Cryptocurrency review: Solana, Avalanche
Solana is a highly functional open-source project that relies on the free nature of blockchain technology to create decentralized financial (DeFi) solutions. The idea and initial work on the project began in 2017. Solana was officially launched in March 2020 by the Solana Foundation, headquartered in Geneva, Switzerland.
The Solana protocol is designed to facilitate the creation of decentralized applications (DApps). It aims to improve scalability by introducing consensus proof-of-history (PoH) in combination with basic consensus proof-of-ownership (PoS).
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Solana is known in the cryptocurrency industry for the incredibly short processing times that blockchain offers. Solana's hybrid protocol allows for significantly shorter verification times for both transactions and the execution of smart contracts. Solana's lightning-fast processing speed has also generated a great deal of institutional interest.
The Solana protocol is designed to serve both small users and enterprise customers alike. One of Solana's major reassurances to customers is that they will not be subject to increased fees and commissions. The protocol is designed with a focus on minimizing transaction costs, but is also ready to guarantee scalability and fast processing.
Avalanche is an umbrella platform for launching decentralized financial (DeFi) applications, financial assets, trading and other services.
It aims to become something of a global asset exchange, allowing anyone to launch or trade assets in any form and control them in a decentralized way, using smart contracts and other advanced technologies.
Developers at Ava Labs say Avalanche is the first smart-contract network in which a standard transaction completes in less than a second.
Avalanche launched the core network in September 2020. The platform's own token, AVAX, performs various tasks in Avalanche and also functions as a rewards and payment system for users.
Avalanche provides decentralized asset trading accessible to everyone, and does so through a network unique in that it enables transactions in fractions of a second.
Developers aim to bring the vast, fragmented and often opaque world of asset trading under one roof, providing seamless access. Developers can create and release all sorts of objects, from blockchains to digital representations of any asset, and allow them to trade according to any set parameters. This could be, for example, mimicking regulatory requirements in different jurisdictions.
The AVAX token is Avalanche's internal payment method and is used to collect commissions during transactions, as well as for rewards and similar purposes. Users can also earn passive income from them by staking their coins online.