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As a newbie in the cryptocurrency space, it’s normal for you to get confused of the difference between coins and tokens.
In most cases, you’ll see these two terms often used interchangeably in cryptocurrency platforms and blogs.
Asides from being a currency, a crypto coin is a means of exchange as well as a means of saving passively.
Some features common to most crypto coins include;They are primarily decentralized entitiesThey depend on a blockchainThey follow the cryptocurrency graph system.You can use crypto coins in many ways.
In most cases, you can even liken a coin to the regular money you have, as you can use it to pay for items.
Some ways to use crypto coins include;Money TransfereCommerceSavingsToken building (Ethereum)Making network decisions (Dash)What is a Crypto Token?The primary difference between crypto coins and tokens is the blockchain difference.
'Blockchain' is the new trending latest technology that is emerging nowadays.
Libonomy is one of its kind blockchain that has achieved the goals of innovation and creativity with great success.
The kind of innovation it advertises attracts and reaches out to masses that have the knowledge that the system is fulfilling its role of greatness.
Many only talk about a new system of blockchain but Libonomy is on its road to fulfill that ideology already.
The uniqueness of any organization becomes its trademark and the uniqueness of Libonomy is that it offers its clients to explore beyond their imagination and think out of the box.
The specialty of Libonomy Blockchain is that it does not use the previous consensus algorithms that have been used for a very long time.
However, for now, after observing the gap between bitcoins and others in terms of value, trust, and usability, it looks like their dream will remain far away for a long time.Bitcoin has no single competitor as there is no cryptocurrency matching the trust of Bitcoin, and if we talk about the value then no one is near its half.
This is also possible due to the lack of interest shown by the big players from other industries.
The interest of some of the top brands is not only limited to accepting crypto-payments and investing in this sector but they are also planning to launch their own cryptocurrencies.
Amazon Planning to Launch its own cryptocurrencyThere were a lot of rumors and speculation in the mainstream media and crypto world about e-commerce giant Amazon will soon accept selected cryptocurrencies as a payment option.
Amazon is already experimenting with crypto for years.Amazon Web Services (AWS) is a cloud-based, online infrastructure platform and thousands of companies pay Amazon billions every year to rent access to the network/ platform instead of building their own.Amazon's AWS is also the network backbone for a broad segment of the current cryptocurrencies and crypto-projects.
Since then, Amazon Coin has been limited to small transactions on games, gift cards, and apps to benefit from additional content on one's smartphone or Kindle Fire tablet.The company also hired people to launch a new payment product and it is expected that their product will make people able to convert their cash into amazon’s digital currency.
Solana is a high-performance cryptocurrency blockchain that supports smart contracts and decentralized applications.It uses a special PoS consensus mechanism,called Proof-of-History, with time-stamped transactions to maximize efficiency.This allows Solana to process close to 50,000 transactions per second (compared to 7 TPS for Bitcoin and 16 TPS for Ethereum).
Unlike other similar projects such as Polkadot and Ethereum 2.0 , Solana is a single blockchain (layer 1) and does not delegate operations to other attached chains (layer 2).How does Solana work?Solana is the highest performing blockchain in the world.
Achieving this requires the implementation of several optimizations and new technologies:Proof-of-History (PoH): a mechanism that improves the speed of consensusTower BFT: an optimized version of PBFT's PoHTurbine - a block propagation protocol based on BitTorrent technology (albeit with many technical differences)Gulf Stream: transaction forwarding protocol without MempoolSealevel - Parallel Smart Contract RuntimePipelining: a transaction processing unit for validation optimizationCloudbreak: horizontally scaled account databaseReplicators - Distributed Ledger WarehouseProof-of-History (PoH)The Proof-of-History (PoH) mechanism improves the efficiency of the PoS consensus mechanism.A new block in Solana is generated every 400 ms (compared to about 15 seconds for Ethereum and 10 minutes for Bitcoin) and, as you can guess, it is very important to establish the chronological order of each block.This produces a kind of "clock tick" in which each clock tick is 400 ms (instead of one second like a normal clock).Solana uses a PoS not DPoS consensus mechanism , as discussed many times.
It's an easy mistake to make because there are multiple roles on the Solana blockchain (leaders, validators, archivers, etc.).
The leaders rotate every four blocks (1.6 seconds).
As long as a node occupies the Leader position, it basically puts all the transactions it can into the four blocks it is producing and shows these blocks containing the transactions to the relevant node groups, called Solana Clusters.
