If you’ve been looking for alternatives to Ethereum, Solana should be on your shortlist.
Solana is a Swiss project launched in April 2020 by Anatoly Yakovenko. Solana competes with larger networks by incorporating a hybrid consensus model that boasts cheap and speedy transactions. In its hybrid model, Solana uses a combination of proof-of-work and proof-of-history to increase efficiency.
Initially founded in 2017, Solana was intended to achieve scalability and lower fees, exposing specific weaknesses of comparable blockchains like Ethereum. At its core, Solana is especially focused on maximizing throughput (high transactions per second).
Solana has seen considerable growth, jumping to the top 7 in market cap ($44+bn) in just its second year on the market. In September, Bloomberg hailed Solana as a ‘long-term rival’ of Etherum.