The Cryptocurrency That Survived the Price Crash — And Is Expected to Rise 200 Times Faster Than Bitcoin by 2021
A major crypto market crash that wiped away hundreds of billions of dollars revived fears that bitcoin and its competitors could lose all of their gains in 2021. However, one famous cryptocurrency not only remained unscathed by the volatility, but also soared to new record highs. The coin is Solana.
What is Solana (SOL)?
Solana is an open-source project that creates decentralized finance (DeFi) solutions by utilizing the permissionless nature of blockchain technology. While the project’s concept and initial development began in 2017, the Solana Foundation in Geneva, Switzerland, officially launched it in March 2020.
The Solana protocol aims to simplify the development of decentralized apps (DApps). By merging a proof-of-history (PoH) consensus with the blockchain’s underlying proof-of-stake (PoS) consensus, it hopes to improve scalability.
Solana’s novel hybrid consensus process has piqued the imagination of both small-time and institutional traders. The Solana Foundation is working hard to increase the accessibility of decentralized finance on a larger scale.
Who Invented SOL?
The most key person behind the innovation of the Solana project is Anatoly Yakovenko. He began his career with Qualcomm, where he quickly rose through the ranks, eventually becoming senior staff engineer manager in 2015. Later in his career, Yakovenko moved gears and accepted a new role as a software developer at Dropbox.
In 2017, Yakovenko began work on a project that would eventually become Solana. He formed a company called Solana Labs with his Qualcomm colleague Greg Fitzgerald. The Solana protocol and SOL cryptocurrency were released to the public in 2020, attracting numerous more former Qualcomm colleagues in the process.
What Sets Solana Apart from Other Digital Currencies?
One of the most important innovations Solana provides is the proof-of-history (PoH) consensus built by Anatoly Yakovenko. Furthermore, this method allows for greater protocol scalability, which increases usability.
Because of the blockchain’s lightning-fast processing capabilities, Solana is well-known in the cryptocurrency world. Solana’s hybrid protocol speeds up transaction and smart contract execution validation significantly. Because of its lightning-fast processing times, Solana has attracted a lot of institutional interest.
The Solana protocol will benefit both first-time users and enterprise customers. One of Solana’s main promises is that customers would not be surprised by rising fees and taxes.The protocol has been developed to have low transaction costs while still ensuring scalability and speed of processing.
Is SOL Network Secure?
Solana’s consensus mechanisms are a unique blend of proof-of-history (PoH) and proof-of-stake (PoS). Proof-of-history, which handles the majority of transaction processing, is a significant component of the Solana protocol. PoH ensures the blockchain’s trustlessness by keeping track of successful operations and the time between them.
The proof-of-stake (PoS) consensus serves as a monitoring mechanism for the PoH processes, validating each block sequence produced. Solana is a one-of-a-kind phenomenon in the blockchain industry since it combines two consensus mechanisms.
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