What is Solana (SOL)? Here is the Crypto Currency SOL Coin in All Details

What is Solana (SOL)?

At the time of writing, there are over 8000 cryptocurrencies. Almost every one claims it brings something unique to the table, something that no cryptocurrency project has done before. Most of you will know that most cryptocurrency projects either fail to deliver on their promises or initially have nothing so special about them.

Solana does not fall into this category. It is a cryptocurrency project that takes a radically different approach to how blockchains work. It focuses on such a demonically simple element that it makes you wonder why you didn’t think of it: time. Apparently, bringing a decentralized clock to a cryptocurrency blockchain makes it more efficient than anyone can imagine.

Short history of Solana

Solana’s story begins with a sunny California beach of the same name. Solana beach is located just 30 minutes north of San Diego, where Anatoly Yakovenko, founder and CEO of (crypto money project) Solana spent most of his life in telecommunications. Considering Yankovenko’s 12 years at Qualcomm was instrumental in developing the technology found in all our smartphones, this is somewhat inadequate.

Yakovenko was not initially interested in Bitcoin, and Ethereum had only slightly increased his interest. He mined Bitcoin while developing a deep learning computer network. During his self-described “caffeine-induced fire dream at 4 o’clock in 2017, he realized that Bitcoin’s hash function SHA256 could be used to generate a decentralized clock on a cryptocurrency blockchain.

Yakovenko theorized that timestamp transactions would exponentially increase the scalability of a cryptocurrency blockchain without sacrificing security or decentralization. Since Google and Intel implemented similar technologies in their databases, albeit centrally, they knew it was possible to build something. Solana’s revolutionary whitepaper was quietly published in November 2017.

What is Solana?

Solana is a high performance cryptocurrency blockchain that supports smart contracts and decentralized applications. It uses a stock consensus mechanism with a low barrier to entry along with timestamped transactions to maximize efficiency.

This allows Solana to process 50-65,000 transactions per second with a theoretical limit of more than 70000 transactions per second (compared to Bitcoin’s 7 TPS and Ethereum’s 15 TPS). Unlike other similar projects (after release) like Polkadot and Ethereum 2.0, Solana is a single blockchain (layer 1) and does not transfer transactions to other connected chains (layer 2).

The team at Solana designed the blockchains with a long-term vision. This comes from founder Anatoly Yakovenko’s experience of monitoring telecommunications technologies during his time at Qualcomm, which nearly doubles in capability each year.

Solana was developed by a company of the same name based in San Diego, California. Solana team consists of former Qualcomm, Google, Apple, Microsoft and Dropbox employees. Solana’s architecture is inspired by Filecoin, a decentralized data storage cryptocurrency project, as well as based on similar database technologies used by Google and Microsoft.

SOL Cryptocurrency

SOL is a cryptocurrency unique to the Solana blockchain. He was burned to pay the charges on the Solana network. SOL can also be staked to become a blockchain node.

In the future, SOL will be used to vote on changes in Solana. At the time of writing, it is unclear whether the SOL is inflationary or deflationary due to conflicting documentation, but it appears to be deflationary.

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