What is Solana (SOL)? - Deepstash
Scalable Blockchain Infrastructure: Billions of transactions & counting

Scalable Blockchain Infrastructure: Billions of transactions & counting

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What is Solana (SOL)?

What is Solana (SOL)?

Solana is a fast, secure, and censorship resistant blockchain providing the open infrastructure required for global adoption.

What makes Solana unique?

What makes Solana unique?

One of the essential innovations Solana brings to the table is the proof-of-history (PoH) consensus developed by Anatoly Yakovenko. 

Solana is known in the cryptocurrency space because of the incredibly short processing times the blockchain offers. Solana can process 50k transactions per second.

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.

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Who are the founders of Solana?

Who are the founders of Solana?

Anatoly Yakovenko is the most important person behind Solana. His professional career started at Qualcomm. Later on, 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.

How is the Solana Network Secured?

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. 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 phenomenon in the blockchain industry.

How many 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(June 16, 2021), about 270 million of these have already entered the market.

  • 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.
  • 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.

Where can you buy Solana (SOL)?

SOL tokens can be purchased on most exchanges:

  • Binance (Usually it has the highest SOL/USDT trading volume)
  • Okex
  • Bilaxy
  • Huobi Global.

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Token distribution

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.
  • 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.

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