Crypto Scholar

Solana

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SOLANA (SOL)

Current Market Price

$ 20.53
0.00073671 BTC
Marketcap
$ 7,903,476,271
Volume (24h)
$ 332,989,538
Circulating Supply
384,029,622 SOL
Total Supply
543,927,751 SOL

What is Solana?

Solana is the crypto currency native to the Solana blockchain which is programmable and strives to perform high-speed transactions without losing its core feature, decentralization. The network uses a unique mechanism called the proof-of-history. SOL, the blockchain’s native token, is used for transaction fees and can also be staked.

Solana is a highly functional open-source project that benefits from blockchain technology’s permission less nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially went live in March 2020 by the Solana Foundation.

The Solana protocol is designed to facilitate decentralized app creation with lower fees and faster transaction times. 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.

Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.



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Solana FAQs

Anatoly Yakovenko is one of the main creators of Solana. His professional career started at Qualcomm, where he quickly moved up the ranks and became senior staff engineer manager in 2015. Later on, his professional path shifted, and Yakovenko entered a new position as a software engineer at Dropbox.

In 2017, Yakovenko started working on a project which would later materialize as Solana. He teamed up with his Qualcomm colleague Greg Fitzgerald, and they founded a project called Solana Labs. Attracting several more former Qualcomm colleagues in the process, the Solana protocol and SOL token were released to the public in 2020.

One of the essential innovations Solana brings to the table is the proof-of-history (PoH) consensus developed by Anatoly Yakovenko. This concept allows for greater scalability of the protocol, which in turn boosts usability and availability. Solana is known in the cryptocurrency space because of the incredibly short processing times the blockchain offers. Solana’s hybrid protocol allows for significantly decreased validation times for both transaction and smart contract execution. With lightning-fast processing times, Solana has attracted a lot of institutional interest as well.

The Solana protocol is intended to serve both small-time users and enterprise customers alike. One of Solana’s main promises to customers is that they will not be surprised by increased fees and taxes. The protocol is designed in such a way as to have low transaction costs while still guaranteeing scalability and fast processing. Combined with the longstanding professional expertise creators Anatoly Yakovenko and Greg Fitzgerald bring to the project, Solana is ranked amoung the top cryptocurrencies.

As the creator of Solana explained, the PoH is a historical record that proves that an event took place at a specific moment in time. Imagine you take a photo of today’s printed newspaper and post it online. By utilizing PoH, Solana’s blockchain can handle more transactions, making the platform scalable and more efficient.

Solana relies on a unique combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms to secure its blockchain network. Proof-of-history is the main component of the Solana protocol, as it is responsible for the bulk of transaction processing. PoH records successful operations and the time that has passed between them, thus ensuring the trustless nature of the blockchain. The proof-of-stake (PoS) consensus is used as a monitoring tool for the PoH processes, and it validates each sequence of blocks produced by it.

The combination of two consensus mechanisms makes Solana a unique technology in the blockchain industry.

This specific instance of Proof of Stake is designed for quick confirmation of the current sequence produced by the Proof of History generator, for voting and selecting the next Proof of History generator, and for punishing any mis-behaving validators. This algorithm depends on messages eventually arriving to all participating nodes within a certain timeout.

PoH generators are designed with an identity that signs the generated se-quence. A fork can only occur in case the PoH generators identity has been compromised. A fork is detected because two different historical records have been published on the same PoH identity.’

So for an upgrade to go through on the network, all the validators must agree and signal the same message to the network.

Since the launch of the network’s main net in March 2020, many interesting and viable Solana projects have been launched on the network. The hundreds of projects on Solana choose this platform because it is a scalable blockchain solution with cheap transaction fees. New network upgrades are provided by Solana Foundation on their website.

Solana is found on the most commonly available exchanges. Some of the top markets where SOL trading is available are:

Binance (Binance.US if in USA)
Coinbase & Coinbase Pro
Gemini
Kraken
Huobi Global
Bitfinex
FTX
Bithumb
Gate.io

Still not sure which exchange to use? Check out Crypto Scholars guide on the top cryptocurrency exchanges and how to register for each one.

Best Cryptocurrency Wallets for Solana

No matter which cryptocurrency exchange you choose to invest on, it’s a good idea to also use a cryptocurrency wallet. Cryptocurrency wallets give you custody over your cryptocurrencies, adding a level of security that exchanges don’t have. Plus, using a software wallet grants you access to all the decentralized protocols built on Solana.

Best Hardware Wallet: Ledger

Ledger has been making cryptocurrency hardware wallets since 2014, and it’s the most popular wallet among cryptocurrency investors. Hardware wallets are physical devices that store access to your crypto offline, making it impossible for a hacker to steal your funds via the internet. Plus, the Ledger Nano X and Ledger Nano S support thousands of different cryptocurrencies. More likely than not, you’ll be able to store all your digital asset investments on a single device with Ledger.

Best Software Wallet: Phantom Wallet

A software wallet is necessary for interacting with DeFi protocols. If you have Metamask, Phantom is a similar wallet, but it’s built for Solana’s blockchain. Ethereum software wallets don’t work with Solana, so you’ll need to download another crypto wallet for Solana and Solana tokens. Luckily, most software wallets available today are free to download via the Google Chrome store.

The most popular wallets for cryptocurrency include both hot and cold wallets. Cryptocurrency wallets vary from hot wallets and cold wallets. Hot wallets are able to be connected to the web, while cold wallets are used for keeping large amounts of coins outside of the internet.

Some of the top crypto cold wallets are Trezor and Ledger. Some of the top crypto hot wallets include Exodus, Electrum and Mycelium.

Still not sure of which wallet to use? Check out Crypto Scholars guide on the top cold wallets of 2021 and top hot wallets of 2021.

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