Thread by @NeopetsMeta

GM☀️! Here is a 🧵 we made to help our Neopians gain a better understanding of #Solana and why we chose to build on #Solana.👇

1/ What is #Solana?
Solana is a Layer-1 blockchain with throughput of >50,000 transactions per second. Solana also has smart contract capabilities, allowing for decentralized applications (dApps) to be built on top of Solana.

2/ Some examples of dApps include decentralized exchanges like @RaydiumProtocol, music streaming platforms like @AudiusProject, or decentralized trading platforms like @mangomarkets.

3/ Why #Solana?
We considered many factors before deciding to build @NeopetsMeta on Solana. These include factors like minimal environmental impact, high throughput, low transaction cost, robust ecosystem and long-term development potential, amongst others.

4/ These are necessary factors for @NeopetsMeta to develop as a scalable and sustainable blockchain project in the long-run. Keep an eye out for our roadmap which lays out what we will be doing.

5/ Crypto is evil and ruins the environment?!
Not all blockchains are made equal. #Solana is a proof-of-stake (PoS) blockchain that utilizes proof-of-history to achieve consensus in validating transactions. Validator nodes stake $SOL and consensus is stake-weighted.

6/ Under the PoS mechanism, legitimate validators are eligible to receive staking rewards while malicious actors have their stake destroyed as punishment.

7/ This is inherently different from proof-of-work (PoW) blockchains like #Bitcoin where validator nodes solve complex algorithms to validate new transactions. PoW blockchains inherently consume a significant amount of energy as compared to PoS blockchains.

8/ But ser, less damage =/= no damage
You are right! Running validator nodes on #Solana does consume electricity, and so does most things in modern society today. Solana’s impact on the environment is actually not what you perceive to be after putting things into perspective.

9/ A conservative estimate for energy consumption of a #Solana validator would be 1kW. Based on ~1,000 current validators operating 24/7 and ~2,000 transactions per second (ty @solanabeach_io), the implied energy consumption per transaction is 500J.

10/ @NeopetsMeta 20,500 NFT mint and 3x secondary turnover (using one of the most successful #Solana NFT projects @DegenApeAcademy ~1.5x turnover as reference), we come to ~41,000kJ of energy consumption.

11/ To put this in context, a large window air conditioner has a power rating of ~1.4kW. This NFT drop on #Solana will consume the same amount of energy as 1 person using their air conditioner for a night (~8h).

12/ In addition, Koomey’s law extrapolates an exponential increase in energy efficiency we progress into the future, both in terms of consumption and in terms of transaction throughput. This would further play into improving the #Solana’s energy efficiency.

13/ We expect to work hard in developing @NeopetsMeta alongside the #Solana ecosystem and bring our childhood memories alive on the blockchain in a sustainable fashion!

14/ Lastly, we would like to thank @aeyakovenko, @rajgokal and the entire @solana team for setting the foundations for the future of france!
#WAGMI #UpOnly #solana #solananft