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Introduction
Solana is a highly active open source project that leverages the permissionless feature of blockchain technology to create decentralised finance (DeFi) solutions. While the concept and first work on the project began in 2017, the Solana Foundation, headquartered in Geneva, Switzerland, formally launched the project in March 2020.
The Solana protocol is intended to simplify the development of decentralised applications (DApps). Furthermore, it intends to increase scalability by combining a proof-of-history (PoH) consensus with the blockchain's underlying proof-of-stake (PoS) consensus.
Solana attracts interest from both small-time traders and large investors because of its revolutionary hybrid consensus strategy. In addition, the Solana Foundation has made it a priority to make decentralised finance more accessible on a bigger scale.
What is so Special about Solana?
One of the important ideas Solana brings to the table is Anatoly Yakovenko's proof-of-history (PoH) consensus. This approach enables the protocol to be more scalable, which improves usability.
Solana is well-known in the cryptocurrency sector due to the blockchain's extraordinarily fast processing times. In addition, Solana's hybrid protocol enables substantially faster transaction and smart contract validation. Solana has also garnered considerable institutional attention due to its lightning-fast processing times.
The Solana protocol is designed to accommodate both casual users and enterprise customers. One of the primary commitments made by Solana to its clients is that they will not be startled by increases in fees and taxes. Therefore, the protocol is built, so that transaction costs are kept minimal while still ensuring scalability and speed of processing.
Current Circulation of Solana (SOL) Tokens
The Solana Foundation has announced the distribution of 489 million SOL tokens. Around 260 million of these have already been sold.
The allocation of SOL tokens is as follows: 16.23 percent of tokens were allocated to an initial seed sale, 12.92 percent to a founding sale, 12.79 percent to team members, and 10.46 percent to the Solana Foundation. The remaining tokens have either been released for public and private sales or are currently pending market release.
Security of Solana Network
Solana's consensus process is a novel blend of proof-of-history (PoH) and proof-of-stake (PoS).
The Solana protocol's primary component is proof-of-history, as it is responsible for most transaction processing. PoH keeps track of successful operations and the time between them, guaranteeing the blockchain's trustless character.
The proof-of-stake (PoS) consensus is used to monitor and validate the PoH procedures.
Solana is a one-of-a-kind phenomenon in the blockchain industry due to its mix of two consensus processes.
Verdict
Solana resolves numerous concerns associated with older blockchain technologies. Solana introduces a novel transaction verification structure and a more efficient consensus mechanism. The platform will undoubtedly be a formidable rival to Bitcoin and Ethereum. Solana exemplifies the cryptocurrency industry's rapid growth over the last decade. The platform is something to keep an eye on as it develops!
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Relevant Links:
Website: https://solana.com
Telegram: https://t.me/solana
Discord: https://discord.com/invite/pquxPsq
Twitter: https://twitter.com/solana