Synesis One is initially launching both Synesis DAO for data yield farming and Kanon Exchange for NFT implementations on the Solana Network (SOL), with a long-term vision of becoming cross-chain across all of its applications. We considered many factors when deciding on Solana, with the most crucial involving its speed, price, environmental impact, and censorship resistance.
But before we dive into these, let’s first give a little background on Solana for those in the community who might not be familiar.
What is Solana?
Solana is a major decentralized blockchain network that was launched in 2020, and its internal cryptocurrency is SOL. It is the fastest blockchain available and the fastest growing ecosystem in crypto thanks to its 400+ projects involving NFTs, DeFi, Web3, and other decentralized applications.
The open-source project is run by the Geneva-based Solana Foundation, and it was developed in San Francisco. Solana has been gaining major traction as of late since it’s approach offers something that the other major blockchain platforms have yet to accomplish.
So let’s take a look at why Synesis One is launching on Solana!
Speed and Scalability
The first reason is due to the network’s incredible speed and scalability. The fastest blockchain network in the world, Solana can perform over 50,000 transactions in a single second, and its average transaction confirmation time is instant.
Solana achieves this through the combination of its consensus algorithms and its native SOL token, which is used to pay transaction fees. It also enables network validators to execute transactions ahead of time, which reduces confirmation time and memory requirements on validators from unconfirmed transaction pools.
To make data transfer easier among the nodes and increase the network’s overall transaction processing speed, Solana relies on a block propagation protocol that breaks data down into smaller increments.
Another reason we chose Solana is because of the low prices. The network is making a big impact on the crypto environment by lowering the barrier to entry. Its low cost democratizes access to NFTs, DeFi, and other applications, which is a drastic shift from previous models that only give access to those capable of covering the massive gas fees.
Solana carries out transactions far faster and cheaper than other networks, which helps drive mass adoption of the crypto-economy. The average transaction cost? An incredible $0.00025 per transaction!
The top global sources of energy right now are coal, oil, and natural gas, all natural resources that are running low (our global supply of oil is set to run out in roughly 40 years). As our current and future technologies continue to evolve, their energy needs also grow. The solution? Many nations and their energy providers are shifting towards renewable energy sources that can support our growing energy needs, but we’re not there yet.
What makes Solana more environmentally friendly? It operates as a PoS (proof of stake) blockchain rather than a PoW (proof of work) blockchain. PoS means individuals stake crypto for validating transactions, which controls the amount of block transactions miners can mine or validate. On the other hand, PoW requires massive amounts of energy consumption to fuel computational power — and since humanity hasn’t developed the consistent use or supply of renewable energy yet, Solana became instantly attractive.
Solana is a far more sustainable option, as it leaves a smaller carbon footprint in the process. With the staking mechanism replacing the need for massive computational power, there is a dramatic reduction in energy consumption and the need for single-purpose hardware.
Solana’s leadership is also committed to the idea of censorship resistance, which refers to the network’s ability to process transactions without them being reversed or blocked. In other words, the network is ensuring that the cost of transactions remain low, and that they cannot be altered.
The blockchain has achieved a level of decentralization that is far greater than most of its competitors, which is crucial as governments, adversarial corporations, and hackers continue to grow more interested in crypto’s rising prices.
By scaling censorship resistance, blockchain-based games can reach a wider audience, networks can be defended against future attacks, and billions of new users and devices can be brought into the DeFi ecosystem.
Our First Choice
Solana was a no-brainer for us at Synesis One given the blockchain’s numerous benefits. With its requirement for lower computational power, it pushes us forward on the environmental front. It is revolutionizing the crypto-economy and growing fast in popularity, while also scaling censorship resistance to protect users. The incredible transaction speed and scalability is unlike any other blockchain on the market, and most importantly, its low cost is helping usher in mass adoption of the crypto-economy!