Solana was birthed into the cryptosphere today on Binance and promptly rocketed up by over 500% in value.
But many are asking what exactly is Solana and what does it do?
What Is Solana?
Solana is a highly-scalable Proof-of-Stake (PoS) platform that can handle more than 50,000 transactions per second, with more than 200 nodes running on testnet around the world.
The core technical team comes from Qualcomm, a Fortune 500 chip manufacturer and raised over $25 million USD from investors including Multicoin Capital, Foundation Capital, Distributed Global, Blocktower Capital, NGC Capital and Rockaway Ventures.
~ They are working with Chainlink to build a fast oracle system.
~ Akash will implement its smart contracts for provisioning and settlement on its cloud services.
~ It will work with Dish Network, a Fortune 200 US Telco, to provide the blockchain layer for a tokenized 5G network.
Solana’s mission is to support all high-growth and high-frequency blockchain applications and to democratize the world’s financial systems.
Solana is capable of supporting over 50,000 transactions per second while maintaining block times of 400 milliseconds.
It uses the Turbine block propagation protocol, the platform can support thousands of nodes while remaining performant and scalable.
Transactions costs on the network are inexpensive, (10 USD for 1 million transactions).
Anatoly Yakovenko, the founder of Solana spent most of his career at Qualcomm, working on mobile operating systems.
He quit his job during the blockchain boom to start working on Solana after having a ‘lightbulb moment.’
He convinced close friend and now current CTO Greg Fitzgerald to join him along with other Qualcomm professionals.
Anatoly quit his job at Qualcomm to found Solana.