Table of Contents

 

Overview 

Solana Cryptocurrency is a fully-functioning open-source project that leverages the permissionless feature of blockchain technology to offer decentralized finance (DeFi) solutions. While the concept and early work on the project started in 2017, the Solana Foundation, with headquarters in Geneva, Switzerland, formally launched Solana in March 2020.

The Solana protocol is intended to create decentralized apps (DApps). It seeks to enhance scalability by combining a proof-of-history (PoH) consensus with the blockchain’s underlying proof-of-stake (PoS) consensus.

Additionally, Solana’s unique hybrid consensus approach has piqued the attention of both small-time and institutional traders. The Solana Foundation is committed to making decentralized finance more accessible on a broader scale.

 

History

Anatoly Yakovenko is the driving force behind Solana. His professional career began with Qualcomm, where he rapidly rose through the ranks and was promoted to senior staff engineer manager in 2015. Later in his career, his professional route changed, and Yakovenko began working as a software developer at Dropbox.

In 2017, Yakovenko began work on a project that would eventually become Solana. He formed a partnership with his Qualcomm colleague Greg Fitzgerald, and they established Solana Labs. The Solana protocol and SOL coin were released to the public in 2020, attracting many more former Qualcomm colleagues in the process.

 

What Distinguishes Solana?

Anatoly Yakovenko’s proof-of-history (PoH) consensus is one of the critical advances Solana brings to the table. This approach provides for better protocol scalability.

Solana is well-known for the blockchain’s breakneck processing speeds. Solana’s hybrid protocol substantially reduces validation times for transaction and smart contract execution. Solana has also piqued the attention of institutional investors because of its lightning-fast processing speeds.

The Solana protocol is designed to serve both casual users and corporate clients. One of the major promises made by Solana to consumers is that they would not be shocked by rising fees and taxes. The protocol is intended to have minimal transaction costs while ensuring scalability and quick processing.

Solana is rated 42 in the CoinMarketCap rating as of February 2021, thanks to the long professional experience brought to the project by founders Anatoly Yakovenko and Greg Fitzgerald.

What is the Current Circulation of Solana Cryptocurrency?

The Solana Foundation has announced that 489 million SOL tokens will be made available for purchase. Approximately 260 million of these have already reached the market.

The following is the SOL token distribution:

  • 16.23 percent of tokens were devoted to an initial seed sale.
  • 12.92 percent to a founding sale, 12.79 percent of SOL coins were divided among team members.
  • 10.46 percent of tokens were donated to the Solana Foundation.

The remaining tokens have already been issued for public and private sales or will soon be given to the market.

 

How Secure Is the Solana Network?

Solana is based on a one-of-a-kind mix of proof-of-history (PoH) and proof-of-stake (PoS) consensus methods. The Solana protocol’s primary component is proof-of-history, which handles the majority of transaction processing. PoH records successful operations as well as the time elapsed between them, guaranteeing the blockchain’s trustworthiness.

The proof-of-stake (PoS) consensus monitors the PoH processes and verifies each sequence of blocks generated by it. All in all, Solana is a one-of-a-kind event in the blockchain industry due to the integration of two consensus methods.

 

Where Can I Purchase Solana (SOL)?

SOL tokens may be bought on the majority of exchanges. Binance, which has the most significant SOL/USDT trading volume of $8,947,213 as of February 2021, is one option for trading Solana.

OKEx comes in second with a trading volume of $6,180,82. Bilaxy and Huobi Global are two more exchanges where you may trade Solana. Of course, investing in cryptocurrencies, like any other financial option, has risks. But, before investing in SOL crypto head here to our live price data to compare ALL coins!