Should You Invest In Solana?

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Solana was born from a unique idea by co-founder Anatoly Yakovenko in 2017. Initially called “Loom”, the project was rebranded to avoid being confused with the Loom Network, an Ethereum scaling solution.

Solana engaged in private sales in 2019, raising around $20 million, before launching the SOL token in 2020 through the Switzerland-based Solana Foundation.

How does Solana work?

Solana is a blockchain-based network that utilizes a range of software to ensure the rapid completion of transactions and the relatively straightforward creation of decentralised applications (dApps).

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Historical Price Charts

Past performance is not an indication of future results.

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Blockchain

Solana’s blockchain is scalable, secure, and decentralized:

  • Scalability: Solana can quickly and efficiently handle high volumes of transactions. Theoretically, Solana can process tens of thousands of transactions per second.
  • Consensus model: Solana uses two methods to confirm the legitimacy of transactions. With Proof of Stake (PoS), validators confirm transactions based on the number of SOL tokens they hold. At the same time, the Proof of History mechanism helps to quickly timestamp and verify transactions.
Transactions

The ability to make transactions on the Solana blockchain using SOL is one of the network’s key functionalities. The following steps explain how the process works on Solana:

  1. Initiation: Commence a transaction using your wallet on the Solana network. Input the recipient's public key and the amount of SOL you want to transfer.
  2. Validation (Proof of Stake): Transactions need to be legitimized by validators, who stake SOL to be in with the chance of doing so.
  3. Order verification (Proof of History): PoH helps to validate the correct order of transactions and the time elapsed between them. Unlike other networks, the timestamps are built into Solana’s blockchain, eliminating the need for validators to communicate with each other.
  4. Consensus: With the help of both Proof of Stake and Proof of History, a consensus is achieved among validators regarding the validity of the transaction and its position in the blockchain.
  5. Confirmation: Once a consensus is reached, the transaction is confirmed and added to the blockchain, and the validators are rewarded for their efforts.
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