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Understanding accounts and rent in Solana: Beginner’s guide
Solana, a fast and scalable blockchain platform, allows users to create virtual accounts with a unique identifier known as an “account address”. These accounts allow users to store, manage and transfer data to blockchain. However, one aspects of using an account in Solane, which may be confusing for beginners, is also the concept of rent, also known as a “gas fee” or “transaction costs”.
In this article, we dive into how the accounts work in Solane, including how rent works and what it means to have a “phantom account”. We will examine the concepts for account creation, storage data and rental deposits.
How do the accounts work on Solane
When you create an account on Solane, you basically become a validator in the network. Validators are responsible for maintaining a blockchain integrity by solving complex mathematical puzzles called “without gas to verify transactions.
If you want to be authorized to become a validator, you must hold at least one token SOL in your wallet and meet certain criteria set by Solana developers. After verification, you will receive remuneration in the form of transaction fees for each block that passes through your account.
Rental deposit: concept in Solane
In Solane, the “account” concerns a unique identifier used to store data on blockchain. When you create an account, you have to pay the deposit known as rent in SOL tokens. The requiring SOL height depends on the size of the data stored in your account.
The rent is not directly paid by a validator, but rather a network than a whole. This ensures that no user or validator has excessive control over network sources.
How Working Rent
To understand how the rent works, consider the example. Suppose you will save 1 GB of data on Solana. The total storage capacity of the Solana account is approximately 10 TB (100,000,000 GB). If you pay as a deposit of $ 0.01, your account should be entitled to a single transaction fee for a block.
However, if another user stores more data than yours and pays higher rental deposit ($ 0.05 SOL), your account’s ability to receive this transaction fee may be delayed or blocked for a longer period of time.
What is a phantom account?
The “Phantom” account applies to a zero balance account. In other words, it means that you have paid the deposit needed to create an account, but have not yet saved any data.
Phantom’s accounts are often created by users who want to test their understanding of account concepts without actually store data. Since Phantom’s accounts do not store any data, they cannot be entitled to transaction fees or other benefits related to the ownership of the account.
Conclusion
Finally, the Solana account management system is designed to ensure the integrity and safety of the blockchain network. Rental deposits play a key role in this process, but it is essential to understand how they work and their consequences for account ownership.
Gragging these concepts will be better equipped to orientate the world of accounts and rent on Solane and you will appreciate the complexity that makes Solana such an exciting and rewarding blockchain platform.
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