Solana – What is it, definition and concept

Solana combines ease of use with speed. In addition, it has a protocol whose objective is the creation of decentralized applications.

In this way, it combines a proof of history (PoH) consensus with a proof of stake (PoS) consensus.

Origin and history of Solana

Anatoly Yakovenko joins Greg Fitzgerald to found the Solana Lab project. Yakovenko began his career at Qualcomm and was a Dropbox software engineer. Fitzgerald had been Yakovenko’s co-worker.

On the other hand, in 2020 they launched the protocol and their SOL cryptocurrency through the Solana foundation, whose headquarters were in Geneva (Switzerland). However, the initial idea and preliminary work started in 2017.

Interesting facts about Solana

We are going to see, below, some interesting facts about Solana. Data that make it an excellent platform based on blockchain technology.

  • The historical test consensus, mentioned above and developed by Yakovenko, greatly increases the ease of use.
  • Your recipients can be both individual and business customers. Also, they both have a promise, they won’t see any increase in fees and taxes.
  • On the other hand, it has low transaction costs, coupled with guaranteed scalability and fast processing.
  • This fast processing of its hybrid protocol allows for reduced transaction times. This has attracted institutional interest as well.
  • In February 2021 it was ranked 42nd in the CoinMarketCap ranking.

SOL: your cryptocurrency

SOL is Solana’s digital cryptocurrency. In September 2021, it had a market capitalization of just over $ 47 billion. This supposed a percentage on the capitalization of this type of assets of 2.25%.

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It is the seventh cryptocurrency and is above 99% of its competitors in relation to its capitalization. In addition, its value rose exponentially, starting at about 60 cents and reaching $ 191.04.

First of all, we can end by saying that Solana and SOL seem to be a good idea.

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