Its blockchain is currently supporting transactions that speed up to more than 50,000 per second at 400ms block times.
It is the world’s first web-scale blockchain that facilitates high and large performance.
The platform continuously runs over 3 billion of total transactions, a block height of 37 million, and 175 Global Validators.
Solana has 8 core innovations known as Archivers, Pipelining, Cloudbreak, Gulf Stream, Sealevel, Tower BFT, Turbine, and Proof of History, which makes its transaction speed process possible.
The Solana project was created to provide a scalable platform that will not disintegrate the system security or decentralization. It runs in Proof of Stake consensus, single-chain system.
The platform was established in 2017 by the engineers who formerly worked with Dropbox, Qualcomm, and Intel, companies.
Solana's key to the scaling solution is their Proof of History consensus. It allowed them to find the solutions in areas where there are non trusted sources of time.
By introducing and applying the verifiable delay functions, it has improved the overall network efficiency. Each node were able to function and generate timestamps with the SHA256 computing system, eliminating the need for the system to broadcast it across other networks.
With the goal of providing a high processing and high development blockchain application, Solana also aims to extend its reach of financial systems all over the world.
In order for them to achieve their goals, they have focused on further developing the areas of scalability, lesser cost transactions, and decentralization.
To drive their engagements in the community, they have grouped their attention to validators, end-users, and developers. Focusing on countries such as the United States, South Korea, Japan, China, and Russia.
Solana will continue its partnership with Chainlink to create a faster and better oracle system. This will make cryptocurrencies more adaptable to mainstream use.
Tether will launch on Solana Blockchain for an improvement in the transaction speed process.
Solana has partnered with Dish Network, a very well known Fortune 200 Telecommunications Company, providing a blockchain that will support a token producing 5G network.
In the future, Solana aims to release smart contracts as part of their system features, launching of Binance in their platform, activation of transaction fees, and promote token inflation.