What is Solana (SOL)!
#Solana (SOL) is a crypto project with the vision of becoming a layer-1 blockchain platform by combining the concepts of speed, security and decentralization. It aims to offer a strong ecosystem of cryptocurrency-supported products and services, competing with decentralized technologies such as
#Ethereum ,
#cardano , and
#Ziliqa .
In addition to having smart contract capabilities,
#Solana allows developers to create decentralized applications (dApps) and services. Additionally, the platform adopts a unique architectural approach, allowing thousands of transactions to be processed in seconds and eliminating the need for a layer-2 protocol.
This feature has attracted the attention of many blockchain enthusiasts due to SOL's unique approach to speed and efficiency.
The history of Solana (SOL) begins with its conceptualization by Anatoly Yakovenko in 2017. The project, first known as Loom, was founded by Greg Fitzgerald in the first half of 2018. Solana scaled and reached 500 thousand TPS in the second half of 2018. It was launched in March 2020 after receiving an investment of $ 20 million. However, some interruptions and errors over time added difficulties to the development process of the platform.
What are the Features of Solana?
The main feature of Solana is that it uses cryptographic clocks. Yakovenko made this discovery with his experience as a former Qualcomm executive. This feature led Solana to adopt the proof-of-history (PoH) consensus algorithm, which provides high transaction throughput.
Yakovenko's collaboration with former colleague Greg Fitzgerald involved reimplementing the project's code using the Rust programming language. This collaboration resulted in the emergence of Loom, the solution to SOL's efficiency problems.
However, the use of the Loom name in another Ethereum-based project led the SOL team to change the name. In the second half of 2018, Solana successfully processed 250,000 TPS by scaling its technology for cloud-based networks.
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