Solana (SOL)

Last updated 12/06/2021

Introduction to Solana (SOL)

Solana (SOL) is an open-source project featuring high performance permissionless blockchain. Solana was officially launched in March 2020 by the Solana foundation based in Geneva, Switzerland. The coins rapid accension into and amongst the top-ranking coins can be largely attributed by its blistering transaction speeds although its dualism stemming from its hybrid design has accredited Solana both wide scale appeal and institutional attention.

Solana (SOL)'s design is centred around three primary matters; scalability, transaction costs and transaction times. Due to the rigorous structure of some other cryptocurrencies and other blockchain technologies, their ability to address these issues are limited. The resolutions to the aforementioned areas lie within Solana’s cornerstone technologies referred to as clusters and SOLs. A cluster is a set of computers that work together and can be viewed from the outside as a single system. A Solana cluster is a set of independently owned computers working together (and sometimes against each other) to verify the output of untrusted, user-submitted programs. A SOL is the name of Solana's native token, which can be passed to nodes in a Solana cluster in exchange for running an on-chain program or validating its output.

Other highly notable innovations coded into Solana’s framework are its Proof of History (PoH) and Proof of stake (PoS) consensus of the blockchain. Its simplification of these processes only propels its ability to reach blazing transaction speeds, supports maintain low transaction fees and effortless scalability without sacrificing security or censorship resistance.

Team

The main developers for the Solana project are Anatoly Yakovenko & Greg Fitzgerald who hold over 20 years of experience at software firm Qualcomm, collectively.

Anatoly Yakovenko began development on the technologies that would be fundamental for Solana as far back as November 2017. Greg Fitzgerald came into the frame in February 2018 by prototyping Anatoly’s whitepaper on an opensource where the technology was able to perform 10 thousand signed and verified transactions in just over half a second.

Only after scaling and recruiting yet another former Qualcomm software engineer, Stephen Akridge, who deferred the signature verification to graphics processers was the project able to verify 200 thousand transactions per second.

Roadmap

From the beginning in February 2020, Solana Labs intended its Tour de SOL testnet to go through multiple stages and run parallel to early versions of the project's mainnet. As of March 2020, Solana released a beta version of its mainnet which was around the same time the project raised $1.76 million in a public token auction. The project intended to operate its mainnet in a beta stage, this beta version supports basic smart contract capabilities and token transactions, but it does not feature inflation rewards for validators. Once network inflation turns on, the network will graduate from a beta stage to a production-ready version. Solana plans to upgrade its network from Mainnet Beta to a full mainnet version either late December 2020 or early 2021. This more complete version of mainnet will introduce Solana's proposed inflation schedule.

Solana is constantly looking at ways to improve its processes. Proposals both already implemented and ones under contention are visible in detail on their website here.

Where to Store Solana (SOL)

You can store Solana in Exodus along with many other cryptocurrencies. Exodus is free and easy to use and can be downloaded to either a desktop or mobile device. Exodus is tied to the device it is downloaded on which will also be the device you will use to access and manage your crypto assets.

Trust Wallet is a wallet that can hold a wide variety of cryptocurrencies such as Solana.

Leading hardware wallet providers such as Ledger are integrated with Solana and wallets will come as standard on their devices.

Where to Buy and Sell Solana (SOL)

You can Buy & Sell Solana (SOL) here at BC Bitcoin.

You can Buy SOL by heading over to the Buy Coins page of our website. SOL is available on BC Bitcoin trading against major fiat currencies: GBP and EUR. Buying SOL has never been easier, simply place your order and provide your wallet address. Once your payment arrives, SOL will be sent directly to your wallet.

If you choose to Sell Solana (SOL), you can send us the coins and receive a payment to your bank account. Details and a live valuation can be found on the Sell Coins page.

Resources

Website: https://solana.com/

Block Explorer: https://explorer.solana.com/

Github: https://github.com/solana-labs/solana

Twitter: https://twitter.com/solana

Disclaimer: The information provided in this article is intended for informational purposes only. It is the readers responsibility to complete their own research and due diligence.