What is Solana (SOL)?
Solana (SOL) is an open-source project deployed on a new, high-performance, and permissionless blockchain. Solana is also the name of a San Francisco-based company that maintains the project.
Centralized databases are now moving towards scaling 710,000 transactions per second (TPS) over a standard gigabit network if the average transactions do not exceed 176 bytes.
It was founded by former engineers Qualcomm, Intel, and Dropbox in late 2017. Solana is a Proof-of-Stake protocol that focuses on providing scalability without sacrificing decentralization or security.
Solana’s core scaling solution is called Proof of History (PoH). It is made to solve the problem of time in distributed networks where there is no single, reliable time.
What is Proof of History (PoH)?
Proof of History (PoH) is proof of verifying the time and sequence of events.
Proof of History is VDF-Verifiable Delay Functions. This means that the hash requires a number of sequential steps to evaluate and produce a unique and reliable result that is then made public.
Solana’s concrete implementation uses a sequential hash function that runs continuously with the previous output used as the next input.
What is SOL?
SOL is the original token name of the Solana ecosystem. It can be routed to nodes in the Solana Cluster in exchange for running the program online or validating its output.
Use cases of SOL
SOL is the private property of the Solana blockchain, which can be used to:
- Fees: SOL will be used to pay fees in Solana’s blockchain network such as transactions fee, smart contract fee …
- Rewards: SOL is used as a reward for stakers / nodes to ensure the stable operation of the network.
- Governance: SOL will be used for future voting governance.
What is the Solana Cluster?
A cluster is a collection of computers that work together and can be viewed from the outside as a single system. A Solana cluster is a collection of independently owned computers that work together (and sometimes against each other) to verify the outputs of untrusted, user-submitted programs. A Solana cluster can be used any time a user wants to keep an immutable record of events over time or programmatic interpretations of those events.
Advantages of Solana
Solana is developed with a focus on providing solutions for businesses.
In addition, it is an open-source project built around the globe that offers strong scalability while ensuring decentralization and security. Along with that are some advantages:
- Support for many programming languages: you can develop Solana in C, C ++, Rust, Move, integrated flexible virtual server.
- Super fast transaction speed and block generation.
- No worries about blockchain’s scalability problem.
- Enterprise level security.
Quarter 1, 2020
- Released an improved version of the RPC JSON API
- Mainnet Beta.
Quarter 2, 2020
- Release of Smart Contract features.
- Binance goes public.
- Activate token inflation and transaction fees
The Solana development team are all individuals with skills and experience in the technology and security fields:
Anatoly Yakovenko – CEO
Anatoly is the creator of Solana. He used to lead the development of operating systems at Qualcomm, decentralized systems at Mesosphere and Dropbox. He holds 2 patents for High Performance Operating System protocols. Besides, the developer is leading the development of technology that makes Project Tango (VR / AR) possible to deploy on Qualcomm phones.
Greg Fitzgerald – CTO
Greg explores the whole landscape of embedded systems. He created a bidirectional RPC link between C and Lua for the BREW operating system. This discovery helps launch the ARM backend for the LLVM compiler toolchain.
Raj Goka – science director
Eric is the head of data science and token economics. He studied particle physics at Berkeley and received his doctorate at Columbia.
With an ecosystem full of potential and built on the experiences of leading innovative companies in the world, Solana is confident in her ability to grow. Along with that, SOL virtual currency is also expected to reach a high level in 2020.
You can check SOL price here.