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Solana is an open-source blockchain network designed for decentralized finance (DeFi), NFTs, and Web3 applications, standing out for its high speed and low transaction costs. Its key innovation combines Proof of History (PoH) and Proof of Stake (PoS) mechanisms, enabling thousands of transactions per second.
Team and Founders
- Anatoly Yakovenko: Founder of Solana with a background at Qualcomm and Dropbox. He developed the PoH concept in 2017, launching the project.
- Greg Fitzgerald: Former Qualcomm colleague and co-founder of Solana Labs.
- Other Team Members: Engineers and cryptography experts from tech giants like Qualcomm, Intel, and Google.
Investors and Notable Partners
- Investors: Andreessen Horowitz (a16z), Polychain Capital, Multicoin Capital, Alameda Research.
- Partnerships: Serum (DEX), Mango Markets, Magic Eden (NFT marketplace), Helium, Circle (USDC), Tether (USDT).
- Ecosystem Collaborations: Audius, StepN, Star Atlas (gaming and social apps).
Project Concept
Solana aims to solve speed and transaction cost issues faced by Ethereum and similar networks. Its goal is to become the “Visa of the crypto world.”
How the Project Works
- Proof of History (PoH): Provides a reliable timestamp for transactions.
- Proof of Stake (PoS): Validators confirm PoH outputs to ensure network security.
- Proof of Replication: Mechanism for verifying secure copies of data.
- Actual Capacity: 2,000–3,000 TPS, theoretically scalable up to 710,000 TPS.
Governance
The Solana Foundation provides decentralized governance mechanisms for network development and community support. SOL holders can contribute to network security through staking and delegation while participating in decision-making processes.
Roadmap (Key Milestones)
- September 2024: Frankendancer – test-scale hybrid client (200k TPS).
- January 2025: Firedancer validator client on mainnet, targeting 1 million TPS.
- May 2025: Compute Unit limit raised to 60M, boosting performance.
- Future: APE (Asynchronous Program Execution) to separate execution and consensus.
Solana Tokens
Solana tokens are known as SPL Tokens and represent digital assets such as currencies, project tokens, or NFTs.
- Mint Account: Defines the token’s identity and total supply.
- Token Account: Shows how many tokens a specific wallet holds.
- Associated Token Account: Special token account automatically linked to a wallet address.
Token Programs
- Token Program: Enables standard token transfers and operations.
- Token Extension Program (Token 2022): Offers additional security and functionalities.
Token Use Cases
- Staking: Support validators and earn rewards.
- Transaction Fees: Low-cost transfers (average $0.00025).
- DeFi & NFTs: Payments, liquidity provision, and governance participation.
Solana (SOL) Token Information
- Name: Solana
- Symbol: SOL
- Circulating Supply: 543.51 million SOL
- Total Supply: 610.6 million SOL
- Maximum Supply: Unlimited (new supply added via inflation)
Token Allocation
- Seed Sale: 16.23%
- Founding Sale: 12.92%
- Team: 12.79%
- Solana Foundation: 10.46%
- Remaining: Community and market circulation
Ecosystem
- DeFi: Serum, Mango Markets, Raydium
- NFT: Magic Eden, Degenerate Apes
- Gaming: Star Atlas, StepN
- Infrastructure: Wormhole bridge, Solana Pay
- Mobile: Solana Mobile Stack & Saga phone
Features
- High transaction speed (theoretical 710k TPS)
- Low transaction costs
- Strong investor and partnership support
- Rapidly growing NFT and DeFi ecosystem
- Mobile Web3 integration
Official Link
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