Solana was introduced in 2017 by Anatoly Yakovenko with the primary goal of addressing scalability issues in the existing Blockchain platforms. It is a Blockchain platform with a much faster block time than Ethereum that is high-performance and permissionless. Per second, thousands of transactions are carried out.
Over the past few years, Solana has developed into one of the Blockchain systems with the highest rate of adaptability. In the summer of 2021, Solana’s market valuation surged by 400%, according to Statista. It is now seen as a direct competitor to Ethereum which makes it easier to create decentralised applications.
Even though the primary objective of this blog article is to educate businesses on the Solana smart contract development process, it is crucial to recognise the features of Smart Contracts built on Solana.
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Features of Solana Smart Contracts
There are numerous features of Solana Smart Contracts. Some of those features are discussed as follows:
- Great Security
The main language for creating smart contracts on the Solana platform is RUST, a multi-paradigm, general-purpose programming language designed for performance and safety, especially safe concurrency. The BFT (Byzantine Fault Tolerance) algorithm, which ensures improved security and transparency, is also used by Solana.
- High Speed
The rapidity of Solana smart contract development is one of its primary benefits. In contrast to Ethereum, which can only handle 15–45 Transactions per Second (TPS), Solana has a processing capacity of 50,000 TPS and is capable of increasing to 70,000 TPS. Solana can process thousands of transactions per second, making it one of the current fastest Blockchain platforms.
- Environment Friendly
Because Solana integrates the PoH (Proof-of-History) and PoS (Proof-of-Stake) consensus processes, it provides an environmentally friendly Blockchain platform for building smart contracts. While the PoS consensus mechanism is in charge of the blockchain’s eco-friendliness, PoH guarantees that the network has increased efficiency and a higher throughput rate.
- Highly Scalable
The degree to which Solana is scalable depends on the horizontal scaling strategy it employs. The Cloudbreak system ensures that the platform is always scalable and that the tokens and transactions that run on top of it never experience throughput issues.
- Lower Cost
On a Blockchain platform, users must pay a gas price to conduct transactions. Each Blockchain has a unique transaction fee. Solana has one of the lowest average transaction fees on the market when compared to other Blockchain systems, at just $0.000025.
Solana Smart Contract Development Architecture
Smart contracts and dApp development are two different Solana development techniques. The programming languages used to make smart contracts, also known as programs, include C, Rust, and C++. The “Solana runtime” capability is used to start and run programs on-chain.
Solana offers a distinctive smart contract model in contrast to traditional EVM-based Blockchain. While Solana smart contracts are stateless and only contain program logic, conventional blockchains combine code and state into a single contract.
Smart contracts developed on Solana can be accessed by external accounts that interact with the program to save data about that interaction. This is how the creation of Solana smart contracts differs from EVM-enabled Blockchains in terms of the logical separation of contract code and state.
To enhance communication with dApps, Solana also comes with a Command Line Interface (CLI) and JSON RPC API. Using already existing SDKs, dApps can communicate with Blockchain and Solana applications.
Stages of Solana Smart Contract Development Process
The following are the major stages to be followed in the Solana Smart Contract Development Process. It will bring you clarity regarding how to develop the Solana Smart Contract:
Stage 1: Setting Solana Development Environment: The Solana development environment setup may be challenging for novice users. Users may also have trouble compiling and running the smart contract code on Windows. It is consequently suggested to install Anchor, a framework with several beneficial development tools designed especially for Solana’s sea-level runtime.
Stage 2: Creating Localnet Cluster: The construction of a localnet cluster must come after the Anchor framework installation will be the second stage. A team of validators who work together to uphold the integrity of the ledger and handle client transactions Unable to run without a cluster is a Solana program. The Solana program is run on three clusters: the development, test, and mainnet networks.
Stage 3: Writing the Program: After establishing Anchor and the localnet cluster, it is now time to construct a Solana program. The Anchor CLI (Command Line Interface) enables users to develop new programs. Users can also update or modify the software by utilizing CLI.
Stage 4: Auditing and Deploying the Smart Contract: The next stage is to create a programmed test to find flaws and mistakes in your application. Anchor enables users to test a program using integration tests in languages other than Rust, ensuring that bugs due to syntax mistakes may be rapidly identified.
You can find current and potential bugs, security gaps, compilation issues, and more by auditing the program to ensure the quality of the code. Following the programmatic test, your smart contract can be put into use on Solana.
How Much Does it Cost to Create a Token on Solana Blockchain?
We cannot tell you about the actual cost of creating a token on Solana, however, we can provide you with an estimated value.
Certain factors will impact the overall cost such as the complexity of your projects, the token development agency you hire, and the number of tokens you want to develop.
The cost to create tokens on Solana will be somewhere around $500-$1000 which would vary according to the mentioned factors.
Final Words
We can suggest a reliable blockchain developer if you’re looking. The best smart contract development company is Coin Developer India, which has a sizable staff of skilled blockchain developers who can create smart contracts for you on the blockchain network of your choice.
The top smart contract development services that we offer will give you a competitive edge over your rivals.
As a result of its smart contract architecture and several other features, such as its quick speed, scalability, low cost, and others, Solana is the best platform for creating smart contracts.
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