Solana

Solana is an open source project implementing a new, high-performance, permissionless blockchain. Solana is a general purpose blockchain similar to Ethereum. End user applications as of now include decentralized finance (DeFi), non-fungible tokens (NFT), marketplaces, games, and more. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

Solana co-founder Anatoly Yakovenko published a whitepaper describing Proof of History, a technique that would become critical to Solana's blockchain infrastructure, in Nov. 2017. 

Co-founder Greg Fitzgerald, who had worked with Yakovenko at Qualcomm, began prototyping the open source implementation of the whitepaper. It was published under the name Silk in 2018. 

After starting the company under the name Loom, Yakovenko, Fitzgerald, and other co-founders rebranded to Solana. Solana launched on Mainnet Beta in March 2020.

Solana was built to facilitate the development of scalable, user-friendly decentralized apps with low costs and high speeds for transactions.

Solana believes its unique blockchain architecture that combines the proof-of-stake consensus mechanism and its own proof of history mechanism is the key to achieving these goals.

Proof of history works almost like a cryptographic timestamp that proves that an event has occurred at a specific time. It enables the blockchain to work fast while maintaining security and decentralization.

There are about 304 million SOL in circulation as of November 2021. Solana has an initial inflation rate of 8%, which will decrease by 15% a year until it reaches a long-term inflation rate of 1.5%. SOL is Solana’s native token.

Solana competes with other blockchain platforms such as Ethereum and Avalanche to host crypto projects such as NFTs, decentralized exchanges, and gaming. 

Developers and users flocked from Ethereum to Solana due to high transaction costs, but many could gravitate back towards Ethereum if it manages to lower costs, which could happen as a result of the Ethereum 2.0 upgrade and layer 2 rollups. 

Solana.com
Docs.solana.com/history
Forums.solana.com

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The biggest overnight growth spurts came from left-of-mainstream cryptocurrencies.

Ethereum “Killer” Solana Surges 14% on a Slow Market Day

Crypto exchange Binance's users can now lock up their Solana tokens in order to receive staking rewards.

Binance Launches Solana Staking, Offering Yields Up to 43%

A pilot program will create a tokenized ecosystem on the Solana blockchain that lets cannabis companies make payments.

Brave New Coin, Solana to Help Solve Nevada's Cannabis Problem

Solana Foundation, which supports development on the Solana blockchain, is partnering with Coin98 Ventures to give grants to DeFi startups in Southeast Asia.

Ethereum Rival Solana Wants to Corner Asian DeFi Market

Human Protocol, wants to help teach computers to learn and plans to use decentralized labor pools on the Solana blockchain.

Human Protocol Wants to Use Solana to Teach Computers to Learn

Following a lengthy legal battle with the SEC, Kin developers are finally ready to ditch Ethereum for Solana's greener pastures.

After SEC Lawsuit, Kin Begins Migration to Solana

Instead of building its own storage layer, Solana incorporated a solution from Arweave. The result could be a win-win for the two projects.

Solana Taps Into Arweave for Decentralized Storage

Solana, a proof-of-stake (PoS) blockchain spearhead by FTX CEO Sam Bankman-Fried, is "stuck" due to an unknown issue.

News for Solana Crypto (SOL)