP, which maintains its advantages while simplifying the connection flows and handshake processes of TCP. Therefore, QUIC allows Solana to achieve reliable communications, request retransmission only for packet-loss flows, and continue transmitting the rest without interruption, significantly improving network efficiency,” the Four Pillars researchers added.
To know more: 13 Best Solana (SOL) Wallets to Consider in March 2024
At the heart of Solana’s ethos is community and ecosystem development. Initiatives like the BONK meme coin flip galvanized the Solana community by allocating 5% of its total supply to developers. This deployment unified the community and sparked significant growth within the ecosystem as developers engaged in rebuilding efforts.
Surprisingly, the meme coin’s value increased 20,400% from its lowest point, creating a positive feedback loop that renewed interest in Solana. This recovery led to the distribution of 30 million BONK tokens to users of Saga mobile device. This further amplified interest in both BONK and Solana.
Additionally, various platforms within the ecosystem, such as Jito, Pyth Network, and Jupiter, have announced their own airdrop strategies, further reinvigorating market enthusiasm. Other entities in the ecosystem such as Tensor, marginfi, Zeta, and Parcl have also revealed plans for airdrop-related incentives.
Solana’s strategic initiatives have extended beyond technical improvements and airdrops. By pioneering in areas such as decentralized physical infrastructure network (DePIN) and seamless cryptocurrency payments, Solana is actively bridging the gap between blockchain and traditional financial systems. Partnerships with industry giants like Circle and Visa reflect an authoritative position in the crypto payments space.
Additionally, Solana’s commitment to validation client diversity and decentralization speaks to its dedication to network stability and decentralization safety. Initiatives aimed at reducing operational management costs a node and the increase in the Nakamoto coefficient reflect Solana’s nuanced approach to scalability and decentralization.
Such developments have attracted institutional interest, as evidenced by positive remarks from Ark Invest CEO Cathie Wood.
“Solana is doing a really great job. If you look at Ethereum it was faster and cheaper than Bitcoin at the time. Solana is faster and cheaper than Ethereum,” Wood said.
To know more: Solana (SOL) Price forecast 2024/2025/2030
As Solana continues to expand its reach and solidify its internal foundation, it consolidates its position as a leader in the cryptocurrency market, recalling Apple’s influence in technology.
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