Solana (blockchain platform)

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Short description: Public blockchain platform
Solana
Solana logo.png
Icon of Solana
Denominations
Symbol◎
Ticker symbolSOL
Development
Original author(s)Anatoly Yakovenko, Greg Fitzgerald, Stephen Akridge,[1] Raj Gokal[2]
White paperhttps://solana.com/solana-whitepaper.pdf
Code repositoryhttps://github.com/solana-labs/solana
Development statusActive
Written inRust
Developer(s)Solana Labs & Solana Foundation
Source modelOpen source
LicenseApache 2.0
Websitehttps://solana.com/
Ledger
Ledger startMarch 16, 2020; 3 years ago (2020-03-16)
Block time400 milliseconds
Block explorerhttps://explorer.solana.com/
Circulating supply335,188,037.37 SOL (as of 7 May 2022)
Valuation
Exchange rateUS$81 (as of 7 May 2022)
Market cap$27B (as of 7 May 2022)

Solana is a public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL.

History

Solana was proposed in a white paper Anatoly Yakovenko published in November of 2017. This paper described a technique called "proof of history".[3][4][non-primary source needed]

On 16 March 2020, Solana's first block was created.[5]

In September 2021, Bloomberg News journalist Joanna Ossinger described Solana as "a potential long-term rival for Ethereum", citing superior transaction speeds and lower associated costs.[6][7]

On 14 September 2021, the Solana blockchain went offline after a surge of transactions caused the network to fork, and different validators had different views on the state of the network. The network was brought back online the next day on 15 September 2021.[8]

On 16 December 2021, the former First Lady of the United States Melania Trump announced her plans to use Solana to launch a non-fungible token (NFT).[9] The Solana Foundation issued a press release to clarify that her choice of the platform was not officially "part of any Solana-led initiative."[10]

The Solana blockchain again went offline on May 1st, 2022 and May 31st, 2022. The outage at the beginning of the month lasted roughly seven hours, and the one at the end of the month lasted about four and a half hours.[11][12]

Design

Solana achieves consensus using a proof-of-stake mechanism and a "proof-of-history" mechanism.[4][13][14][further explanation needed]

Like various other blockchains, Solana can run smart contracts. Solana's execution environment is based on eBPF, which allows the Rust, C, and C++ programming languages to be used.[15][third-party source needed]

See also

References

  1. ↑ "History". Solana Foundation. https://docs.solana.com/history. 
  2. ↑ "India Will Push Blockchain Platform Solana Get To 1 Bn Users: Cofounder Raj Gokal" (in en-US). 2021-09-18. https://inc42.com/buzz/india-will-push-blockchain-platform-solana-get-to-1-bn-users-raj-gokal/. 
  3. ↑ "History | Solana Docs" (in en). https://docs.solana.com/history. 
  4. ↑ 4.0 4.1 Echter, Brandon (2021-11-30). "Proof of History: How Solana brings time to crypto" (in en). https://solana.com/news/proof-of-history. 
  5. ↑ "Explorer | Solana". https://explorer.solana.com/block/0. 
  6. ↑ Ossinger, Joanna (7 September 2021). "Solana's SOL Token Weathers the Crypto Tumble Sparked by Bitcoin". Bloomberg.com. https://www.bloomberg.com/news/articles/2021-09-08/solana-s-sol-token-weathers-the-crypto-tumble-sparked-by-bitcoin. 
  7. ↑ Ossinger, Joanna (5 September 2021). "Ethereum Rival Solana Climbs to Seventh in Crypto Top 10". Bloomberg.com. https://www.bloomberg.com/news/articles/2021-09-06/token-of-ethereum-rival-solana-jumps-to-seventh-in-crypto-top-10. 
  8. ↑ Shumba, Camomile (15 September 2021). "Solana says it is back up and running after a surge in transactions caused the network to crash the day before". Business Insider. https://news.yahoo.com/solana-says-back-running-surge-094958370.html. 
  9. ↑ Ballentine, Claire; Klimasinska, Kasia; Jacobs, Jennifer (16 December 2021). "Melania Trump Is Releasing an NFT That Will Cost 1 SOL Each". www.bloomberg.com. https://www.bloomberg.com/news/articles/2021-12-16/melania-trump-joins-crypto-frenzy-with-nfts-release. 
  10. ↑ Riaz, Saleha (17 December 2021). "Solana and MoonPay distance themselves from Melania Trump NFT venture". Yahoo! Finance. https://news.yahoo.com/solana-moonpay-melania-trump-nft-venture-115113423.html. "Meanwhile a Solana representative said that 'to avoid any confusion... her [Melania Trump] choice to use the Solana blockchain was completely organic and this project is not part of any Solana-led initiative.'" 
  11. ↑ Sigalos, MacKenzie (1 June 2022). "Solana suffered its second outage in a month, sending price plunging". https://www.cnbc.com/2022/06/01/solana-suffered-its-second-outage-in-a-month-sending-price-plunging.html. 
  12. ↑ Evans, Brian (1 June 2022). "Solana tumbles as its blockchain network suffers 2nd outage in a month". Business Insider. https://finance.yahoo.com/news/solana-tumbles-blockchain-network-suffers-195836021.html. 
  13. ↑ Locke, Taylor (2021-11-05). "Solana is up 12,000% this year—what to know before buying the Ethereum competitor" (in en). https://www.cnbc.com/2021/11/05/what-to-know-before-investing-in-ethereum-competitor-solana-sol.html. 
  14. ↑ Yakovenko, solana-whitepaper.pdf. "Solana: A new architecture for a high performance blockchain". https://solana.com/solana-whitepaper.pdf. 
  15. ↑ "Overview | Solana Docs" (in en). https://docs.solana.com/developing/on-chain-programs/overview. 

External links




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