Cryptocurrency or crypto : Solana ( SOL) coin or token Definition,Founder,Owner, SOL Market Rank,Security,Market cap,Roadmap,Market Circulation

What Is Solana (SOL)?

Image logo of solana(sol)

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.

The Solana protocol is designed to facilitate decentralized app (DApp) creation. 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.

Why Solana (SOL)

It is possible for a centralized database to process 710,000 transactions per second on a standard gigabit network if the transactions are, on average, no more than 176 bytes.

A centralized database can also replicate itself and maintain high availability without significantly compromising that transaction rate using the distributed system technique known as Optimistic Concurrency Control [H.T.Kung, J.T.Robinson (1981)].

At Solana, we are demonstrating that these same theoretical limits apply just as well to blockchain on an adversarial network. The key ingredient? Finding a way to share time when nodes cannot rely upon one-another.

Once nodes can rely upon time, suddenly ~40 years of distributed systems research becomes applicable to blockchain!

Perhaps the most striking difference between algorithms obtained by our method and ones based upon timeout is that using timeout produces a traditional distributed algorithm in which the processes operate asynchronously,

while our method produces a globally synchronous one in which every process does the same thing at (approximately) the same time.

Our method seems to contradict the whole purpose of distributed processing, which is to permit different processes to operate independently and perform different functions. However, if a distributed system is really a single system, then the processes must be synchronized in some way.

Conceptually, the easiest way to synchronize processes is to get them all to do the same thing at the same time.

Therefore, our method is used to implement a kernel that performs the necessary synchronization--for example, making sure that two different processes do not try to modify a file at the same time.

Processes might spend only a small fraction of their time executing the synchronizing kernel; the rest of the time, they can operate independently--e.g., accessing different files.

This is an approach we have advocated even when fault-tolerance is not required. The method's basic simplicity makes it easier to understand the precise properties of a system, which is crucial if one is to know just how fault-tolerant the system is.

Furthermore, and much to our surprise, it can be implemented using a mechanism that has existed in Bitcoin since day one.

The Bitcoin feature is called nLocktime and it can be used to postdate transactions using block height instead of a timestamp.

As a Bitcoin client, you would use block height instead of a timestamp if you don't rely upon the network. Block height turns out to be an instance of what's being called a Verifiable Delay Function in cryptography circles.

It's a cryptographically secure way to say time has passed. In Solana, we use a far more granular verifiable delay function, a SHA 256 hash chain, to checkpoint the ledger and coordinate consensus. With it, we implement Optimistic Concurrency Control and are now well en route towards that theoretical limit of 710,000 transactions per second.

History of Solana (SOL)

In November of 2017, Anatoly Yakovenko published a whitepaper describing Proof of History, a technique for keeping time between computers that do not trust one another.

From Anatoly's previous experience designing distributed systems at Qualcomm, Mesosphere and Dropbox, he knew that a reliable clock makes network synchronization very simple.

When synchronization is simple the resulting network can be blazing fast, bound only by network bandwidth.

Anatoly watched as blockchain systems without clocks, such as Bitcoin and Ethereum, struggled to scale beyond 15 transactions per second worldwide when centralized payment systems such as Visa required peaks of 65,000 tps.

Without a clock, it was clear they'd never graduate to being the global payment system or global supercomputer most had dreamed them to be.

When Anatoly solved the problem of getting computers that don’t trust each other to agree on time, he knew he had the key to bring 40 years of distributed systems research to the world of blockchain.

The resulting cluster wouldn't be just 10 times faster, or a 100 times, or a 1,000 times, but 10,000 times faster, right out of the gate!

Anatoly's implementation began in a private codebase and was implemented in the C programming language.

Greg Fitzgerald, who had previously worked with Anatoly at semiconductor giant Qualcomm Incorporated, encouraged him to reimplement the project in the Rust programming language.

Greg had worked on the LLVM compiler infrastructure, which underlies both the Clang C/C++ compiler as well as the Rust compiler. Greg claimed that the language's safety guarantees would improve software productivity and that its lack of a garbage collector would allow programs to perform as well as those written in C.

Anatoly gave it a shot and just two weeks later, had migrated his entire codebase to Rust. Sold. With plans to weave all the world's transactions together on a single, scalable blockchain, Anatoly called the project Loom.

On February 13th of 2018, Greg began prototyping the first open source implementation of Anatoly's whitepaper.

The project was published to GitHub under the name Silk in the loop protocol organization.

On February 28th, Greg made his first release, demonstrating 10 thousand signed transactions could be verified and processed in just over half a second.

Shortly after, another former Qualcomm cohort, Stephen Akridge, demonstrated throughput could be massively improved by offloading signature verification to graphics processors.

Anatoly recruited Greg, Stephen and three others to co-found a company, then called Loom.

Around the same time, Ethereum-based project Loom Network sprung up and many people were confused about whether they were the same project.

The Loom team decided it would rebrand. They chose the name Solana, a nod to a small beach town North of San Diego called Solana Beach, where Anatoly, Greg and Stephen lived

and surfed for three years when they worked for Qualcomm. On March 28th, the team created the Solana GitHub organization and renamed Greg's prototype Silk to Solana.

In June of 2018, the team scaled up the technology to run on cloud-based networks and on July 19th, published a 50-node, permissioned, public testnet consistently supporting bursts of 250,000 transactions per second.

In a later release in December, called v0.10 Pillbox, the team published a permissioned testnet running 150 nodes on a gigabit network and demonstrated soak tests processing an average of 200 thousand transactions per second with bursts over 500 thousand.

The project was also extended to support on-chain programs written in the C programming language and run concurrently in a safe execution environment called BPF.

Who Are the Founders,Owner,CEO of Solana?

Image of Founders , Owner , CEO of Solana(SOL)
is Anatoly Yakovenko | Image Source : ~~LinkedIn~~

Anatoly Yakovenko is the most important person behind 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.

Market Rank of Solana(SOL) coin

Market rank of Solana(SOL) is nearly in TOP 7

Market Cap of Solana(SOL) coin

Current market cap of Solana(SOL) is

nearly 42.193 Billion USD

What Solana(SOL) is Unique?

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.

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 number 42 in the CoinMarketCap ranking as of February 2021.

How much Solana (SOL) Coins Are There in Circulation?

The Solana Foundation has announced that a total of 489 million SOL tokens will be released in circulation. At the moment, about 260 million of these have already entered the market.

The SOL token distribution is as follows: 16.23% went towards an initial seed sale, 12.92% of tokens were dedicated to a founding sale, 12.79% of SOL coins were distributed among team members and 10.46% of tokens were given to the Solana Foundation. The remaining tokens were already released for public and private sales or are still to be released to the market.

How Is the Solana Network Secured?

Solana relies on a unique combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms.

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.

Reference of this Information:

Solana(SOL) official website

Cryptocurrency or crypto : Solana ( SOL) coin or token Definition,Why Solana,History of SOL, Founder,Owner, CEO,SOL Market Rank,Security,Market cap,Roadmap,Market Circulation