By utilizing computing power, proof-of-work secures blockchain transactions. The three cryptocurrencies Bitcoin, Litecoin, and Dogecoin all use proof-of-work, while Ethereum is slowly transitioning to a proof-of-stake blockchain. Blockchain transactions with proof-of-stake are verified by validators who own the cryptocurrency. If you stake enough bitcoin on the blockchain, anyone can become a validator. The staked cryptocurrency is used to rein in validators. They will have their staked crypto assets taken as punishment if they attempt to conduct fraudulent transactions. The proof-of-history process involves adding a time record to the blockchain. Using this method, transactions may be verified using a verifiable delay function based on the time at which they are transmitted. Unlike proof-of-work and proof-of-stake, there is a distinct order to transactions based on their delivery time.

Website https://solana.com

Solana is a high-performance blockchain platform designed for decentralized applications (dApps) and cryptocurrency transactions. Known for its speed and scalability, Solana uses a unique Proof of History (PoH) mechanism combined with Proof of Stake (PoS) to process transactions efficiently. This enables the network to handle thousands of transactions per second (TPS) with minimal fees, making it one of the fastest blockchain platforms available.

Solana supports smart contracts and a growing ecosystem of dApps, including decentralized finance (DeFi) platforms, NFT marketplaces, and gaming applications. Its native cryptocurrency, SOL, is used for transaction fees, staking, and governance.

By prioritizing speed and affordability, Solana aims to overcome scalability challenges faced by traditional blockchains, making it a key player in the Web3 space.