Learn about Solana
Solana is an open source blockchain project that is highspeed, permissionless and frictionless, banking on blockchain technology to provide world class solutions, officially launched in March 2020.
Through the use of it's self developed proof of history(POH) combined with the underlying proof of stake (POS) solana is able to process up to 710 thousand transactions per second which beats that of competitors like ethereum which processes just about 15 transacton per second.
It's headquarters, the Solana Foundation is based in Geneva, Switzerland and maintains the open source project.
Founder by former qualcomm employee Anatoly Yakovenko and his colleague Greg Fitzgerald.
They developed the Proof of history (POH) which solana uses to verify transactions happening on it's blockchain.
The proof of history is a stack of proofs, each of which proves that some data existed before the proof was created and that a precise duration of time passed before the previous proof. This enables solana to process a relatively large number of transactions per second and with low fees.
Taking advantage of it's features, the Solana blockchain is home to lots of defi and NFT projects building innovative dapps.
They include:
Solend : This is a lending platform built on Solana ecosystem, where users can collect collaterized loans against their Solana assets with low fees and lightning quick transactions.
Solanart : Is a top rated NFT marketplace on the Solana ecosystem. Featuring thousands of NFT collections and has accumulated over 700k in sales since it's inception. Users can also make use of it's launchpad to mint new collections before they get listed in the market.
Raydium : The biggest dex on Solana based on transaction volume, raydium remains a top rated exchange with lots of users due to it's lightning quick swaps and frictionless yield farming.
Magic Eden : The leading NFT marketplace on Solana with a total trading volume of more than 12.1 million solana. it features market auctions, where you can bid on sales and a drop calendar for those wanting to bid on newly launched collectibles or to make hefty profits, also features MagicDao which requires tickets called magic tickets to join, magic tickets can be purchased on it's platform.
Solana is the home of SOL it's native token, used for governance and staking.
Sol has a fixed max supply of 460 million and total circulating supply of 260 million.
It can be staked on various validator nodes to earn rewards. To stake solana(sol), make use of a solana enabled wallet e.g Phantom and follow their staking guidelines.
Currently trading for $40.9, solana is ranked ninth on coinmarketcap crypto rankings, with it's market cap of $14.43 billion reaching such figures due to it's massive rally from below $30 to an all time high (ATH) of $260, Catching investors interest in the peak of the 2021 bull season.
It is listed on major crypto exchanges like: Binance, Coinbase, OKX, Bybit etc.
Website: https://www.solana.com
Twitter: https://twitter.com/solana
Yay more Crypto! So much more than money.
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Great read. I don't like Solana ecosystem anyhow.
Is it because of it's frequent blackouts?😅
Thanks a lot, El Prof. You've really helped me come a long way.
My first reading about Solana.
Just proven that we are never too old to learn.😊
Thank you for sharing!
Thanks a lot for taking time to read ma, I'm so happy and grateful 🔥😊
The pleasure is mine!
The validator mechanism also differs from other networks. Validators in the Solana network take turns being selected by the system as "leaders". Leaders check groups of four blocks; each queue lasts 1.6 seconds. The chances of being chosen as a leader are proportional to the number of SOL coins. In such a system, it is virtually impossible for individual validators or groups of validators to attack or compromise the network.
There are currently about 1,700 active validators in the Solana network, much of it owned by the development team, which often leads to criticism that the network is decentralized. You too can become a validator thanks to the sol node. You should figure out what it is, and you might be well rewarded for all this work.