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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.

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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.

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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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  • 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.

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What is Solana (SOL)?

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

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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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SOL tokens can be purchased on most exchanges:

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

Don’t Risk More Than You Can Afford to Lose!

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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.

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A world computer & a settlement layer

Ethereum is a “world computer”: It lets people build apps & products with money baked into the code. If you believe that web3 is going to continue to grow, then you likely believe that over time,

Ethereum will become the “settlement layer” of the internet: All sorts of transactions (whether on-chain or even Visa) will turn to Ethereum to exchange funds and keep secure, immutable records.

Owning ETH is like owning shares on the internet. Demand for ETH will go up with increased web3 adoption, while upcoming changes will decrease the supply of ETH and let more value accrue to holders.

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From Bitcoin to Smart Contracts

Bitcoin created a decentralized monetary system which can transfer money from one person to another. That only allowed for monetary transactions, there was no way to add conditions to those transactions: 

Alice can send Bob 5 BTC, but she couldn’t tell Bob that he will get the money only if he performed certain tasks.

These conditions are a smart contract: self-executing with specific instructions written in its code which get executed when certain conditions are made.

Say Alice wants to buy a house. The seller will receive the funds only if property rights are cleared and after the rights have been transferred over.

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What is a liquidity pool?

A liquidity pool is a collection of funds locked in a smart contract. Liquidity pools are used to facilitate decentralized trading, lending and many more functions.

  • Liquidity Pools are the game-changing innovation in Decentralized Finance (DeFi) that facilitates trading on Decentralized Exchanges (DEX) and provide liquidity through a collection of funds locked in a smart contract.
  • Users called liquidity providers (LP) add an equal value of two tokens in a pool to create a market. In exchange for providing their funds, they earn trading fees from the trades that happen in their pool.

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