Solana is the World’s First Web Scale Blockchain.
- What is Solana?
Solana is a high-performance cryptocurrency blockchain which supports smart contracts and decentralized applications. It uses a proof of stake consensus mechanism with a low barrier to entry along with timestamped transactions to maximize efficiency.
This allows Solana to process 50-65,000 transactions per second with a theoretical limit of over 700,000 transactions per second (compared to Bitcoin’s 7 TPS and Ethereum’s 15 TPS).
In contrast to other similar projects such as Polkadot and Ethereum 2.0 (coming soon), Solana is a single blockchain (layer 1) and does not delegate operations to other attached chains (layer 2).
- How was Solana Launched?
Solana launched on Mainnet Beta in Mar. 2020, shortly after raising $1.76 million in a public token auction hosted on CoinList. The project’s beta network featured basic transaction capabilities and smart contract support.
Solana was conceived in 2017 when its founder Anatoly Yakovenko sought out a way for a decentralized network of nodes to match the performance of a single node. None of the major blockchains come close to achieving this property. Achieving this is Solana’s north star.
- Who is the team behind Solana?
Some of the main team members behind Solana include the following:
Anatoly Yakovenko – Founder and CEO
Greg Fitzgerald – Co-founder and CTO
Raj Gokal – COO
Eric Williams – Data Science and Tokenomics
Hsin-Ju Chuang – Head of Growth
Stephen Akridge – Principal Engineer
Mihael Vines – Principal Engineer
Rob Walker – Principal Engineer