Introduction

Introduction to Solana

Solana is a web3 open-source blockchain which is capable of hosting decentralized applications which are scalable in nature.The project was founded by former Qualcomm executive Anatoly Yakovenko.Yakovenko first made a proposal for solana in 2017,by 2020 solana was launched.

The blockchain was built by San Francisco-based Solana Labs.

The solana blockchain is often referred to as “The Ethereum Killer”.This is because its primary objectives is to be much faster in terms of the number of transactions it can process while at the same time have a significantly lower transaction fees than rival blockchains such as btc , ethereum e.t.c.

Solana Blockchain has a native token which is used as the base currency for payment of transaction fees also known as gas fees.

The token Sol is built on the solana blockchain. Sol had in the past made pull off massive numbers which includes soaring almost 12,000% in 2021. The market capitalization was over $74 billion which made it one of the largest cryptocurrencies at the time.

In all its popularity, it is also very important to note that , Sol did not escape the market which happened by 2022.

The capitalization did drop to about $3.63 billion.Sol later gained almost half of it’s lost capitalisation a year later.

The current CoinMarketCap ranking of sol token is #5, with a live market capitalization of $46,024,756,852 USD and a circulating supply of 441,082,742 SOL coins.

Solana has a proof-of-stake (PoS) but improves on it with a mechanism known as proof-of-history (PoH), which uses hashed timestamps to verify when transactions occur.