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Web 3.0 Procurement. Solana Ecosystem

solana.com

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Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. The Solana protocol is designed to facilitate decentralized app (DApp) creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain. Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

Smart Contract

On Solana, “smart contracts” are called programs. Programs are deployed on-chain to accounts that contain the program’s compiled executable binary. Users interact with programs by sending transactions containing instructions that tell the program what to do.

Solana programs are predominantly written in the Rust programming language, with two common approaches for development:

Anchor: A framework designed for Solana program development. It provides a faster and simpler way to write programs, using Rust macros to reduce boilerplate code. For beginners, it is recommended to start with the Anchor framework.

Native Rust: This approach involves writing Solana programs in Rust without leveraging any frameworks. It offers more flexibility but comes with increased complexity.