How Solana Works A Beginner’s Guide ⚡️ Hamster Academy

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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.