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What is Solana?

What is Solana?

The Solana blockchain platform aims to be the game-changing project that solves the blockchain trilemma: providing the fastest, cheapest, and most scalable transactions. Today, Solana is a third-generation network supporting innovative solutions for the DeFi segment.

Full name of the company: Solana Labs

Foundation date: 2017

Founder: Anatoly Yakovenko (Ukraine)

Capitalization: more than 33.6 billion dollars

Legal status: registration in the USA


Company products

Solana blockchain is a platform with a scalable protocol designed to create decentralized apps and smart contracts. It features a source code while offering increased efficiency compared to other models. Up to 710,000 transactions can be processed and completed in 1 second.

The Solana network offers the following opportunities for developers:

  • Resources for newcomers and users joining the ecosystem;
  • NFT issue with an opportunity of further sale;
  • Decentralized payments with an average fee of $0.00025 per transaction;
  • Creation of games and metaverses with decentralized marketplaces and cross-game items;
  • Access to decentralized finance with an average fee of $0.18 per transaction;
  • DAO development;
  • Smart contract creation.

What makes Solana unique is the use of a hybrid consensus algorithm that combines the advantages of Proof-of-History (PoH) and Proof-of-Stake (PoS) protocols. Previously, all decentralized networks had to temporarily engage a centralized management model so as to cope with the scalability and speed issues. PoH eliminates such a problem by generating a sort of log that records all transactions and events, thereby increasing scalability while maintaining full decentralization and high data security. This approach, featuring a registry of nodes that verify transactions, allows you to avoid waiting for confirmation to proceed.

The Solana blockchain features built-in smart contract creation, and developers can use different programming languages that support LLVM (Low Level Virtual Machine is a software infrastructure project for creating compilers and utilities).

PoH is an effective way to optimize transaction confirmation time when a transaction sequence procedure supported by the PoS protocol takes place.

High network throughput is realized through the Turbine protocol, which transfers data in such a way that each node sends information not to the entire network but only to its neighbors, and they, in turn, send it to their neighbors, and so on.

SOL is a native Solana blockchain token that uses the SPL standard (analogous to ERC-20 in the Ethereum network), which can be applied in multiple areas: staking, transaction fees, and as a management tool.

As part of the deflation model implementation, there is token burning.

Users can use any cryptocurrency wallets that support the SPL standard to store coins.

Sollet.io cryptocurrency wallet is a web wallet and the same-named browser extension designed to provide secure asset management in the Solana blockchain.

Users can receive and send cryptocurrencies as well as connect to decentralized applications.

Wormhole cross-chain bridge is an interaction technology between such blockchains as Solana, Ethereum, Polygon, Oasis, BSC, Avalanche, and Terra, designed to send and receive cryptocurrencies. There is no need to use a centralized exchange.

Wormhole runs based on decentralized inter-network oracles (custodians), managed by Solana's nodes and master validators. Their task is to confirm the blocking and burning of tokens in one chain in order to mint new ones or simply release them in another chain.


History

2017 – Anatoly Yakovenko, a former Qualcomm engineer, together with Greg Fitzgerald and Steven Akridge, started developing the Solana project. A draft version of the White Paper appeared, describing the Proof-of-History blockchain synchronization algorithm.

2018 – following the blockchain development in the Rust programming language, the official version of the White Paper was published, and the first internal test network was launched. Anatoly Yakovenko and his colleagues established Solana Labs with a staff that included former programmers from such corporations as Google, Apple, and Microsoft.

2019 – the company had been operating with $20 million in venture capital investment raised (funds were raised through several private token sales).

2020 – the beta version of the Solana main network was launched, while the public test network of the Tour de SOL project started its work. The same year, the Solana Foundation was founded, an organization dedicated to the development of the entire ecosystem and the adoption of decentralized technologies. The Solana blockchain-based decentralized exchange Serum was launched that summer, and the Wormhole cross-chain bridge for interaction between the Solana network and Ethereum blockchain was announced in the fall.

2021 – Solana Foundation launched 5 funds totaling $100 million to develop the DeFi market in China, backed by such giants as Huobi, MATH Global Foundation, Hash Key, and NGC Ventures. Three funds managed to raise another $60 million to expand ecosystems in Ukraine, Brazil, Russia, and India. Later, another private token sale was held, and $314 million was raised from Andreessen Horowitz and Polychain Capital.

In the same year, the Solana Foundation granted validators access to run nodes on server hardware (we are talking about high-quality servers without an operating system or additional software).

2022 – launch of Solana Pay protocol, which allows online sellers to accept cryptocurrency payments directly from consumers with minimal fees.

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