Solana (blockchain platform)

Solana is a public blockchain platform. It achieves consensus using the proof of stake mechanism.[1] Its internal cryptocurrency is SOL.

Solana
Icon of Solana
Denominations
Symbol◎
CodeSOL
Development
Original author(s)Anatoly Yakovenko
White paperhttps://whitepaper.io/coin/solana
Initial releaseApril 2019
Code repositoryhttps://github.com/solana-labs/solana
Development statusActive
Written inRust
Developer(s)Solana Labs & Solana Foundation
Source modelOpen source
Websitehttps://solana.com/
Ledger
Block time400ms
Block explorerhttps://explorer.solana.com/
Circulating supply293,511,228.57 SOL (as 13st Sep 2021)
Valuation
Exchange rateUS$203 (October 2021)
Market cap$46B (September 2021)

In 2021, Bloomberg journalist Joanna Ossinger described Solana as "a potential long-term rival for Ethereum", citing superior transaction speeds and lower associated costs.[2][3]

On 14 September 2021, the Solana blockchain went offline after a surge of transactions caused the network to fork, and different validators had different views on the state of the network. The network was shortly brought back online on 15 September 2021.[4] Solana can purportedly handle 50,000 transactions per second, which is faster than the Ethereum blockchain, but still less than the 400,000 transactions seen during the spike.[5]

Like various other blockchains, Solana can run smart contracts.

See also

References
  1. Locke, Taylor (2021-11-05). "Solana is up 12,000% this year—what to know before buying the Ethereum competitor". CNBC. Retrieved 2021-12-02.
  2. Ossinger, Joanna (7 September 2021). "Solana's SOL Token Weathers the Crypto Tumble Sparked by Bitcoin". Bloomberg.com. Retrieved 2 December 2021.
  3. Ossinger, Joanna (5 September 2021). "Ethereum Rival Solana Climbs to Seventh in Crypto Top 10". Bloomberg.com. Retrieved 2 December 2021.
  4. Shumba, Camomile (15 September 2021). "Solana says it is back up and running after a surge in transactions caused the network to crash the day before". Business Insider. Retrieved 2 December 2021 – via Yahoo News.
  5. Prabhjote, Gill (15 September 2021). "It's DeFi season and things got a little too hot to handle for Solana and Arbitrum One as transaction volumes ballooned". Business Insider India. Retrieved 2 December 2021.
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