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Essential Solana Terminology

Solana

A high-performance blockchain platform designed for decentralized applications and marketplaces. Known for its high throughput, low transaction costs, and fast confirmation times.

SOL

The native cryptocurrency of the Solana blockchain, used for paying transaction fees, staking, and governance.

Proof of History (PoH)

A sequence of computation that provides a way to cryptographically verify passage of time between two events. It's a core component of Solana's architecture that helps achieve high transaction throughput.

Wallet

Software or hardware that stores the private keys needed to access and manage cryptocurrency holdings. Common Solana wallets include Phantom, Solflare, and Backpack.

SPL (Solana Program Library)

A collection of on-chain programs targeting the Solana Runtime. Includes implementations for tokens, exchanges, and other DeFi primitives.

SPL Token

A token created on the Solana blockchain using the SPL Token program. Equivalent to ERC-20 tokens on Ethereum.

NFT (Non-Fungible Token)

A unique digital asset representing ownership of a specific item or piece of content. On Solana, NFTs are created using the Metaplex standard.

Metaplex

A protocol built on Solana that provides tools for creating, selling, and storing NFTs. It includes an NFT standard, auction houses, candy machines for minting, and more.

Candy Machine

A Metaplex program for creating and distributing NFT collections on Solana. It provides an easy way for creators to launch NFT drops.

DeFi (Decentralized Finance)

Financial services and products built on blockchain technology that operate without central intermediaries. On Solana, DeFi includes decentralized exchanges, lending platforms, and more.

DEX (Decentralized Exchange)

A platform for trading cryptocurrencies without a central authority. Popular Solana DEXs include Jupiter, Orca, and Raydium.

AMM (Automated Market Maker)

A type of decentralized exchange that uses liquidity pools and mathematical formulas to determine asset prices instead of traditional order books.

Staking

The process of depositing and locking up cryptocurrency to support network operations and earn rewards. On Solana, users can stake SOL to validators to secure the network.

Validator

A node on the Solana network that participates in the consensus process by producing blocks and validating transactions.

SNS (Solana Name Service)

A decentralized domain name system on Solana that allows users to register and manage .sol domains, which can be used as human-readable wallet addresses.

Program (Smart Contract)

Code that runs on the Solana blockchain and defines the rules for how data is stored and manipulated. Equivalent to smart contracts on other blockchains.

Token Program

A Solana program (smart contract) that implements the SPL Token standard, allowing for the creation and management of fungible and non-fungible tokens.

Anchor

A framework for Solana's Sealevel runtime providing several developer tools to build secure blockchain programs.

Rust

The primary programming language used for developing programs (smart contracts) on Solana. Chosen for its memory safety, performance, and security features.

Transaction

A set of instructions that changes the state of the Solana blockchain. A single transaction can include multiple instructions affecting different programs.

Instruction

The basic unit of execution on Solana. A transaction contains one or more instructions, each targeting a specific program with specific data.

Signature

A cryptographic proof that a transaction was authorized by the owner of a specific private key. Solana transactions require signatures to be valid.

Block

A collection of transactions that are processed and recorded together on the Solana blockchain. Solana produces blocks approximately every 400ms.

Slot

A discrete unit of time on the Solana blockchain during which a leader validator can produce a block. Each slot is approximately 400ms.

Epoch

A time period in Solana (approximately 2-3 days) during which the validator set is fixed. At the end of each epoch, staking rewards are distributed and validator selection occurs.

Leader Schedule

A predetermined order in which validators take turns producing blocks during an epoch. Each validator is assigned specific slots to be the leader.

Finality

The guarantee that a transaction cannot be reversed or altered once it's confirmed. On Solana, finality typically occurs within 400ms to 1.6s.

Confirmation

The process by which a transaction is validated and added to the blockchain. Solana transactions receive confirmations very quickly, often within a second.

Account

A record in the Solana ledger that stores data (e.g., tokens, NFTs, program state). Each account is owned by a program and has a unique address.

Address

A unique identifier for an account on the Solana blockchain, typically derived from a public key. Addresses are used to send and receive tokens and interact with programs.