Solana

By Aleksandra Wilson
3 min read September 16, 2021

What Is Solana?

When we talk about Solana, we’re talking about an exceptionally functional project of open source based on blockchain technology. In simple terms, it relies on the technology’s nature of being permissionless to supply solutions to DeFi. Its protocol is meticulously outlined to make the creation process of decentralized applications easier. Its main goal is to upgrade scalability by using the PoH and PoS of the blockchain. Due to its hybrid design, it got the attention of new traders and institutional investors. Also, the central focus of the Foundation of Solana is to make DeFi accessible on a more significant scale.

When Did It Start?

Even when the idea of it and the first efforts on the project began back in 2017, it was until March 2020 it was launched. The headquarters of the Solana Foundation was established in Switzerland, in the city of Geneva.

About the Founders

The most significant person behind the project is Anatoly Yakovenko, who started his career at Qualcomm. There, in 2015 he moved fast up the ranks and got to the position of Senior Staff Engineer Manager. After that, he got a new job at Dropbox, this time as a Software Engineer. By 2017, Yakovenko was already working on a project that would later be known as Solana. It was with Greg Fitzgerald with whom he chose to team up; together they founded Solana Labs. While working on it, they attracted more former colleagues from Qualcomm and finally released the protocol and the SOL token to the public in 2020.

What Is So Unique About It?

One of the most significant differences to the game is the PoH consensus that Anatoly Yakovenko developed. The concept enables higher scalability, which at the same time improves usability. The protocol is well known in the crypto space due to its fantastic fast time to process blockchain offers. Being hybrid allows a remarkable decrease in the time of validation for the execution of contracts and transactions.

Circulation

It’s been announced by the Solana Foundation that a total of 489 million tokens (SOL) would be put in circulation. A bit more than 206 million of those have been released to the market already. Its distribution goes as follows:

  • 16.23% for seed sale,
  • 12.92% for founding sale,
  • 12.79% for team members,
  • 10.46% for the Solana Foundation.

The rest of the coins were already distributed for private, and public sales or are about to be released.

How Is it Secured?

The protocol relies on a mix of PoH and PoS mechanisms of consensus. The first being the one responsible for the number of transactions processed. The second is used to monitor the PoH process and validate the sequences of blocks created by it. The mix of both mechanisms is what makes it so unique in the industry.

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