Steemit Crypto Academy Contest / S1W1 - Favorite Blockchain Network by @camzy

I really missed this platform, it's so amazing to be back here writing interesting and amazing contents. I must really commend the idea of the engagement challenge as I feel this is the next level social media and this is what we really need for the now. without wasting much time, let me run into the business of the day which talks about my favourite blockchain. I am @camzy and blow is my perspective.

my favorite Blockchain network:

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Solana blockchain brings new solutions to well-known issues. Solana uses parallelization to improve scalability, robust cryptography for security and privacy.

A lot of blockchain-based networks have been created but none are able to satisfy the needs of users. Solana is different, and is already well-proven in security, scalability, decentralization, and cheap rates.

The low rates, scalability and many projects that use Solana make it a viable option for developers.

Solana is a groundbreaking protocol for high scalability and security. Solana offers different Speed Consensus Protocols, and processes large amounts of transactions in a very short time. Solana performs many verification processes to ensure that all users have safe transactions, by using a Proof of Stake protocol.

Solana is a scalable and low cost solution with the option of developers developing their own smart contracts. When compared to Ethereum, Solana has more innovation by allowing one to create their own framework in order to run their own chain.

The idea for Solana arose from Anatoly Yakovenko, an experienced developer who created operating systems. Solana's consensus protocol was developed in 2017. In 2018, the Whitepapper of the consensus protocol was published. However, the situation did not stop there, and that is that Yokovenko associated with Greg Fitzgerald, starting a blockchain project where he could put PoH into operation

Loom became a result of Solana, and the network was just beginning to take shape. The Solana network began development in this period, but the founders had their doubts, so they decided to change the name of Loom to Solana. The registration of Solana Labs happened shortly after, and after months of testing, the network finally began working. It gave a result of up to 65,000 TPS which is an outrageous number! This marked a before and after in blockchain networks and it was possible to solve some deficit that scalability with Blockchain networks.

Below are the details from coinmarketcap and hopefully we expect a bullish ride soonest

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Early Solana's shortcomings and How it was managed

The network has not been able to focus on a single use case. This is both a positive and a negative aspect, since it widens the possible use cases of Solana, but also makes it less focused.

Solana technically has some bugs, with the simplest not being fully complete. Despite this, Solana is still in beta and many users are waiting for it to stabilise for more innovative use-cases.

Despite early errors, Solana claims it will be a decentralized network, and they have worked on many implementations. There are already NFTs/NFT games developed on their network as well. The team has released patches to fix bugs, and looks solid in avoiding more accidents of this kind in future.

Even though Solana is a secure network, there are still flaws in its security. There have been 3 recent attacks in which the network has been down for up to 1 day.

CHANGES TO MAKE SOLANA BETTER

I think that Solana is a great platform, but there are some aspects of the project that will have to be improved. One of which is their security. Solana's scalability has been in the spotlight, making it even more important for providers to ensure their network is secure by simply implementing a better security protocols.

Solana may need to focus on advancements that are more likely to succeed before investing in more complicated projects. The competition has been doing well, so as a result of that, Solana's beta projects have also been affected and cause many users to become tired of these features.

One such aspect is decentralization. Although Solana uses a decentralized system, some users still see it as centralized and this could hurt the project in the future. It would be good for Solana Labs to adopt a governance system in which SOL holders control the network.

Projects built on Solana

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There are many projects of salana and one of it is the SolanaArt.
The Solana art is based on the solana network. Unlike other projects, it is a market in which NFT's are traded at a low gas cost for transactions. User made art as well as famous artists can be found on this platform and it is currently in beta mode.

The currency used to pay for products and services within the platform is SOL. SOL tokens are ERC-20 tokens that aim to create more liquidity for the system by fast processing times.

To trade NFTs in this platform, it is necessary to link the wallet to the platform. The compatible wallets include Sollet Chrome and Sollet Phantom.

CONCLUSION

The solana network is quick in transactions, has a huge variety of interesting projects, and has low prices. The original investor presentations may be misleading though, because many investors are profiting from the recent price drop. I think that the new investors might have bought instead of selling at the lower rates like they suggested. In conclusion, I believe that this network has earned its credibility as an investment option with its speed and reasonable prices.