How Solana Works A Beginner’s Guide ⚡️ Hamster Academy
Support me
Subscribe & Like my Channel for more beautiful Videos
Thank You
Subscribe & Like my Channel for more beautiful Videos
Thank You
Transcript
00:00Hey hamsters, imagine you have a bank where you can store your peanuts, send them to friends
00:11or even buy cool new peanuts all without having to wait in long lines or paying huge fees.
00:18Solana is like that bank, but for digital currency.
00:22Solana is an open-source blockchain platform designed to make transactions fast, cheap
00:27and scalable.
00:28Oh, when it was launched in March 2020, everybody called it Ethereum killer.
00:34Care to guess why?
00:39Because it was able to process thousand times more transactions than Ethereum in a second.
00:49Solana uses a unique technology called Proof of History, which lets it keep track of time
00:55and order of transactions.
00:58So what makes Solana so popular?
01:01Speed!
01:02Solana can handle up to 65,000 of transactions per second, which means you can send and receive
01:09your money as quickly as sending a text message.
01:13Low fees!
01:14Sending and receiving money using Solana costs just a fraction of a cent, like 0.01 or 0.02
01:20dollars compared to, let's say, Ethereum fees that can be several dollars per transaction.
01:28Scalability!
01:29Solana can grow and handle more users and transactions without slowing down.
01:34Think of it as a highway that can keep adding more lines as more cars start driving on it.
01:40By the way, do you know who created Solana?
01:43Charles Hoskinson, Anatoly Yakovenko, or Vitalik Buterin?
01:47It's Anatoly Yakovenko!
01:57What can you do with Solana?
01:59Just like other blockchains, Solana allows you to
02:03Send and receive money.
02:04You can use Solana's cryptocurrency called Sol to send money or pay for services.
02:12Create and use apps.
02:13Developers can build decentralized applications, dApps on Solana-like games, finance tools,
02:19social networks, and more.
02:21Did you know that a lot of your favorite meme coins like Dogwife Hat, Pong, and Mother Iggy
02:27were created on Solana?
02:29Invest and trade.
02:31You can buy and hold Sol or trade it on crypto exchanges.
02:34Hope this was helpful.
02:36Thanks for watching.
02:37Subscribe to our YouTube channel.
02:39And remember, hamsters are power.
02:41One for all and all for one.
02:43See you tomorrow.