Smart Contract Development on Solana

Solana is a fast-growing blockchain that bears a strong resemblance to Ethereum. Oftentimes, it has been called the “killer of Ethereum.” Like Ethereum, SOL (Solana) tokens can be purchased on major exchanges. The true value of the token is in transactions within the Solana system with unique advantages. The Solana blockchain uses a consensus mechanism that combines the proof-of-history (PoH) or proof-of-stake (PoS) consensus mechanism.

This algorithm uses a timestamp to determine the next block of the Solana chain. Previously, cryptocurrencies such as Bitcoin and Litecoin used adversarial algorithms to define blockchains. PoW is a consensus mechanism that relies on miners to determine the next block. However, the mining system is slow and resource-intensive, resulting in energy consumption. This is one of the reasons why Ethereum will soon merge and become a peer-to-peer system. Unlike the previous block identification mechanism, the certificate is used to identify the next block. Tokens are held as collateral by the blockchain until validators agree on the next block of the chain.

Advantages of Developing Smart Contracts on Solana

Some of the key benefits of deploying smart contracts on Solana are:

Fast

Speed "‹"‹is one of the main advantages of Solana for smart contract development. Compared to Ethereum, which only runs 15-45 TPS (transactions per second), Solana can process 50,000 TPS and transfer 70,000 TPS. Solana's ability to process thousands of transactions per second makes it one of the fastest blockchain platforms in the current scenario.

Affordable

Users need to pay gas to process transactions on a blockchain platform. The average fee charged by Solana is $0.000025, which is very low compared to other blockchain platforms in the market.

Environment-friendly

Solana uses a combination of PoH (Proof-of-History) and PoS (Proof-of-Stake) consensus mechanisms. This combination makes it an environmentally friendly blockchain platform for developing smart contracts. While PoS is responsible for using less energy, the PoH consensus algorithm ensures higher efficiency and higher network throughput.

Greater Transparency and Security

Smart contract development on Solana is primarily done in RUST, a multi-paradigm, general-purpose programming language designed for security-specific contracts. In addition, Solana uses the BFT (Byzantine Fault Tolerance) algorithm, which provides greater transparency and security.

Expanded Scale

Horizontal zoom is done by zooming horizontally. The Cloudbreak system ensures scalability. It records transaction history on the platform.

Solana Smart Contract Architecture

Smart contract development and dApp development are two types of Solana development activities. Smart contracts are developed using programming languages "‹"‹such as Rust, C, and C++. Applications are distributed on the chain and managed by a feature called the Solana runtime. Solana comes with a very different smart contract model compared to the traditional EVM-based blockchain. In the case of a traditional blockchain, code and conditions are combined into a single contract. While with Solana, smart contracts have no conditions and the platform only has application logic. Smart contracts hosted on Solana can be accessed by external accounts that interact with the application to store information related to the application. Thus, the state and contract code are logically separated, distinguishing Solana's smart contract development from EVM-powered blockchains. Solana also comes with Command Line Interface (CLI) and JSON RPC API to improve compatibility with dApps. dApps can also interact with Blockchain and Solana applications using existing SDKs. Solana's smart contract development process can be challenging for cryptocurrencies.

Smart Contract Development on Solana

The following steps can give you an insight into smart contract development on Solana:

Set Up the Right Development Environment

Creating a solid development environment can be difficult for first-time users. Additionally, users may find it difficult to configure and run smart contract code on Windows. Therefore, Solana is recommended to build a framework consisting of several useful development tools for the marine class.

Create a Local Group

After setting up the framework, the next step is to create a local group. A set of validators that work together to maintain the integrity of the service client's accounts and transactions. It is not possible to run a Solana application without a group. Devnet, testnet, and mainnet are the three groups used to run Solana applications.

Write a Program

With the local anchor and cluster set up, it's time to write the Solana application. Anchor's CLI (command line interface) allows users to write new programs. Users can edit or update applications using the CLI.