Along with Polkadot, Cardano, and Binance Smart Chain, the still obscure blockchain could outshine Ethereum: Solana. During this week, with most of the cryptocurrencies on the market stagnating, Solana is one of the few on the rise. The project is supported by international companies: Apple, Qualcomm, Intel, Twitter… Announcement of investing $ 40 million from the outside OKEx as well as MCX really solidified Solana’s position as one of the top 15 first cryptocurrencies on the market. Solana has innovative technical features that make it one of the most promising blockchains in the crypto industry.
Solana price evolution
Solana was founded in 2017 Anatoly Yakovenko, a former Qualcomm engineer. He was joined by another Qualcomm colleague, Greg Fitserald…
Solana has its own token called SOL. The SOL fractions are called lamps, after Leslie Lamport, Turing Prize Laureate. SOL tokens have two main use cases on the network:
Bet: Users can either bounce their floors directly or delegate them to an active validator to secure the network and receive them as compensation.
Transaction Fees: SOL is also used to pay the costs associated with executing transactions on the network.
SOL’s offer is set at 500 million tokens, some of which have been distributed over five cycles.
How blockchain works
Solana was designed to keep transaction fees as low as possible while providing high scalability and fast turnaround times: a blockchain could handle 50,000 TPS. In an interview with Cryptonews, CEO Solana noted that:
The essential difference … is that Solana solves the problem of decentralized finance using material resources (equipment) and bandwidth.
The technology behind Solana is based on the following eight innovations:
- Proof-of-History (PoH): The Solana developers describe PoH as a decentralized clock. Thanks to PoH, the timestamp is encoded directly in messages that pass through the network: this function allows network nodes to create a block without having to coordinate with others.
- Tower BFT: This is Solana’s consensus mechanism, a proof of stake option optimized for PoH implementation.
- Turbine: Turbine is Solana’s data transfer protocol, which is similar in many ways to BitTorrent.
- Gulfstream: Gulfstream is a transaction transfer protocol without a mempool. Optimizes the management of unconfirmed transactions.
- Sealevel: This is a protocol that allows transactions to be executed in parallel within a block.
- Pipelining: “Pipelining” is a process that allows you to quickly validate information related to transactions and then replicate them to all nodes in the network.
- Cloudbreak: Cloudbreak is a data structure optimized for simultaneous reading and writing over the network.
- Archivers: The storage of data on the Solana network is provided by a set of nodes, “archivers”, that do not participate in the consensus. At the moment this component of the network has not yet been implemented, but is included in the long-term roadmap.
Latest developments around Solana
The Solana ecosystem currently has about 250 projects, including wallets, DEX, credit, staking and gaming platforms, and storage solutions. Stablecoins are also an important part of the Solana ecosystem: Tether (USDT) and USD Coin (USDC) are now natively integrated into its blockchain.
As stated above, OKEx and MXC’s contribution to two Solana investment funds, designed to support the expansion of this ecosystem, is a major milestone for the blockchain.
Some projects developed with Solana have performed exceptionally well: one of the most popular is Serum, a decentralized exchange developed by the company. Alameda of Sam Bankman-Freedwho is its CEO and CEO of the centralized exchange FTX… The latter does not hide its preference for Solana over Ethereum.
Projects developed in Solana
The booming DeFi sector will undoubtedly need more than one blockchain to keep the bloated supply growing. A certain level of competition is and is required in the industry, and cryptocurrencies are no exception. In these circumstances, a blockchain like Solana could find its place among other big players like Ethereum.
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