The relay chain</strong></a> is the center of the Polkadot network. It’s like the largest shopping mall, in the very center of a city. <strong>This is the most important part of the network</strong> - it allows Polkadot to work the way that it does!</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-parachain/">Parachains are all of the different blockchain networks connecting to the relay chain. It’s like the different shops that you’ll find in that shopping mall I’ve mentioned just now. All of these shops sell their own specific products but, by the end of the day, they are all reachable in that same shopping mall. This means that you don’t need to drive to the other side of the city to visit some remote and isolated shop to get what you want.</p>\n<p>All of these different parachains do their own thing, and communicate with their own projects and networks. However, every once in a while, they all have to <strong>sync up with the relay chain.</strong></p>\n<p>It’s like you working in a job, together with other employees! All of you have your own responsibilities, and tasks that need to be completed. However, every so often, there are meetings being held, so as to establish a clear direction of where the company is going, and to update each other on your work progress. This is a very similar example to that which is given by Gavin Wood, the founder of Polkadot, when he’s explaining parachain functionality.</p>\n<p><em>Now, remember when I said that Polkadot is a Proof-of-Stake network? </em>Well, this is important because, in order to become an active member of the network, and validate the transactions happening on it, you will need to <strong>stake a lot of DOT coins.</strong></p>\n<p><em>What does “a lot” mean? </em>Well, this number is going to vary quite a bit, depending on the time that you’re reading this section. However, it’s a number that helps discourage foul play on the blockchain network, and ensures optimal security measures for anyone using it.</p>\n<p><strong>This is the other thing, too - Polkadot is often seen as a very reliable and secure network. </strong>It allows developers to create projects using parachains, which both boosts and innovates the ecosystem of Polkadot, as well as makes it easier to create new platforms and networks, too.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-polkadot-05.o.jpg/" alt=\"What is Polkadot in crypto: A reliable and secure network.\" width=\"1000\" height=\"675\" /></p>\n<p><strong>One of the things that help Polkadot remain secure and reliable are</strong> <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">validator nodes</a>.</strong> Since there’s a pretty high benchmark that you need to meet to become a validator on the network <em>(or, in other words, you need to have a LOT of DOT coins)</em>, there’s a financial responsibility to take network validation seriously.</p>\n<p>Following that, another thing that helps keep the Polkadot network secure and running smoothly is <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-corporate-treasury/">the treasury</a>.</strong> The absolute majority of public blockchains have their own treasuries - when you trade coins, a certain part of the trading fee that you pay goes to those treasuries.</p>\n<p>The funds of the treasury can then be used to experiment with new updates, make suggestions, and build up the community, as a whole. Speaking of experimentation, though, when figuring out how does Polkadot work, you will also come across the term <strong>“Kusama”.</strong></p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-polkadot-06.o.jpg/" alt=\"What is Polkadot in crypto: Kusama.\" width=\"1000\" height=\"918\" /></p>\n<p>Not to go into too much technical detail, Kusama is a separate space on the Polkadot blockchain where developers are able to experiment with their projects, and see how they would work in the real world. While not being entirely correct, for simplicity’s sake, you can view it as a sort of <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-testnet/">a testnet</a>.</strong></p>\n<p>Overall, Polkadot is definitely one of the more-interesting blockchain projects that are currently still standing strong. It’s being developed constantly, and offers a very unique approach to blockchain cross-chain communication.</p>","preview_url":"https://www.bitdegree.org/crypto/learn/what-is-polkadot-in-crypto","youtube_video":{"id":26,"channel_id":1,"sort":36,"video_title":"What is Polkadot in Crypto? (DOT Animated Explainer)","description":"What is Polkadot in crypto?\n\nPolkadot is a cryptocurrency project that has its own blockchain, as well as a native coin called DOT. What makes Polkadot unique is the fact that it acts as a “Layer 0” blockchain - in other words, its main goal is to increase the interoperability between blockchain networks, and allow different blockchains to communicate with each other better.\n\nWhile Polkadot might seem pretty simple on the surface, it’s an intricate crypto project that has a lot of different and unique details associated with it. In this video, I will tell you what is Polkadot, exactly, explain how it works, and what it’s used for, in the first place.\n\nDo you think Polkadot is an important part of the blockchain world? Does it succeed in its interoperability quest? Share your opinions in the comments section below!\n\nVideo Time Table:\n\n0:00 Introduction to What is Polkadot in Crypto\n0:54 What is Polkadot?\n1:59 How Does Polkadot Work?\n4:15 Relay Chain and Parachains\n7:38 Wrap-up: What is Polkadot in Crypto?\n\nMore Related Videos:\n?Coin vs Token https://www.youtube.com/watch?v=kNAC7CXFOTw\n?What is Cardano? https://www.youtube.com/watch?v=bn6Vxt_RTbI\n?What Does Staking Mean in Crypto? https://www.youtube.com/watch?v=irhlfrCrywo\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#WhatisPolkadot #WhatisPolkadotCrypto #PolkadotExplained","video_id":"WHe8iIRyZIo","duration":489,"view_count":534,"thumbnail_url":"https://i.ytimg.com/vi/WHe8iIRyZIo/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-06-06 15:17:21","created_at":"2022-06-06T23:00:02.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}},"prevSection":{"id":20,"featured_image_id":6541,"original_id":null,"youtube_video_id":21,"author_id":40,"translator_id":null,"chapter_id":2,"title":"Shiba Inu: the Dogecoin Killer","slug":"what-is-shiba-inu-coin","definition":"Did you know that Elon Musk's tweets about his Shiba Inu dog resulted in the Shiba Inu coin surging in price by nearly 300%?","status":"published","content":"<p>In this section, we’re going to cover what is the infamous Shiba Inu coin! While there are literally thousands of cryptocurrencies that could have sections of their own, Shiba Inu is one of the more-popular assets on the market, and thus, it definitely deserves a separate section.</p>\n<p>If you’ve been following crypto trends, you’ve likely seen Dogecoin in the news. It’s a crypto that’s constantly being mentioned in various circles of people, is tweeted about by <strong>Elon Musk</strong>, and is a very well-known memecoin, in general.</p>\n<p>Dogecoin inspired many other dog-themed coins. Most of them were one-day jokes, though, and never became anything more. However, one project skyrocketed towards success - it’s the so-called Shiba Inu coin. </p>\n<p>In this section, we are talking about the Shiba Inu coin. I’ll explain to you what the Shiba Inu coin is, and how it’s different from Dogecoin, and we will also try to unravel what made this crypto project as popular as it is!</p>\n<p>Let’s get to it!</p>\n<h2>What is the Shiba Inu Coin / How is It Different From DOGE?</h2>\n<p>In order to better understand what is Shiba Inu coin, the very first thing that you need to understand is the difference between crypto <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-coin/">coins and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">tokens./nIf you want a thorough explanation, I highly recommend going and reading the section about <a href=https://www.bitdegree.org/"/crypto/learn/coin-vs-token/">coins and tokens</strong></a>. If you’re in the mood to exclusively learn about the Shiba Inu coin, however, let’s have a quick rundown.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is a Shiba Inu coin: Token vs coin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-1.o.jpg/" alt=\"What is a Shiba Inu coin: Token vs coin.\" width=\"1000\" height=\"754\" /></p>\n<p>Each blockchain has a coin that’s unique to it. <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum has ETH, <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin has BTC, and so on. However, while coins DO have dedicated blockchains of their own, tokens DO NOT - instead, a token is built on a blockchain that supports token development.</p>\n<p>Shiba Inu and <strong>Dogecoin</strong> are the perfect examples of this, too! Dogecoin has a blockchain of its own - hence, it’s considered to be a coin. Shiba Inu, on the other hand, is built on the Ethereum blockchain, and is thus an Ethereum token.</p>\n<p>What difference does that make to you? Well, to be frank - none, really. Except, you will now know that calling the project “Shiba Inu COIN” is actually incorrect, speaking strictly in crypto terms. Since everyone is referring to it as a coin, though, I’ll also be doing the same in this section, so as to keep things simple!</p>\n<p>Same as Dogecoin, the Shiba Inu coin was actually created as kind of a joke cryptocurrency. Its creator is anonymous, only known as their online pseudonym - <strong>Ryoshi</strong>.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is a Shiba Inu coin: Shiba Inu coin vs Dogecoin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-2-6273d5ba0a5e7.o.jpg/" alt=\"What is a Shiba Inu coin: Shiba Inu coin vs Dogecoin.\" width=\"1000\" height=\"1334\" /></p>\n<p>When it was first created, the Shiba Inu coin had but a single goal - to act as an experiment on how a community could decide on project governance. A bit later, it positioned itself as something called a “Dogecoin killer”. Put simply, the community behind the Shiba Inu coin wanted their project to surpass Dogecoin.</p>\n<p>One of the strongest arguments for Shiba Inu being a superior crypto project to Dogecoin is the fact that Shiba Inu supports smart contracts. Without getting into too much detail, this basically means that the Shiba Inu coin can have a huge array of uses and functionalities, thanks to it being based on Ethereum.</p>\n<p>The Dogecoin blockchain, on the other hand, is similar to Bitcoin’s. With BTC being somewhat of an outdated blockchain network, it has no “smart” functionality, and you can’t really do any advanced stuff with it.</p>\n<p>Think of this as two cars - one that was made in, say, 2002, and another that’s modern, made last year. Both cars can get you from point A to point B. However, the first car is going to make a lot of fishy noises along the way, and might even break down a couple of times, if you’re unlucky! While the latter car could also break down, sure, the chance for that to happen is much smaller, and there are heated seats, as well as cruise control, too - that’s a much more comfortable way to travel!</p>\n<p>The same is true with Dogecoin and Shiba Inu. While Doge is the OG <strong>dog-themed project</strong>, Shiba Inu offers much more flexibility and features. You can lend it, stake it, earn interest on it, and more - this is why the Shiba community is so adamant about de-throning DOGE, as the king of animal-themed coins!</p>\n<h2>What Made the Shiba Inu Coin so Popular?</h2>\n<p>Getting back to the inception of the Shiba Inu coin, when it was first created back in August of 2020, the project didn’t have anything spectacular to offer to the crypto world - it was mostly viewed as a memecoin. However, more than half a year later, Shiba Inu had a stroke of luck.</p>\n<p>Remember when, in the introduction of this section, I said that Elon Musk tends to tweet about Dogecoin? Well, Musk’s tweets are actually accredited as some of the main reasons for the Dogecoin price surge of 2021, too! Coincidentally, Elon had something to do with Shiba Inu’s <strong>rise in popularity</strong>, as well.</p>\n<p>Around half a year after Shiba Inu was created, Elon Musk tweeted that he got a Shiba Inu dog. The crypto markets went crazy - as you can expect, after Elon’s fans saw that there’s an actual coin called “Shiba Inu”, they quickly started buying in. This resulted in the token surging in price by nearly 300%!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: What made the Shiba Inu coin so popular.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-3.o.jpg/" alt=\"What is the Shiba Inu coin: What made the Shiba Inu coin so popular.\" width=\"1000\" height=\"231\" /></p>\n<p>This was only the beginning of success for the community behind Shiba Inu. The developers of the token appeared to come up with a genius marketing strategy, whether intentionally or not.</p>\n<p>A couple of months after the initial price surge that Shiba Inu saw after Elon’s tweet, the developers of the token decided to send half of the total Shiba Inu token supply to a man named <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-vitalik-buterin/">Vitalik Buterin</strong></a>.</p>\n<p>Does that name sound familiar? Well, Vitalik Buterin is one of the original founders of Ethereum - the only original founder that is still working on the project, to this day! Many people see Vitalik as “the face of ETH”, even though Ethereum is a decentralized network.</p>\n<p>The hypothesis here is that developers of the Shiba Inu coin decided on sending an astonishing amount of tokens to Vitalik, hoping that they could then say - “oh, look guys, even VITALIK believes in our project, and has bought in!”. The fact of the matter is that Vitalik's ETH <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/best-cryptocurrency-wallet/">wallet address is public, so <strong>anyone</strong> can send him any and all Ethereum-based tokens.</p>\n<p>Instead of playing along with this shameless attempt at self-promotion, Vitalik did something unexpected - he donated a small portion of the funds that he got to charity, and then <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-burning/">burned the rest of the tokens - in other words, sent them to an inaccessible wallet. The total worth of the burned tokens, at that time, was close to $7 billion.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: Vitalik Buterin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-4.o.jpg/" alt=\"What is the Shiba Inu coin: Vitalik Buterin.\" width=\"1000\" height=\"521\" /></p>\n<p>As you can probably imagine, something like this doesn’t happen without anyone noticing. Ironically, this ended up being the best promotion for the Shiba Inu token - even mainstream news outlets picked up on the story! Also, with fewer tokens now being present in the market, this only further increased the price of the Shiba Inu coin - it was the perfect scenario, really!</p>\n<p>After a period of silence, the Shiba Inu coin had once again exploded in price <strong>in October of 2021</strong>, reaching its <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-all-time-high-ath/">all-time high</strong></a>. This huge surge in price was the result of multiple different variables, coming together - the crypto market being super-bullish, Musk continuously tweeting about DOGE, and the general success of Dogecoin, altogether. As Dogecoin increased in popularity, so did the next big dog-themed coin - Shiba Inu.</p>\n<h2>The Main Features of the Shiba Inu Coin</h2>\n<p>Now that you have a pretty good idea of what the Shiba Inu coin is and how it became as popular as it has, let’s also take a look at the features that this project offers to its community. After all, Shiba Inu came a long way since its inception, and the passionate fans of the token have come up with various features that could be added to the project!</p>\n<p>Currently, one of the main missions of <strong>the ShibaArmy</strong> (this is what the community behind the Shiba Inu coin is called) is to contribute to the rescue of Shiba Inu dogs around the world. One of the biggest ways to do so is to link your Amazon purchases to the Shiba Inu Rescue Association, via Amazon Smiles.</p>\n<p><img title=\"What is the Shiba Inu coin: The main features of the Shiba Inu coin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-5.o.jpg/" alt=\"What is the Shiba Inu coin: The main features of the Shiba Inu coin.\" width=\"1000\" height=\"218\" /></p>\n<p>The team behind the Shiba Inu coin endorses this on the official website of the project! It’s a noble cause, and the community can truly help Shiba Inu dogs in need.</p>\n<p>Then, you have the Shiba Inu Incubator. That sounds a bit off, but it’s not what you think. Instead, it’s a project proposed by the Shiba community, and oriented around the artists in that very same community.</p>\n<p>Specifically, you can apply to become an official Shiba Inu coin <strong>artist</strong>, by contributing to the cause - in other words, creating artwork that revolves around the project. I’ll admit, the actual details surrounding this initiative are rather scarce, and the Shiba Inu coin official website doesn’t really do much to elaborate on it. Suffice to say that it’s a decentralized <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/tutorials/what-is-nft/">NFT project being developed by the team, in relation to the Shiba Inu coin.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Shiba Inu coin: Shiba Inu incubator.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-6.o.jpg/" alt=\"What is the Shiba Inu coin: Shiba Inu incubator.\" width=\"1000\" height=\"176\" /></p>\n<p>Don’t know what NFTs are? Well, there is a section on this \"Bitdegree Crypto 101 Handbook\" as well, explaining the concept, thoroughly - <a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">here!
/nMoving on, the developers behind the Shiba Inu coin have even created an entire decentralized exchange, called <strong>ShibaSwap!</strong> This exchange can be used to trade, exchange, and swap your SHIB tokens. There are also other, supporting tokens involved, as well - tokens that are called LEASH and BONE.</p>\n<p>These names really do work in keeping up with the dog theme! Essentially, users of ShibaSwap will be able to not only trade their SHIB tokens on the platform, but also provide liquidity, and even stake tokens in order to earn passive returns.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/what-is-liquidity-pool-in-crypto/">Liquidity, <a href=https://www.bitdegree.org/"/crypto/learn/what-is-staking-in-crypto/">staking - there are sections on all of these topics in this \"Bitdegree Crypto 101 Handbook\". So, if there’s something you’re not exactly familiar with, make sure to check them out!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: Trade, exchange, swap.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-7.o.jpg/" alt=\"What is the Shiba Inu coin: Trade, exchange, swap.\" width=\"1000\" height=\"163\" /></p>\n<p>As you stake your SHIB tokens, and provide liquidity to the project, you will earn the earlier-mentioned <strong>BONE tokens</strong>. These tokens are called governance tokens - essentially, you could either sell them immediately for a profit, or keep them, and use them to vote on future changes and updates to the Shiba Inu coin project.</p>\n<h2>Conclusions</h2>\n<p>As for me writing this section, the Shiba Inu coin project is healthy and strong, and the community behind it is active and inclusive. However, a single look at the price charts of the SHIB token will show you that the price is very far from the all-time high that it reached back in October of 2021.</p>\n<p>As you can expect, many people are hoping and waiting for the SHIB token price to rise again. There are even hopes that, one day, the Shiba Inu coin will reach $0,01! However, in order for that to happen, the Shiba project must be worth more than all of the cryptocurrencies currently in existence, combined!</p>\n<p>With that, I hope that you’ve learned a lot from this section! If you would like to dive deeper into the world of crypto, make sure to check out other sections such as - \"<a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">What are NFTs</strong></a>?\"</p>","meta_title":"What is the Shiba Inu Coin: What is Special About it?","meta_description":"Find out what is the Shiba Inu coin, what is the coin backed by, what it is used for, and how it works. Is there anything special about it?","meta_keywords":"what is shiba inu coin, what is the purpose of shiba inu coin, what type of coin is shiba inu, what is shiba inu coin backed by, how does shiba inu coin work, what is special about shiba inu coin, what is shiba inu coin used for, what country is shiba inu coin from, shiba inu coin definition, what network is shiba inu coin on, what is the next shiba inu coin","order":9,"language":"en","created_at":"2022-05-04T06:42:21.000000Z","updated_at":"2022-10-17T07:30:06.000000Z","modified_content":"<p>In this section, we’re going to cover what is the infamous Shiba Inu coin! While there are literally thousands of cryptocurrencies that could have sections of their own, Shiba Inu is one of the more-popular assets on the market, and thus, it definitely deserves a separate section.</p>\n<p>If you’ve been following crypto trends, you’ve likely seen Dogecoin in the news. It’s a crypto that’s constantly being mentioned in various circles of people, is tweeted about by <strong>Elon Musk</strong>, and is a very well-known memecoin, in general.</p>\n<p>Dogecoin inspired many other dog-themed coins. Most of them were one-day jokes, though, and never became anything more. However, one project skyrocketed towards success - it’s the so-called Shiba Inu coin. </p>\n<p>In this section, we are talking about the Shiba Inu coin. I’ll explain to you what the Shiba Inu coin is, and how it’s different from Dogecoin, and we will also try to unravel what made this crypto project as popular as it is!</p>\n<p>Let’s get to it!</p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"What is Shiba Inu Coin? (Explained with Animations)\"\n title=\"What is Shiba Inu Coin? (Explained with Animations)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Shiba Inu: the Dogecoin Killer</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Shiba Inu: the Dogecoin Killer\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"bmei6Osiph4\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">What is Shiba Inu Coin? (Explained with Animations)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/bmei6Osiph4/hq720.jpg/"/n alt=\"What is Shiba Inu Coin? (Explained with Animations)\"\n title=\"What is Shiba Inu Coin? (Explained with Animations)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"What is Shiba Inu Coin? (Explained with Animations)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"bmei6Osiph4\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What is the Shiba Inu Coin / How is It Different From DOGE?</h2>\n<p>In order to better understand what is Shiba Inu coin, the very first thing that you need to understand is the difference between crypto <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-coin/">coins and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-token/">tokens.
/nIf you want a thorough explanation, I highly recommend going and reading the section about <a href=https://www.bitdegree.org/"/crypto/learn/coin-vs-token/">coins and tokens</strong></a>. If you’re in the mood to exclusively learn about the Shiba Inu coin, however, let’s have a quick rundown.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is a Shiba Inu coin: Token vs coin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-1.o.jpg/" alt=\"What is a Shiba Inu coin: Token vs coin.\" width=\"1000\" height=\"754\" /></p>\n<p>Each blockchain has a coin that’s unique to it. <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum has ETH, <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin has BTC, and so on. However, while coins DO have dedicated blockchains of their own, tokens DO NOT - instead, a token is built on a blockchain that supports token development.</p>\n<p>Shiba Inu and <strong>Dogecoin</strong> are the perfect examples of this, too! Dogecoin has a blockchain of its own - hence, it’s considered to be a coin. Shiba Inu, on the other hand, is built on the Ethereum blockchain, and is thus an Ethereum token.</p>\n<p>What difference does that make to you? Well, to be frank - none, really. Except, you will now know that calling the project “Shiba Inu COIN” is actually incorrect, speaking strictly in crypto terms. Since everyone is referring to it as a coin, though, I’ll also be doing the same in this section, so as to keep things simple!</p>\n<p>Same as Dogecoin, the Shiba Inu coin was actually created as kind of a joke cryptocurrency. Its creator is anonymous, only known as their online pseudonym - <strong>Ryoshi</strong>.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is a Shiba Inu coin: Shiba Inu coin vs Dogecoin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-2-6273d5ba0a5e7.o.jpg/" alt=\"What is a Shiba Inu coin: Shiba Inu coin vs Dogecoin.\" width=\"1000\" height=\"1334\" /></p>\n<p>When it was first created, the Shiba Inu coin had but a single goal - to act as an experiment on how a community could decide on project governance. A bit later, it positioned itself as something called a “Dogecoin killer”. Put simply, the community behind the Shiba Inu coin wanted their project to surpass Dogecoin.</p>\n<p>One of the strongest arguments for Shiba Inu being a superior crypto project to Dogecoin is the fact that Shiba Inu supports smart contracts. Without getting into too much detail, this basically means that the Shiba Inu coin can have a huge array of uses and functionalities, thanks to it being based on Ethereum.</p>\n<p>The Dogecoin blockchain, on the other hand, is similar to Bitcoin’s. With BTC being somewhat of an outdated blockchain network, it has no “smart” functionality, and you can’t really do any advanced stuff with it.</p>\n<p>Think of this as two cars - one that was made in, say, 2002, and another that’s modern, made last year. Both cars can get you from point A to point B. However, the first car is going to make a lot of fishy noises along the way, and might even break down a couple of times, if you’re unlucky! While the latter car could also break down, sure, the chance for that to happen is much smaller, and there are heated seats, as well as cruise control, too - that’s a much more comfortable way to travel!</p>\n<p>The same is true with Dogecoin and Shiba Inu. While Doge is the OG <strong>dog-themed project</strong>, Shiba Inu offers much more flexibility and features. You can lend it, stake it, earn interest on it, and more - this is why the Shiba community is so adamant about de-throning DOGE, as the king of animal-themed coins!</p>\n<h2>What Made the Shiba Inu Coin so Popular?</h2>\n<p>Getting back to the inception of the Shiba Inu coin, when it was first created back in August of 2020, the project didn’t have anything spectacular to offer to the crypto world - it was mostly viewed as a memecoin. However, more than half a year later, Shiba Inu had a stroke of luck.</p>\n<p>Remember when, in the introduction of this section, I said that Elon Musk tends to tweet about Dogecoin? Well, Musk’s tweets are actually accredited as some of the main reasons for the Dogecoin price surge of 2021, too! Coincidentally, Elon had something to do with Shiba Inu’s <strong>rise in popularity</strong>, as well.</p>\n<p>Around half a year after Shiba Inu was created, Elon Musk tweeted that he got a Shiba Inu dog. The crypto markets went crazy - as you can expect, after Elon’s fans saw that there’s an actual coin called “Shiba Inu”, they quickly started buying in. This resulted in the token surging in price by nearly 300%!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: What made the Shiba Inu coin so popular.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-3.o.jpg/" alt=\"What is the Shiba Inu coin: What made the Shiba Inu coin so popular.\" width=\"1000\" height=\"231\" /></p>\n<p>This was only the beginning of success for the community behind Shiba Inu. The developers of the token appeared to come up with a genius marketing strategy, whether intentionally or not.</p>\n<p>A couple of months after the initial price surge that Shiba Inu saw after Elon’s tweet, the developers of the token decided to send half of the total Shiba Inu token supply to a man named <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/who-is-vitalik-buterin/">Vitalik Buterin</strong></a>.</p>\n<p>Does that name sound familiar? Well, Vitalik Buterin is one of the original founders of Ethereum - the only original founder that is still working on the project, to this day! Many people see Vitalik as “the face of ETH”, even though Ethereum is a decentralized network.</p>\n<p>The hypothesis here is that developers of the Shiba Inu coin decided on sending an astonishing amount of tokens to Vitalik, hoping that they could then say - “oh, look guys, even VITALIK believes in our project, and has bought in!”. The fact of the matter is that Vitalik's ETH <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/best-cryptocurrency-wallet/">wallet address is public, so <strong>anyone</strong> can send him any and all Ethereum-based tokens.</p>\n<p>Instead of playing along with this shameless attempt at self-promotion, Vitalik did something unexpected - he donated a small portion of the funds that he got to charity, and then <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-burning/">burned the rest of the tokens - in other words, sent them to an inaccessible wallet. The total worth of the burned tokens, at that time, was close to $7 billion.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: Vitalik Buterin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-4.o.jpg/" alt=\"What is the Shiba Inu coin: Vitalik Buterin.\" width=\"1000\" height=\"521\" /></p>\n<p>As you can probably imagine, something like this doesn’t happen without anyone noticing. Ironically, this ended up being the best promotion for the Shiba Inu token - even mainstream news outlets picked up on the story! Also, with fewer tokens now being present in the market, this only further increased the price of the Shiba Inu coin - it was the perfect scenario, really!</p>\n<p>After a period of silence, the Shiba Inu coin had once again exploded in price <strong>in October of 2021</strong>, reaching its <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-all-time-high-ath/">all-time high</strong></a>. This huge surge in price was the result of multiple different variables, coming together - the crypto market being super-bullish, Musk continuously tweeting about DOGE, and the general success of Dogecoin, altogether. As Dogecoin increased in popularity, so did the next big dog-themed coin - Shiba Inu.</p>\n<h2>The Main Features of the Shiba Inu Coin</h2>\n<p>Now that you have a pretty good idea of what the Shiba Inu coin is and how it became as popular as it has, let’s also take a look at the features that this project offers to its community. After all, Shiba Inu came a long way since its inception, and the passionate fans of the token have come up with various features that could be added to the project!</p>\n<p>Currently, one of the main missions of <strong>the ShibaArmy</strong> (this is what the community behind the Shiba Inu coin is called) is to contribute to the rescue of Shiba Inu dogs around the world. One of the biggest ways to do so is to link your Amazon purchases to the Shiba Inu Rescue Association, via Amazon Smiles.</p>\n<p><img title=\"What is the Shiba Inu coin: The main features of the Shiba Inu coin.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-5.o.jpg/" alt=\"What is the Shiba Inu coin: The main features of the Shiba Inu coin.\" width=\"1000\" height=\"218\" /></p>\n<p>The team behind the Shiba Inu coin endorses this on the official website of the project! It’s a noble cause, and the community can truly help Shiba Inu dogs in need.</p>\n<p>Then, you have the Shiba Inu Incubator. That sounds a bit off, but it’s not what you think. Instead, it’s a project proposed by the Shiba community, and oriented around the artists in that very same community.</p>\n<p>Specifically, you can apply to become an official Shiba Inu coin <strong>artist</strong>, by contributing to the cause - in other words, creating artwork that revolves around the project. I’ll admit, the actual details surrounding this initiative are rather scarce, and the Shiba Inu coin official website doesn’t really do much to elaborate on it. Suffice to say that it’s a decentralized <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/tutorials/what-is-nft/">NFT project being developed by the team, in relation to the Shiba Inu coin.</p>\n<p style=\"text-align: center;\"><img title=\"What is the Shiba Inu coin: Shiba Inu incubator.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-6.o.jpg/" alt=\"What is the Shiba Inu coin: Shiba Inu incubator.\" width=\"1000\" height=\"176\" /></p>\n<p>Don’t know what NFTs are? Well, there is a section on this \"Bitdegree Crypto 101 Handbook\" as well, explaining the concept, thoroughly - <a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">here!
/nMoving on, the developers behind the Shiba Inu coin have even created an entire decentralized exchange, called <strong>ShibaSwap!</strong> This exchange can be used to trade, exchange, and swap your SHIB tokens. There are also other, supporting tokens involved, as well - tokens that are called LEASH and BONE.</p>\n<p>These names really do work in keeping up with the dog theme! Essentially, users of ShibaSwap will be able to not only trade their SHIB tokens on the platform, but also provide liquidity, and even stake tokens in order to earn passive returns.</p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/what-is-liquidity-pool-in-crypto/">Liquidity, <a href=https://www.bitdegree.org/"/crypto/learn/what-is-staking-in-crypto/">staking - there are sections on all of these topics in this \"Bitdegree Crypto 101 Handbook\". So, if there’s something you’re not exactly familiar with, make sure to check them out!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"What is the Shiba Inu coin: Trade, exchange, swap.\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-shiba-inu-7.o.jpg/" alt=\"What is the Shiba Inu coin: Trade, exchange, swap.\" width=\"1000\" height=\"163\" /></p>\n<p>As you stake your SHIB tokens, and provide liquidity to the project, you will earn the earlier-mentioned <strong>BONE tokens</strong>. These tokens are called governance tokens - essentially, you could either sell them immediately for a profit, or keep them, and use them to vote on future changes and updates to the Shiba Inu coin project.</p>\n<h2>Conclusions</h2>\n<p>As for me writing this section, the Shiba Inu coin project is healthy and strong, and the community behind it is active and inclusive. However, a single look at the price charts of the SHIB token will show you that the price is very far from the all-time high that it reached back in October of 2021.</p>\n<p>As you can expect, many people are hoping and waiting for the SHIB token price to rise again. There are even hopes that, one day, the Shiba Inu coin will reach $0,01! However, in order for that to happen, the Shiba project must be worth more than all of the cryptocurrencies currently in existence, combined!</p>\n<p>With that, I hope that you’ve learned a lot from this section! If you would like to dive deeper into the world of crypto, make sure to check out other sections such as - \"<a href=https://www.bitdegree.org/"/crypto/learn/what-are-nfts/">What are NFTs</strong></a>?\"</p>","preview_url":"https://www.bitdegree.org/crypto/learn/what-is-shiba-inu-coin","youtube_video":{"id":21,"channel_id":1,"sort":41,"video_title":"What is Shiba Inu Coin? (Explained with Animations)","description":"What is the Shiba Inu coin in crypto?\n\nThe Shiba Inu “coin” is actually a cryptocurrency token that’s based on the Ethereum blockchain. It’s a “memecoin” that has positioned itself as the main competitor for Dogecoin, another popular cryptocurrency.\n\nThat said, the Shiba Inu coin does have a lot of additional features, as well. In this video, I will tell you about how the Shiba Inu project came to be, how it became as popular as it did, and what are the main features that it can provide to its users.\n\nAre you part of the ShibaArmy? Do you believe in the future of this altcoin? Share your thoughts in the comments down below!\n\nVideo Time Table:\n\n0:00 Introduction to What is Shiba Inu Coin\n0:53 What is Shiba Inu Coin?\n3:27 What Made the Shiba Inu Coin so Popular?\n6:23 The Main Features of the Shiba Inu Coin\n9:12 Wrap-up: What is Shiba Inu Coin?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#WhatisShibaInuCoin #WhatisThePurposeofShibaInuCoin #ShibaInuCoin #WhatTypeofCoinisShibaInu","video_id":"bmei6Osiph4","duration":565,"view_count":528,"thumbnail_url":"https://i.ytimg.com/vi/bmei6Osiph4/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-04-13 20:42:40","created_at":"2022-04-13T23:00:02.000000Z","updated_at":"2023-05-21T23:00:04.000000Z","channel":{"id":1,"title":"CryptoFinallyExplained","channel_id":"UCOryUY0yxC08eJtK23mNgiA","main_playlist_id":"UUOryUY0yxC08eJtK23mNgiA"}}},"chapterTitle":"Cryptocurrencies","cryptoBookSection":{"id":10,"featured_image_id":6497,"original_id":null,"youtube_video_id":12,"author_id":42,"translator_id":null,"chapter_id":2,"title":"Is Solana an Improved Version of Ethereum?","slug":"what-is-solana-in-crypto","definition":"Did you know that the Solana blockchain supports up to almost 70,000 transactions per second?","status":"published","content":"<p>In this section, I will tell you all about <strong>what is Solana in crypto. </strong>This is one of those cryptocurrencies that definitely deserves a section of its own, since it's a project that all crypto enthusiasts should be aware of!</p>\n<p>So, when <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum came around in 2015, it was a piece of revolutionary crypto technology. With time, however, there have been multiple new projects that have aimed to improve all aspects of ETH. Solana is often viewed as one of the most successful of these projects.</p>\n<p>In this section, we’re going to answer what Solana is. To be more specific, I’ll tell you about the fundamentals of Solana, why it’s so special, and we’ll also touch on the idea of “Proof-of-History”, too!</p>\n<p><em>So, let’s go!</em></p>\n<h2>What is Solana?</h2>\n<p>In very very short, Solana is today’s future Ethereum 2.0 in some kind. But let’s begin by answering the fundamental question, first - what is Solana, exactly?</p>\n<p>Well, <strong>Solana is a cryptocurrency project that’s very similar to Ethereum</strong> - the second-largest crypto platform in the world. Same as Ethereum, Solana aims to provide its users with the tools and environment to create <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications</strong></a>, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>, and other awesome projects.</p>\n<p>All these are the biggest differences comparing those two to <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin. Let’s call them smart chains, as they aim to have some utility logic developed and not just assets with some kind of monetary value.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-1.o.jpg/" alt=\"What is Solana in crypto: Solana and Ethereum.\" width=\"800\" height=\"708\" /></p>\n<p>Now, if what I’ve just blurted out sounds like alien-speak, I highly recommend you to read previous sections in this <strong>BitDegree Crypto 101 Handbook,</strong> before we continue with Solana. This will help you get a better understanding of what I’m talking about, and about the world of crypto, in general!</p>\n<p>A good way of how you can look at it is this - imagine that you’re using the same game console for over 7 or 8 years now. It does the job, and it is reliable, but does also have issues, too - it’s too old, kinda slow, no latest games are available for it, and it tends to heat up really bad from time to time. Not to mention the fact that it might not support your favorite game's latest version, which was just released on a different console brand.</p>\n<p><em><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-2.o.jpg/" alt=\"What is Solana in crypto: An example with a game console.\" width=\"800\" height=\"470\" /></em></p>\n<p>Now, one day, at your local game store, you notice that there’s a brand new console of a different brand being advertised - one that’s MUCH faster and more advanced than your current “joy-machine”. However, there’s just one catch - all of your friends, and other people in your life are using the same old console that you are now.</p>\n<p><em>Should you switch?</em></p>\n<p>What if this new different brand console won’t support some of the essential older games that you have played for your whole life on your old machine?</p>\n<p>Another point is that a firmware update is planned for your old console, too - one that should make it much faster and smoother to use, and maybe even bring the compatibility to your favorite games’ latest version, that you are still just dreaming to play… All of this is just plans and still not a reality, and also, you are not really sure if it will happen soon, in the first place.</p>\n<p>While I do admit that the above example is very specific, you must understand that this is how people view Ethereum and Solana. ETH is extremely popular and is the old standard on which smart contracts and other decentralized platforms are built. While Solana offers <strong>extremely fast transaction speeds and advanced scalability</strong> <strong>features</strong> that are also planned for Ethereum in upcoming years.</p>\n<p><em>Which one you’ll choose? </em></p>\n<p>Should people switch from ETH to Solana? Maybe these two blockchains should be used in conjunction with one another? Well, in order to answer these (and similar) questions, you should first be aware of what EXACTLY makes Solana so attractive.</p>\n<h2>What are the Main Features of Solana?</h2>\n<p>As I’ve mentioned earlier, Solana aims to <strong>improve on all of the core aspects of Ethereum.</strong> These include things such as transaction speeds, smart contract creation, fees, use of its consensus algorithm, and general usability. Let’s cover each of these, in a simple-to-understand manner.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-3.o.jpg/" alt=\"What is Solana in crypto: The main features of Solana.\" width=\"800\" height=\"422\" /></p>\n<p>Imagine that you’re planning to send some money to your friend in another country. Perhaps you owe them money or are buying that awesome console game off of him, now that your console supports it<em>.</em></p>\n<p>You have two methods (or, two payment gateways) of sending the money - let’s call them Method A and Method B. With Method A, you will send the money, and will have to wait a few hours for it to arrive to your friend. If you send the money with Method B, though, as soon as you press the “Send” button, your friend will receive the money - it’s instant!</p>\n<p>This is rather similar to how transactions on Ethereum and Solana work. Ethereum can handle up to around <strong>40 transactions per second.</strong> Sounds pretty decent, right? Well, yes - until you find out that Solana can handle up to almost <strong>70,000 transactions per that same second.</strong> And this is the future of Ethereum too.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-4.o.jpg/" alt=\"What is Solana in crypto: 70,000 transactions per second.\" width=\"800\" height=\"341\" /></p>\n<p>The difference isn’t anything to scoff at! Transaction speeds on Solana are astonishing, and you don’t even need to compare it to today's Ethereum! And to compare and understand these metrics globally, take traditional banking, as an example - VISA can theoretically handle up to <strong>24,000 transactions per second! </strong>70k on a blockchain, VS 24k today in real life. </p>\n<p>Do you feel the difference and why blockchain tech is booming so much? <em>I feel it with, without a doubt! </em></p>\n<p>Now, let’s stick to that same example of you sending money to your friend. Let’s say, you want to send $10. If you send it with slow Method A, not only will you have to wait longer for the money to arrive to your friend, you will also have to pay, say, $4, as a transaction fee. While sending the same $10 via Method B, the transaction fee will be just a few cents.</p>\n<p>So you pay more for the slowest service, <em>how fun is that? </em>And… does it make any sense? It’s like paying triple for the economy class flight instead of getting business class on a bargain.</p>\n<p>This is another huge point that comes up when talking about Solana. The network allows users to make <strong>transactions for a fraction of the cost</strong> <strong>that you would pay on Ethereum.</strong></p>\n<p>Now, when it comes to smart contracts, there is a section <strong>\"<a href=https://www.bitdegree.org/"/crypto/learn/what-are-smart-contracts/">What are Smart Contracts?</a>\".</strong> Check it out, if you want to understand the topic in-depth! Here, I’ll just mention that smart contracts are <strong>special automated agreements</strong> that are designed to perform certain processes without human intervention.</p>\n<p>Now, initially, smart contracts were an invention of Ethereum. ETH was the first blockchain that came up with the concept, and the developers behind the network in question have taken the concept very far. Solana, however, does also support smart contract development.</p>\n<p>On Solana, smart contract development is much faster and simpler than on ETH. This is due to a variety of reasons, actually. Solana uses a different programming software than Ethereum, is simpler to get into, and requires less time to truly be grasped by developers.</p>\n<h2>What is Proof-of-History?</h2>\n<p>Now, whenever you're researching Solana, the term “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-history-poh/">Proof-of-History” is bound to come up, all the time.</p>\n<p>In this part of the section, we’ll have to get just a little bit technical - worry not, though, since I’ll explain all of the concepts that we’ll be talking about, or lead you to resources where you can learn more.</p>\n<p>In the world of crypto, there’s a concept called “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus-mechanism/">consensus algorithm</strong></a>” (or consensus mechanism). Essentially, what this refers to is the way of how the communities behind different blockchains make decisions, and come to agreements on serious questions and issues.</p>\n<p>The most popular consensus algorithms are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work and <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake. At first glance, you might think that Solana uses a different consensus algorithm - Proof-of-History. Well, let me tell you right off the bat - that’s not the case!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-6.o.jpg/" alt=\"What is Solana in crypto: Proof-of-History protocol.\" width=\"800\" height=\"217\" /></p>\n<p>Proof-of-History is actually just an <strong>improved version of Proof-of-Stake, </strong>the mechanism that will be adopted by Ethereum 2.0 probably in upcoming years. In addition to all of the staking functionality that you have with Proof-of-Stake, Proof-of-History also implements universal timestamps for the transaction confirmations.</p>\n<p>Traditionally, when different <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">validators on the network confirm transactions, they send that information relying on their own local clock timestamp without knowledge of any other participants' actual clocks in the same network. In other words, if you’re based in New York, and your friend is located in Berlin, even if you confirm the transaction at the same time, the timestamps will be very different.</p>\n<p>The lack of a standardized clock, or, let’s say, a universally-trusted time source, meant that when a transaction proceeded, there was no guarantee that every other active party in the network would stay synchronized with the same timestamp you set. And this is a huge bump for network speed because it takes time to figure out what happens, and <strong>time is everything on a blockchain.</strong></p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-7.o.jpg/" alt=\"What is Solana in crypto: transaction confirmation in chronological order.\" width=\"800\" height=\"232\" /></strong></p>\n<p>Normally, most “smart” blockchains, like Ethereum, rely purely on external mechanisms to add their timestamp — which they then apply to confirm all transactions in the order they were received.</p>\n<p>So, as we see, <strong>network synchronization is the key feature of Solana. </strong>Proof-of-History sorts this out by arranging all transaction confirmations in an organized, set chronological order. Allow me to give you an example.</p>\n<p>Imagine that you’re working from home, and have decided to order a few things, since you can’t really be arsed to go out. You order groceries from the store, some lunch from the local restaurant, and a book from a bookstore in another town. You did all of the ordering in that manner.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-8.o.jpg/" alt=\"What is Solana in crypto: An example of ordering groceries.\" width=\"800\" height=\"421\" /></p>\n<p>However, your lunch came in first, since the restaurant was half-empty. The book came in second, since they noticed that there’s a copy in a store near you. And lastly, you received your groceries, since there was a traffic jam in that part of town.</p>\n<p>Now, while all of these processes happened in a very random order, you have your app, where you can check EXACTLY when you’ve asked for each order to be sent out, and when they WERE sent out by the respective establishments. No matter when they came in, you know the time they were sent to you!</p>\n<p>Now, do keep in mind that I’ve discussed a very simplified and broad version of Proof-of-History. The concept is much more difficult than that, and there are other aspects that need to be kept in mind.</p>\n<p>The final point that I want to leave you with is the idea of<strong> “Ethereum killers”. </strong>Solana and similar projects are often labeled like that - the communities behind these blockchain networks believe that they will surpass Ethereum, and become the superior crypto projects!</p>\n<p>With time, though, it’s becoming apparent that reality isn’t as simple as that. These yet advanced “Ethereum killers” often have many issues of their own. For example, Solana was taken down in December 2020, due to a bug in the network - that’s worrying since decentralized projects shouldn’t be so prone to complete network shutdowns!</p>\n<p>On top of that, there are also fears regarding the decentralization aspect of Solana - the team behind the blockchain project has been criticized for <strong>sacrificing decentralization in order to achieve those amazing transaction speeds</strong> we’ve talked about earlier in this section.</p>\n<p>With Ethereum getting ready to launch a huge update called <strong>ETH 2.0,</strong> it’s becoming more and more obvious that crypto fans shouldn’t search for “Ethereum killers”, but rather, aim to create a decentralized, blockchain-powered future together. Solana definitely does have the potential to become a significant part of that future!</p>","meta_title":"What Is Solana in Crypto? Is It Better Than Ethereum?","meta_description":"Trying to figure out what is Solana in crypto? Why it's so special and what are its fundamentals? You'll find all the answers right here!","meta_keywords":"what is solana crypto, what is solana, what is solana used for, what is solana coin, what is solana blockchain, where can i buy solana crypto, where to buy solana crypto","order":10,"language":"en","created_at":"2022-05-03T07:58:27.000000Z","updated_at":"2022-10-17T07:40:22.000000Z","modified_content":"<p>In this section, I will tell you all about <strong>what is Solana in crypto. </strong>This is one of those cryptocurrencies that definitely deserves a section of its own, since it's a project that all crypto enthusiasts should be aware of!</p>\n<p>So, when <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-ethereum-eth/">Ethereum came around in 2015, it was a piece of revolutionary crypto technology. With time, however, there have been multiple new projects that have aimed to improve all aspects of ETH. Solana is often viewed as one of the most successful of these projects.</p>\n<p>In this section, we’re going to answer what Solana is. To be more specific, I’ll tell you about the fundamentals of Solana, why it’s so special, and we’ll also touch on the idea of “Proof-of-History”, too!</p>\n<p><em>So, let’s go!</em></p>\n<div class=\"container\">\n <div class=\"row justify-content-center\">\n <div class=\"col-md-10 comparison-suggestion pb-3 mb-4\">\n <div class=\"d-flex flex-row\">\n <div class=\"text-center\">\n <div class=\"img-block-yt\">\n <img src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/images/compare-crypto-exchanges.gif/"/n alt=\"What is Solana in Crypto? (Beginner-Friendly Animation)\"\n title=\"What is Solana in Crypto? (Beginner-Friendly Animation)\" class=\"border-0\">\n <p>Video Explainer</p>\n </div>\n </div>\n <div class=\"col-xs-10 col-sm-10 col-md-10 text-left py-3 yt-info\">\n <h4 class=\"mb-1\">Video Explainer: Is Solana an Improved Version of Ethereum?</h4>\n <p class=\"py-1 mb-0 youtube-video-subtitle\">Reading is not your thing? Watch the \"Is Solana an Improved Version of Ethereum?\" video explainer</p>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div class=\"col-12 col-md-11 px-3\">\n <div class=\"wrapper mb-0\">\n <div class=\"youtube mb-4 bg-transparent p-0 video-modal-popup\" data-toggle=\"modal\"\n data-target=\"#video-modal\" data-id=\"6H3tUtymTJQ\" data-title=\"CryptoFinallyExplained\">\n <div class=\"video-gradient-top\"></div>\n <p class=\"text-left dyk-video-title\">What is Solana in Crypto? (Beginner-Friendly Animation)</p>\n <img src=https://www.bitdegree.org/"https://i.ytimg.com/vi/6H3tUtymTJQ/hq720.jpg/"/n alt=\"What is Solana in Crypto? (Beginner-Friendly Animation)\"\n title=\"What is Solana in Crypto? (Beginner-Friendly Animation)\"\n class=\"p-0\">\n <img class=\"play-button\" data-target=\"#video-modal\"\n src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/video-button.png/"/n alt=\"What is Solana in Crypto? (Beginner-Friendly Animation)\">\n </div>\n </div>\n </div>\n </div>\n <div class=\"row justify-content-center text-center\">\n <div>\n <a href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n class=\"btn yt-promo mb-2\" target=\"_blank\" rel=\"nofollow noopener\">\n <div class=\"row justify-content-center align-items-center mx-0 text-center\">\n <div class=\"col-4 col-md-4\">\n <i class=\"fab fa-youtube yt-dyk-btn\"></i>\n </div>\n <div class=\"col-8 col-md-8 text-center yt-promo-text\">\n <h4 class=\"m-0 text-white\">SUBSCRIBE</h4>\n <span>ON YOUTUBE</span>\n </div>\n </div>\n </a>\n </div>\n </div>\n </div>\n </div>\n</div>\n<div class=\"modal fade\" id=\"video-modal\" tabindex=\"-1\" role=\"dialog\" aria-labelledby=\"6H3tUtymTJQ\">\n <div class=\"modal-dialog modal-dialog-centered modal-lg\" role=\"document\">\n <div class=\"modal-content\">\n <div class=\"modal-body p-0\">\n <button type=\"button\" class=\"video-modal-close close\" data-dismiss=\"modal\" aria-label=\"Close\">\n <i aria-hidden=\"true\" class=\"fas fa-times\"></i>\n </button>\n <div id=\"iframe\"></div>\n </div>\n <a class=\"text-decoration-none\"\n href=https://www.bitdegree.org/"https://www.youtube.com/c/CryptoFinallyExplained?sub_confirmation=1\%22\n rel=\"nofollow noopener\" target=\"_blank\">\n <div class=\"modal-footer p-0 d-block bg-white\">\n <div class=\"row justify-content-center m-0\">\n <div class=\"col-3 col-md-4 col-lg-2 p-0\">\n <img class=\"w-100 h-100\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/assets/crypto-subscribe.jpg/" alt=\"Subscribe\">\n </div>\n <div class=\"col-9 col-md-8 col-lg-2 px-0 d-flex\">\n <div class=\"modal-subscribe w-100\">\n <p class=\"m-0 mt-1 mr-3\">SUBSCRIBE<br>\n <span class=\"m-0\">ON YOUTUBE</span>\n </p>\n </div>\n </div>\n <div class=\"col-12 col-md-12 col-lg-8 p-0 text-center d-flex justify-content-center align-items-center\">\n <div class=\"modal-subscribe-text\">\n <h4 class=\"m-0\">Understand crypto with ease</h4>\n <span>New explainer videos every week!</span>\n </div>\n </div>\n </div>\n </div>\n </a>\n </div>\n </div>\n</div>\n<h2>What is Solana?</h2>\n<p>In very very short, Solana is today’s future Ethereum 2.0 in some kind. But let’s begin by answering the fundamental question, first - what is Solana, exactly?</p>\n<p>Well, <strong>Solana is a cryptocurrency project that’s very similar to Ethereum</strong> - the second-largest crypto platform in the world. Same as Ethereum, Solana aims to provide its users with the tools and environment to create <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-are-decentralized-applications-dapps/">decentralized applications</strong></a>, <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-smart-contract/">smart contracts</strong></a>, and other awesome projects.</p>\n<p>All these are the biggest differences comparing those two to <a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/buy-bitcoin-btc/">Bitcoin. Let’s call them smart chains, as they aim to have some utility logic developed and not just assets with some kind of monetary value.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-1.o.jpg/" alt=\"What is Solana in crypto: Solana and Ethereum.\" width=\"800\" height=\"708\" /></p>\n<p>Now, if what I’ve just blurted out sounds like alien-speak, I highly recommend you to read previous sections in this <strong>BitDegree Crypto 101 Handbook,</strong> before we continue with Solana. This will help you get a better understanding of what I’m talking about, and about the world of crypto, in general!</p>\n<p>A good way of how you can look at it is this - imagine that you’re using the same game console for over 7 or 8 years now. It does the job, and it is reliable, but does also have issues, too - it’s too old, kinda slow, no latest games are available for it, and it tends to heat up really bad from time to time. Not to mention the fact that it might not support your favorite game's latest version, which was just released on a different console brand.</p>\n<p><em><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-2.o.jpg/" alt=\"What is Solana in crypto: An example with a game console.\" width=\"800\" height=\"470\" /></em></p>\n<p>Now, one day, at your local game store, you notice that there’s a brand new console of a different brand being advertised - one that’s MUCH faster and more advanced than your current “joy-machine”. However, there’s just one catch - all of your friends, and other people in your life are using the same old console that you are now.</p>\n<p><em>Should you switch?</em></p>\n<p>What if this new different brand console won’t support some of the essential older games that you have played for your whole life on your old machine?</p>\n<p>Another point is that a firmware update is planned for your old console, too - one that should make it much faster and smoother to use, and maybe even bring the compatibility to your favorite games’ latest version, that you are still just dreaming to play… All of this is just plans and still not a reality, and also, you are not really sure if it will happen soon, in the first place.</p>\n<p>While I do admit that the above example is very specific, you must understand that this is how people view Ethereum and Solana. ETH is extremely popular and is the old standard on which smart contracts and other decentralized platforms are built. While Solana offers <strong>extremely fast transaction speeds and advanced scalability</strong> <strong>features</strong> that are also planned for Ethereum in upcoming years.</p>\n<p><em>Which one you’ll choose? </em></p>\n<p>Should people switch from ETH to Solana? Maybe these two blockchains should be used in conjunction with one another? Well, in order to answer these (and similar) questions, you should first be aware of what EXACTLY makes Solana so attractive.</p>\n<h2>What are the Main Features of Solana?</h2>\n<p>As I’ve mentioned earlier, Solana aims to <strong>improve on all of the core aspects of Ethereum.</strong> These include things such as transaction speeds, smart contract creation, fees, use of its consensus algorithm, and general usability. Let’s cover each of these, in a simple-to-understand manner.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-3.o.jpg/" alt=\"What is Solana in crypto: The main features of Solana.\" width=\"800\" height=\"422\" /></p>\n<p>Imagine that you’re planning to send some money to your friend in another country. Perhaps you owe them money or are buying that awesome console game off of him, now that your console supports it<em>.</em></p>\n<p>You have two methods (or, two payment gateways) of sending the money - let’s call them Method A and Method B. With Method A, you will send the money, and will have to wait a few hours for it to arrive to your friend. If you send the money with Method B, though, as soon as you press the “Send” button, your friend will receive the money - it’s instant!</p>\n<p>This is rather similar to how transactions on Ethereum and Solana work. Ethereum can handle up to around <strong>40 transactions per second.</strong> Sounds pretty decent, right? Well, yes - until you find out that Solana can handle up to almost <strong>70,000 transactions per that same second.</strong> And this is the future of Ethereum too.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-4.o.jpg/" alt=\"What is Solana in crypto: 70,000 transactions per second.\" width=\"800\" height=\"341\" /></p>\n<p>The difference isn’t anything to scoff at! Transaction speeds on Solana are astonishing, and you don’t even need to compare it to today's Ethereum! And to compare and understand these metrics globally, take traditional banking, as an example - VISA can theoretically handle up to <strong>24,000 transactions per second! </strong>70k on a blockchain, VS 24k today in real life. </p>\n<p>Do you feel the difference and why blockchain tech is booming so much? <em>I feel it with, without a doubt! </em></p>\n<p>Now, let’s stick to that same example of you sending money to your friend. Let’s say, you want to send $10. If you send it with slow Method A, not only will you have to wait longer for the money to arrive to your friend, you will also have to pay, say, $4, as a transaction fee. While sending the same $10 via Method B, the transaction fee will be just a few cents.</p>\n<p>So you pay more for the slowest service, <em>how fun is that? </em>And… does it make any sense? It’s like paying triple for the economy class flight instead of getting business class on a bargain.</p>\n<p>This is another huge point that comes up when talking about Solana. The network allows users to make <strong>transactions for a fraction of the cost</strong> <strong>that you would pay on Ethereum.</strong></p>\n<p>Now, when it comes to smart contracts, there is a section <strong>\"<a href=https://www.bitdegree.org/"/crypto/learn/what-are-smart-contracts/">What are Smart Contracts?</a>\".</strong> Check it out, if you want to understand the topic in-depth! Here, I’ll just mention that smart contracts are <strong>special automated agreements</strong> that are designed to perform certain processes without human intervention.</p>\n<p>Now, initially, smart contracts were an invention of Ethereum. ETH was the first blockchain that came up with the concept, and the developers behind the network in question have taken the concept very far. Solana, however, does also support smart contract development.</p>\n<p>On Solana, smart contract development is much faster and simpler than on ETH. This is due to a variety of reasons, actually. Solana uses a different programming software than Ethereum, is simpler to get into, and requires less time to truly be grasped by developers.</p>\n<h2>What is Proof-of-History?</h2>\n<p>Now, whenever you're researching Solana, the term “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-history-poh/">Proof-of-History” is bound to come up, all the time.</p>\n<p>In this part of the section, we’ll have to get just a little bit technical - worry not, though, since I’ll explain all of the concepts that we’ll be talking about, or lead you to resources where you can learn more.</p>\n<p>In the world of crypto, there’s a concept called “<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-consensus-mechanism/">consensus algorithm</strong></a>” (or consensus mechanism). Essentially, what this refers to is the way of how the communities behind different blockchains make decisions, and come to agreements on serious questions and issues.</p>\n<p>The most popular consensus algorithms are <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-work-pow/">Proof-of-Work and <strong><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake. At first glance, you might think that Solana uses a different consensus algorithm - Proof-of-History. Well, let me tell you right off the bat - that’s not the case!</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-6.o.jpg/" alt=\"What is Solana in crypto: Proof-of-History protocol.\" width=\"800\" height=\"217\" /></p>\n<p>Proof-of-History is actually just an <strong>improved version of Proof-of-Stake, </strong>the mechanism that will be adopted by Ethereum 2.0 probably in upcoming years. In addition to all of the staking functionality that you have with Proof-of-Stake, Proof-of-History also implements universal timestamps for the transaction confirmations.</p>\n<p>Traditionally, when different <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">validators on the network confirm transactions, they send that information relying on their own local clock timestamp without knowledge of any other participants' actual clocks in the same network. In other words, if you’re based in New York, and your friend is located in Berlin, even if you confirm the transaction at the same time, the timestamps will be very different.</p>\n<p>The lack of a standardized clock, or, let’s say, a universally-trusted time source, meant that when a transaction proceeded, there was no guarantee that every other active party in the network would stay synchronized with the same timestamp you set. And this is a huge bump for network speed because it takes time to figure out what happens, and <strong>time is everything on a blockchain.</strong></p>\n<p><strong><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-7.o.jpg/" alt=\"What is Solana in crypto: transaction confirmation in chronological order.\" width=\"800\" height=\"232\" /></strong></p>\n<p>Normally, most “smart” blockchains, like Ethereum, rely purely on external mechanisms to add their timestamp — which they then apply to confirm all transactions in the order they were received.</p>\n<p>So, as we see, <strong>network synchronization is the key feature of Solana. </strong>Proof-of-History sorts this out by arranging all transaction confirmations in an organized, set chronological order. Allow me to give you an example.</p>\n<p>Imagine that you’re working from home, and have decided to order a few things, since you can’t really be arsed to go out. You order groceries from the store, some lunch from the local restaurant, and a book from a bookstore in another town. You did all of the ordering in that manner.</p>\n<p><img style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"\" src=https://www.bitdegree.org/"https://assets.bitdegree.org/crypto/storage/media/what-is-solana-in-crypto-8.o.jpg/" alt=\"What is Solana in crypto: An example of ordering groceries.\" width=\"800\" height=\"421\" /></p>\n<p>However, your lunch came in first, since the restaurant was half-empty. The book came in second, since they noticed that there’s a copy in a store near you. And lastly, you received your groceries, since there was a traffic jam in that part of town.</p>\n<p>Now, while all of these processes happened in a very random order, you have your app, where you can check EXACTLY when you’ve asked for each order to be sent out, and when they WERE sent out by the respective establishments. No matter when they came in, you know the time they were sent to you!</p>\n<p>Now, do keep in mind that I’ve discussed a very simplified and broad version of Proof-of-History. The concept is much more difficult than that, and there are other aspects that need to be kept in mind.</p>\n<p>The final point that I want to leave you with is the idea of<strong> “Ethereum killers”. </strong>Solana and similar projects are often labeled like that - the communities behind these blockchain networks believe that they will surpass Ethereum, and become the superior crypto projects!</p>\n<p>With time, though, it’s becoming apparent that reality isn’t as simple as that. These yet advanced “Ethereum killers” often have many issues of their own. For example, Solana was taken down in December 2020, due to a bug in the network - that’s worrying since decentralized projects shouldn’t be so prone to complete network shutdowns!</p>\n<p>On top of that, there are also fears regarding the decentralization aspect of Solana - the team behind the blockchain project has been criticized for <strong>sacrificing decentralization in order to achieve those amazing transaction speeds</strong> we’ve talked about earlier in this section.</p>\n<p>With Ethereum getting ready to launch a huge update called <strong>ETH 2.0,</strong> it’s becoming more and more obvious that crypto fans shouldn’t search for “Ethereum killers”, but rather, aim to create a decentralized, blockchain-powered future together. Solana definitely does have the potential to become a significant part of that future!</p>","preview_url":"https://www.bitdegree.org/crypto/learn/what-is-solana-in-crypto","youtube_video":{"id":12,"channel_id":1,"sort":50,"video_title":"What is Solana in Crypto? (Beginner-Friendly Animation)","description":"What is Solana in crypto?\n\nSolana is a decentralized ecosystem built on blockchain technology. It’s often compared to Ethereum, since Solana aims to serve the same purpose, but also improve on all aspects of the ETH network.\n\nSolana has quickly grown in popularity - this is thanks to a combination of a few different reasons. It’s also the project that has popularized the concept of a “Proof-of-History” consensus algorithm. I’ll tell you all about it in this video, as well as cover the question of what is Solana, in general, and what unique features it has to offer to crypto enthusiasts around the world\n\nAre you a SOL hodler? Do you believe in the future of this project? Do share your opinions in the comments below!\n\nVideo Time Table:\n\n0:00 Introduction to What is Solana in Crypto\n0:45 What is Solana?\n3:06 What are the Main Features of Solana?\n6:10 What is Proof-of-History?\n9:16 Wrap-up: What is Solana in Crypto?\n\nGet Quick Crypto Tips on Twitter - Follow:\nhttps://twitter.com/crypto_xplained\n\n#WhatisSolanaCrypto #WhatisSolana #WhatisSolanaUsedFor #WhatisSolanaCoin #WhatisSolanaBlockchain #WhereCanIBuySolanaCrypto #WheretoBuySolanaCrypto #ProofOfHistory","video_id":"6H3tUtymTJQ","duration":631,"view_count":799,"thumbnail_url":"https://i.ytimg.com/vi/6H3tUtymTJQ/hq720.jpg","thumbnail_width":1280,"thumbnail_height":720,"published_at":"2022-02-22 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"currentChapter":"cryptocurrencies","currentSection":"what-is-solana-in-crypto","readingTime":10,"readingLevel":"easy"},"url":"/crypto/learn/what-is-solana-in-crypto","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Chapter 2: Cryptocurrencies
Is Solana an Improved Version of Ethereum?
Did you know that the Solana blockchain supports up to almost 70,000 transactions per second?
In this section, I will tell you all about what is Solana in crypto. This is one of those cryptocurrencies that definitely deserves a section of its own, since it's a project that all crypto enthusiasts should be aware of!
So, when Ethereum came around in 2015, it was a piece of revolutionary crypto technology. With time, however, there have been multiple new projects that have aimed to improve all aspects of ETH. Solana is often viewed as one of the most successful of these projects.
In this section, we’re going to answer what Solana is. To be more specific, I’ll tell you about the fundamentals of Solana, why it’s so special, and we’ll also touch on the idea of “Proof-of-History”, too!
So, let’s go!
Video Explainer
Video Explainer: Is Solana an Improved Version of Ethereum?
Reading is not your thing? Watch the "Is Solana an Improved Version of Ethereum?" video explainer
What is Solana?
In very very short, Solana is today’s future Ethereum 2.0 in some kind. But let’s begin by answering the fundamental question, first - what is Solana, exactly?
Well, Solana is a cryptocurrency project that’s very similar to Ethereum - the second-largest crypto platform in the world. Same as Ethereum, Solana aims to provide its users with the tools and environment to create decentralized applications, smart contracts, and other awesome projects.
All these are the biggest differences comparing those two to Bitcoin. Let’s call them smart chains, as they aim to have some utility logic developed and not just assets with some kind of monetary value.
Now, if what I’ve just blurted out sounds like alien-speak, I highly recommend you to read previous sections in this BitDegree Crypto 101 Handbook, before we continue with Solana. This will help you get a better understanding of what I’m talking about, and about the world of crypto, in general!
A good way of how you can look at it is this - imagine that you’re using the same game console for over 7 or 8 years now. It does the job, and it is reliable, but does also have issues, too - it’s too old, kinda slow, no latest games are available for it, and it tends to heat up really bad from time to time. Not to mention the fact that it might not support your favorite game's latest version, which was just released on a different console brand.
Now, one day, at your local game store, you notice that there’s a brand new console of a different brand being advertised - one that’s MUCH faster and more advanced than your current “joy-machine”. However, there’s just one catch - all of your friends, and other people in your life are using the same old console that you are now.
Should you switch?
What if this new different brand console won’t support some of the essential older games that you have played for your whole life on your old machine?
Another point is that a firmware update is planned for your old console, too - one that should make it much faster and smoother to use, and maybe even bring the compatibility to your favorite games’ latest version, that you are still just dreaming to play… All of this is just plans and still not a reality, and also, you are not really sure if it will happen soon, in the first place.
While I do admit that the above example is very specific, you must understand that this is how people view Ethereum and Solana. ETH is extremely popular and is the old standard on which smart contracts and other decentralized platforms are built. While Solana offers extremely fast transaction speeds and advanced scalability features that are also planned for Ethereum in upcoming years.
Which one you’ll choose?
Should people switch from ETH to Solana? Maybe these two blockchains should be used in conjunction with one another? Well, in order to answer these (and similar) questions, you should first be aware of what EXACTLY makes Solana so attractive.
What are the Main Features of Solana?
As I’ve mentioned earlier, Solana aims to improve on all of the core aspects of Ethereum. These include things such as transaction speeds, smart contract creation, fees, use of its consensus algorithm, and general usability. Let’s cover each of these, in a simple-to-understand manner.
Imagine that you’re planning to send some money to your friend in another country. Perhaps you owe them money or are buying that awesome console game off of him, now that your console supports it.
You have two methods (or, two payment gateways) of sending the money - let’s call them Method A and Method B. With Method A, you will send the money, and will have to wait a few hours for it to arrive to your friend. If you send the money with Method B, though, as soon as you press the “Send” button, your friend will receive the money - it’s instant!
This is rather similar to how transactions on Ethereum and Solana work. Ethereum can handle up to around 40 transactions per second. Sounds pretty decent, right? Well, yes - until you find out that Solana can handle up to almost 70,000 transactions per that same second. And this is the future of Ethereum too.
The difference isn’t anything to scoff at! Transaction speeds on Solana are astonishing, and you don’t even need to compare it to today's Ethereum! And to compare and understand these metrics globally, take traditional banking, as an example - VISA can theoretically handle up to 24,000 transactions per second! 70k on a blockchain, VS 24k today in real life.
Do you feel the difference and why blockchain tech is booming so much? I feel it with, without a doubt!
Now, let’s stick to that same example of you sending money to your friend. Let’s say, you want to send $10. If you send it with slow Method A, not only will you have to wait longer for the money to arrive to your friend, you will also have to pay, say, $4, as a transaction fee. While sending the same $10 via Method B, the transaction fee will be just a few cents.
So you pay more for the slowest service, how fun is that? And… does it make any sense? It’s like paying triple for the economy class flight instead of getting business class on a bargain.
This is another huge point that comes up when talking about Solana. The network allows users to make transactions for a fraction of the cost that you would pay on Ethereum.
Now, when it comes to smart contracts, there is a section "What are Smart Contracts?". Check it out, if you want to understand the topic in-depth! Here, I’ll just mention that smart contracts are special automated agreements that are designed to perform certain processes without human intervention.
Now, initially, smart contracts were an invention of Ethereum. ETH was the first blockchain that came up with the concept, and the developers behind the network in question have taken the concept very far. Solana, however, does also support smart contract development.
On Solana, smart contract development is much faster and simpler than on ETH. This is due to a variety of reasons, actually. Solana uses a different programming software than Ethereum, is simpler to get into, and requires less time to truly be grasped by developers.
What is Proof-of-History?
Now, whenever you're researching Solana, the term “Proof-of-History” is bound to come up, all the time.
In this part of the section, we’ll have to get just a little bit technical - worry not, though, since I’ll explain all of the concepts that we’ll be talking about, or lead you to resources where you can learn more.
In the world of crypto, there’s a concept called “consensus algorithm” (or consensus mechanism). Essentially, what this refers to is the way of how the communities behind different blockchains make decisions, and come to agreements on serious questions and issues.
The most popular consensus algorithms are Proof-of-Work and Proof-of-Stake. At first glance, you might think that Solana uses a different consensus algorithm - Proof-of-History. Well, let me tell you right off the bat - that’s not the case!
Proof-of-History is actually just an improved version of Proof-of-Stake, the mechanism that will be adopted by Ethereum 2.0 probably in upcoming years. In addition to all of the staking functionality that you have with Proof-of-Stake, Proof-of-History also implements universal timestamps for the transaction confirmations.
Traditionally, when different validators on the network confirm transactions, they send that information relying on their own local clock timestamp without knowledge of any other participants' actual clocks in the same network. In other words, if you’re based in New York, and your friend is located in Berlin, even if you confirm the transaction at the same time, the timestamps will be very different.
The lack of a standardized clock, or, let’s say, a universally-trusted time source, meant that when a transaction proceeded, there was no guarantee that every other active party in the network would stay synchronized with the same timestamp you set. And this is a huge bump for network speed because it takes time to figure out what happens, and time is everything on a blockchain.
Normally, most “smart” blockchains, like Ethereum, rely purely on external mechanisms to add their timestamp — which they then apply to confirm all transactions in the order they were received.
So, as we see, network synchronization is the key feature of Solana. Proof-of-History sorts this out by arranging all transaction confirmations in an organized, set chronological order. Allow me to give you an example.
Imagine that you’re working from home, and have decided to order a few things, since you can’t really be arsed to go out. You order groceries from the store, some lunch from the local restaurant, and a book from a bookstore in another town. You did all of the ordering in that manner.
However, your lunch came in first, since the restaurant was half-empty. The book came in second, since they noticed that there’s a copy in a store near you. And lastly, you received your groceries, since there was a traffic jam in that part of town.
Now, while all of these processes happened in a very random order, you have your app, where you can check EXACTLY when you’ve asked for each order to be sent out, and when they WERE sent out by the respective establishments. No matter when they came in, you know the time they were sent to you!
Now, do keep in mind that I’ve discussed a very simplified and broad version of Proof-of-History. The concept is much more difficult than that, and there are other aspects that need to be kept in mind.
The final point that I want to leave you with is the idea of “Ethereum killers”. Solana and similar projects are often labeled like that - the communities behind these blockchain networks believe that they will surpass Ethereum, and become the superior crypto projects!
With time, though, it’s becoming apparent that reality isn’t as simple as that. These yet advanced “Ethereum killers” often have many issues of their own. For example, Solana was taken down in December 2020, due to a bug in the network - that’s worrying since decentralized projects shouldn’t be so prone to complete network shutdowns!
On top of that, there are also fears regarding the decentralization aspect of Solana - the team behind the blockchain project has been criticized for sacrificing decentralization in order to achieve those amazing transaction speeds we’ve talked about earlier in this section.
With Ethereum getting ready to launch a huge update called ETH 2.0, it’s becoming more and more obvious that crypto fans shouldn’t search for “Ethereum killers”, but rather, aim to create a decentralized, blockchain-powered future together. Solana definitely does have the potential to become a significant part of that future!
