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We owe the genesis of Solana to a certain Anatoly Yakovenko, a software engineer with expertise in compression algorithms and distributed systems, who began working on the project back in late 2017, when he published the White Paper for this new blockchain.
The paper in question introduces the concept of “Proof of History”, a novel method for determining the date of transactions, and a key technology of the platform, which we will return to in more detail later in this article. Buy Solana with Coinhouse In association with Greg Fitzgerald, Raj Gokal and Eric Williams, he co-founded Solana Labs the same year, to implement the project.
Initially, the company was named Loom, but quickly adopted its current name to avoid any unfortunate confusion with another blockchain platform already bearing the name Loom.
The Solana Labs team released the Solana blockchain testnet in February 2018, and began a series of fundraisings in 2019.
Several tens of millions of dollars were raised to finance the project, which will finally come to fruition in March 2020 with the official launch of Solana and its SOL crypto.
The desire to design a competitor capable of rivaling Ethereum is attracting the interest of many investors.
In June 2020, Solana Labs announced the creation of the Solana Foundation, a non-profit organization that now owns the intellectual property of the Solana protocol, and whose mission is to fund the development of blockchain as well as the initiatives of its user community.
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Two years later, Solana Labs unveils the forthcoming launch of Saga, a smartphone designed for Web3, developed in partnership with Osom, and built on Android.
This device is designed to make life easier for users of digital currencies and smart contracts. Crypto 2024: discover our selection to follow right now!
Solana was founded in 2017 by Anatoly Yakovenko, a former Qualcomm engineer, with the aim of creating a blockchain capable of handling large-scale transactions with reduced costs.
Yakovenko, with the help of Greg Fitzgerald and other former Qualcomm engineers, developed a unique technology called Proof of History (PoH), which verifies the order and passage of time between events, significantly speeding up transaction processing.
Solana’s team of technology veterans from companies such as Qualcomm, Intel and Dropbox successfully launched Solana’s core network in March 2020.
Since then, Solana has become one of the fastest and most popular blockchains on the market, attracting many decentralized application developers (dApps) and DeFi projects due to its ability to process up to 65,000 transactions per second.
By 2021, Solana was already able to process over 50,000 to 60,000 transactions per second, all while charging minimal commissions of just $0.00025 per transaction.
That’s a clear competitive advantage!
The native currency of this blockchain is also called Solana, and has the ticker SOL on exchange platforms.
It also plays a central role in Proof-of-Stake, as the validation nodes of the Solana network secure it by putting SOL tokens into play.
An energy-efficient process.
Blockchain validators who secure the network well are rewarded with additional SOL tokens.
Those who try to cheat or fail to meet their commitments lose them.
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Solana uses a technology called Proof-of-History (PoH) which, in theory, helps the network determine the date of transactions more efficiently, and ensures its scalability.
It’s not a classic consensus mechanism, but a fairly innovative solution in the form of a decentralized cryptographic clock, which makes the platform faster and more efficient, since validators don’t need to communicate with each other in order to validate a block on the blockchain.
Each node has its own clock…
To achieve this, Solana implements an algorithm known as Practical Byzantine Fault Tolerance, abbreviated pBFT (for “practical Byzantine Fault Tolerance”), which uses nodes’ cryptographic clocks to help them reach consensus without having to send each other a vast stream of communications.
This algorithm, based on proof of history, considerably improves transaction speed.
The nodes agree on the temporal order of events recorded on the blockchain, within the framework of an optimal time interval, known as “slot time”, during which a validator will submit a block to the network.
In Solana’s case, this interval is normally 400 milliseconds.
Thanks to this way of recording transactions, Solana can easily keep track of events, and especially their order.
According to Solana’s developers, this technology, coupled with other innovations, significantly accelerates transaction speed while ensuring good security on the blockchain.
This makes it capable of processing over 65,000 transactions per second, without the need for second-layer networks.
In traditional proof-of-stake blockchains, each node transmits confirmed or rejected transactions solely according to its local clock, and settles discrepancies later.
This can become problematic when it comes to reaching consensus on the validity of transactions, as well as on the order in which they took place.
Above all, however, it can lead to delays in confirmation, or even rejection of the block, and thus reduce transaction speed.
Solana’s blockchain protocol promises to preserve many of the decentralized features while addressing this scalability concern.
Its Proof-of-History consensus method adds the element of time to the Solana blockchain ledger, while cryptographically verifying the passage of time between two events.
It thus provides a relative chronological order of events, which does not depend on the nodes’ local clocks.
To achieve this, a network node is chosen as leader and tasked with generating a Proof-of-History (PoH) sequence.
This leader sequences messages for maximum efficiency and throughput.
The ordered output is sent to replicator nodes called validators, which verify the consensus algorithm.
At any given time, there is only one leader on the network, chosen by a system of votes.
Solana’s architecture also makes use of several interesting solutions:
Live Solana price with Coinhouse.
In 2024, Solana continues to establish itself as one of the leading blockchains thanks to several significant developments.
Solana’s market capitalization reached an all-time high of $92.5 billion in March, underscoring its increased growth and adoption.
The network also broke records with 1.61 million new addresses created daily and a daily transaction volume exceeding $3.79 billion.
Solana also introduced innovative new features such as “Solana Actions” and “blockchain links” (blinks), enabling transactions to be carried out via any website by sharing a link, thus facilitating online purchases, participatory financing and blockchain voting.
Strategic collaborations are also multiplying, with Coca-Cola HBC teaming up with the ALL.ART platform for blockchain-based employee certifications.
Meanwhile, Solana has surpassed Ethereum in terms of stablecoin transfer volume, reaching $112.9 billion in March.
The year 2024 looks promising for Solana with continued innovation and growing adoption, positioning blockchain as a leader in the cryptocurrency ecosystem.
Solana is a promising project, backed by important figures in the crypto ecosystem, and in a definite upswing since early 2021.
However, we shouldn’t forget that Solana is evolving in the highly competitive world of decentralized application platforms, with one still largely dominant player: Ethereum, and multiple projects each with their own strengths and weaknesses.
For several months now, the Solana blockchain has been boasting an exploding ecosystem of applications, backed by some of the world’s leading venture capitalists.
It is well placed to capture a decent share of the decentralized applications market and become one of the handful of players who will remain unavoidable in the crypto world for a long time to come.
But beware, the project is still in its infancy, and investors are not immune to setbacks such as the blockchain shutdowns that occurred in September 2021 and April 2022.
Anyone interested in decentralized applications and the blockchain space should at least take an interest and consider a potential investment in Solana, as part of a diversification strategy. In 2024, optimistic forecasts, estimating Solana’s price at between $150 and $200, reflect growing confidence in its potential to revolutionize the world of decentralized applications and maintain its position among the leading cryptocurrencies.
In July 2024, the $150 milestone having been reached, the next one towards $200 is a target to aim for.
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