Solana
Name
Solana
Summary
-Solana is a web-scale blockchain that delivers decentralized apps and markets that are quick, safe, and scalable.
-Anatoly Yakovenko established the Solana (SOL) platform in 2017.
-Solana employs the Proof of History method.
-In the Solana ecosystem, the SOL token is the native currency.
-Solana uses Rust as its programming language and is capable of handling over 50000 transactions per second and is one of the fastest performing blockchains available.
Rating
Symbol
SOL
Overview
Solana is a cryptocurrency blockchain that supports smart contracts and decentralized applications. It utilizes a proof of stake accord mechanism having a low barrier to entry along with timestamped transactions to optimize efficiency.
This permits Solana to do ~65,000 transactions per second with a limit of over 70,000 transactions per second (compared to Bitcoin’s 7 TPS and Ethereum’s 15 TPS). In distinction to other similar projects such as Polkadot and Ethereum 2.0, Solana is a single blockchain and does not delegate operations to other chains.
Solana is categorized as a community base-layer blockchain protocol that improves scalability. Its objective is to deliver a platform that permits developers to form decentralized applications (dApps) without requiring planning around performance blocks. Solana structures an innovative timestamp scheme referred to as Proof-of-History (PoH) that automatically permits well-organized transactions. It also utilizes the Proof of Stake (PoS) accord algorithm in order to protect the network. The further protocol comprises sub-second payment times, low transaction costs, and support for all LLVM compatible smart contract languages.
Solana is established by a company of a similar name which is located in San Diego, California. The Solana team comprises former Qualcomm, Google, Apple, Microsoft, and Dropbox employees. Solana’s architecture is also motivated by Filecoin, a decentralized data storage cryptocurrency project.
In short:
Solana provides a decentralized ecosystem to develop dapps
It possesses maximum throughput of more than 50,000 TPS and block times as low as 400 ms.
It was started in 2017 by Anatoly Yakovenko and went to MainNet in March 2020.
Historical Price Movement (in INR)
Technology
Rust, C, C++ are the languages used to build programs deployed on-chain. Solana’s highly performant blockchain is built using the eight innovations:
Proof of History: A clock before the agreement
Tower BFT: A PoH-optimized version of PBFT
Turbine: A block spread protocol
Gulfstream: Mempool-less transaction forwarding protocol
Sealevel: Analogous smart contracts run-time
Pipelining: Transaction processing unit for authentication
Cloudbreak: Horizontally-scaled accounts database
Archives: Distributed ledger storage
Brief descriptions of the above are as follows: -
Proof of History (POH)
Integration of timestamps at sanctioning transactions to make the blockchain more effective and further make transactions track easily. Through the timestamps, nodes fix the arrangement of events, and the systems turn into a cryptographic clock for the network. The PoH accord algorithm also raises the throughput rate within the network.
Solana's consensus procedures are a unique blend of proof-of-history (PoH) and proof-of-stake (PoS). The Solana protocol's key component is proof-of-history, which handles most transaction processing. PoH keeps track of successful operations and the time between them, maintaining the blockchain's trustlessness. The proof-of-stake (PoS) consensus is a monitoring mechanism for the PoH processes, validating each block sequence created. Solana is a one-of-a-kind phenomenon in the blockchain industry since it combines two consensus processes.
Use of native tokens in the ecosystem
The native cryptocurrency of Solana is SOL, which is utilized for transaction fees and staking. It also entitles owners to vote on future upgrades.
SPL tokens are to Solana what ERC tokens are to the Ethereum network. SPL is the token standard for the Solana blockchain.
Sale
Initial seed: 16.23%, Founding: 12.92%, Team members: 12.79%, Solana Foundation: 10.46%, Public and private: 47.6%
Volume
21/03/2022: $1,280,998,128
Total Supply
511616946
Circulating Supply
320,357,986.28 SOL
Crowd Funding
Solana has raised $335.8 million through six rounds of investment. Their most recent funding came from an Initial Coin Offering round on June 9, 2021.
Funding
09/06/2021: ICO - $314M, 26/03/2020: ICO - $1.8M, 30/06/2019: Series A - $20M
Country
United States
Name of Organization
Solana Labs Inc
Year Incorporated
2018-09-02T18:29:50.000Z
Registered Address
645 Howard Street San Francisco, CA 94105 United States
Dispute Resolution and Governing Law
USA
Country Risk Assessment
A1
Founding Team
Name | Designation | Education | Experience |
Anatoly Yakovenko | Founder / CEO | The University of Illinois at Urbana-Champaign - Bachelor of Science (BS), Computer Science | 20 Years |
Greg Fitzgerald | Founder / CTO | The University of Illinois at Urbana-Champaign - Bachelor of Science (B.S.), Computer Engineering | 20 Years |
Raj Gokal | Founder/COO | University of Pennsylvania - The Wharton School - Economics, Finance | 12 Years |
Eric Williams | Founder/Chief scientist | Columbia University in the City of New York - Doctor of Philosophy (Ph.D.), Particle PhysicsUniversity of California, Berkeley - BS, Physics | 16 Years |
Anatoly Yakovenko | Founder / CEO | The University of Illinois at Urbana-Champaign - Bachelor of Science (BS), Computer Science | 20 Years |