Solana is a smart contract platform that can accommodate thousands of nodes while maintaining high levels of security and transaction speed. Solana prioritizes speed and resilience, which will power the next generation of large-scale decentralized applications.
Solana does this by utilizing a hybrid consensus process that fuses a special Proof-of-History algorithm with a very quick synchronization engine. According to Solana, this enables it to accomplish a theoretical top bound of 710,000 transactions per second. The third-generation blockchain architecture of the protocol makes it possible to create dApps, smart contracts, a wide range of decentralized finance (DeFi) platforms, as well as NFT markets. Solana has gained the title “Ethereum Killer” because of its lightning-fast throughput and low transaction fees, emerging as a formidable challenger for the Ethereum ecosystem.
The native cryptocurrency of Solana is SOL. In 2021, its value increased by 12,000%, reaching a record market capitalization of more than $66 billion and making it the fifth-largest cryptocurrency at the moment. However, SOL’s value has fallen because of the current carnage in the cryptocurrency markets. SOL’s market value had decreased to almost $11.7 billion by October 2022. Currently, Solana has a market value of slightly over $5.1 billion.
Founder:
Solana was created by Anatoly Yakovenko, who began his career at Qualcomm. He met Greg Fitzgerald there, and the two of them joined together to launch Solana Labs with Eric Williams. Through an Initial Coin Offering (ICO) on Coinlist in 2020, the project was able to raise more than $25 million USD. Around this time, Solana’s beta main network launched, providing the fundamental capabilities for transactions and smart contracts.
How does it work?
Cryptocurrencies such as Bitcoin and Ethereum employ a consensus process known as Proof of Work (PoW). In this process, miners create a new currency and validate transactions. Some newer cryptocurrencies, like Cardano and Algorand, employ a different consensus process known as Proof of Stake (PoS). In this approach, a user who has “staked” some of their cryptocurrency is chosen at random by the network to confirm transactions and get freshly created coins as payment.
Regardless of the technique employed, all computers on the network must agree on precise details, such as when a transaction occurred. This may be a very time-consuming procedure. Part of what makes Solana distinctive is that it combines PoS with a new method called Proof of History (PoH), which speeds up the process enormously.
Anatoly Yakovenko, the creator and CEO of Solana, defines PoH as “a historical record that proves that an event occurred at a specific point in time.” This technique functions similarly to a decentralized clock, keeping time amongst every system on the network without requiring each machine to agree.
Visualize a set of pictures that document a vase falling and breaking into numerous fragments. Each picture captures a distinct moment and exhibits the precise location of the vase and the scattered pieces. By analyzing these snapshots, we can easily reconstruct the sequence of events. This is analogous to the functioning of PoH.
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How to Trade SOL?
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Click SOL/USDT pair to trade SOL with USDT
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