With just eight years of history, Solana, the open-source blockchain whose native cryptocurrency is called Solana (SOL), has managed to scale among thousands of digital assets and position itself in the top ten virtual currencies.
Its origin is coastal and the name was inspired by Solana Beach, in California (United States), where its founder, Anatoly Yakovenko, surfed. Somehow all these elements contributed to the warmth with which this currency is perceived. This blockchain project was launched in 2017 to improve the crypto ecosystem, mainly in relation to the processing speed in transactions.
By aiming to offer a secure and scalable platform, Solana has stood out largely fulfilling the expectations generated: however, it remains a great promise because in the crypto universe it is always possible to do better.
BUY BITCOINAccording to data from Coinmarketcap, at the time of writing this note, SOL token ranks sixth among more than 10.000 cryptos listed on that virtual currency index, trading at $129,38 and with a market cap of $66.267 millionIts trading volume in the last 24 hours stood at $3.550 billion, while the token supply was 512 million SOL.
Solana's keys
The native crypto of the Solana blockchain, SOL, works as what is known as a utility token, since with it it is possible to pay the costs of the commissions of the operations and it has the ability to interact with smart contracts.
When referring to that Solana met its goal of improving the speed of operations, the reference is completely true: currently reaches a speed of 65.000 transactions per second (tps). According to its white paper, it even has the potential to reach up to 710.000 tps, but that record cannot be reached at this time due to hardware limitations, as the processing equipment cannot reach the maximum possible speed.
Despite this, Solana is, today, one of the fastest and most scalable blockchains on the market. This high performance is achieved by crypto through the combination of technologies, PoS consensus protocol with Proof of History (PoH) or history test, with which the registration system organizes the transactions within a block that include timestamps. This innovative element reduces the waiting times that nodes need to validate each block, optimizing the process.
PREPARE YOUR WALLETIn addition to this, Solana incorporates Turbine, a block propagation protocol that improves the distribution of information to nodesThe way it speeds up the process is by fragmenting the data into blocks and sending them across the network, allowing each node to reconstruct them later.
So the A key element of Solana is the Proof-of-History (PoH) protocol, which is nothing more than a series of calculations that generate a digital record, which verifies that an event occurred on the network at a given time. This mechanism is vital to ensure the security and correct functioning of the network., being an additional element of transaction validation.
Controversial broadcast
La Solana's popularity and functionality are beyond dispute., but there is a burning issue in this project, and that is the issuance of its tokenThe reason for the controversy is that although in principle The issue was set at a total of 500 million SOL, A wallet containing 13 million of the token was later detected, so the community opted to remove 11.4 million coins.
After this elimination measure and the distribution of the tokens among the founders, investors, the Solana Foundation and the reserves destined for the community, barely 1.6 million SOLs remained available to the general public.
LINK CARD AND EARNExpansive wave
La Solana's high scaling capacity, that is, the speed with which it processes transactions per second, has made it very attractive in the crypto industry. Currently, it reaches a speed of 65.000 tps, which has positioned it as one of the favorite blockchains for the development of decentralized applications (DApps) and DeFi projects.
An example of what has been said is that although The NFT ecosystem operates primarily through Ethereum., its capacity to handle large volumes of transactions is limited, so Solana has experienced increasing demand, to the point that in December 2023 it managed to surpass Ethereum in the adoption of NFTs, but it remains the market leader.
La Solana's expansion into the DeFi and NFT sector significantly boosted its value in 2021, placing it within the top ten cryptocurrencies. The almost instant success was evident in his debut that year in the world of NFTs, when he launched a collection of images of animated apes, called Degenerate Ape Academy, which sold out in just 10 minutes.
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Blockchain continues to add value by establishing alliances, such as the one signed in November 2022 with Google Cloud, which operates as a Solana validator to contribute to its security.
Alerts to consider
Since everything can't be perfect, the Solana blockchain carries a certain burden that can affect perceptions of it. One of these is the allegations of lack of transparency due to the number of SOL tokens controlled by the Solana Foundation and the lack of information about their management.
Another element is the network outages that the blockchain has suffered, and the following are added security breaches that it has experienced, such as the attack the network suffered in 2022, which compromised more than 8.000 wallets and the theft of more than 5 million dollars.
