Solana is a public blockchain platform that supports smart contracts. SOL is the currency that is used locally.
Solana uses a “proof-of-history” process and a proof-of-stake mechanism to reach consensus.
Solana can execute smart contracts, just like a number of other blockchains. The Rust, C, and C++ programming languages can be utilized in Solana’s execution environment because it is built on eBPF.
A public blockchain platform created by blockchain startup Solana Labs. It pursues a hybrid approach of PoS+PoH, which is fundamentally different from existing blockchains focused on PoS or PoW, and promotes high-speed performance by limiting the use of low-performance computers as nodes.
It is regarded as a brand-new concept block chain that, by establishing decentralization and having 65000 TPS, fully resolves the block chain trilemma. Compared to coins that employ off-chain, like Layer 2, it advertises enormous stability because all processing is done on-chain. There are many network failures that last a very long time compared to other coins, though, thus there are also sceptical views.
It has always supported NFT and DeFi next-generation features, and its supporting ecosystem and infrastructure are sizable enough to be on level with Ethereum.
Class action lawsuit
About Solana History
Solana was proposed in a white paper Anatoly Yakovenko published in November 2017. On 16 March 2020, Solana’s first block was created. In December 2021, the former First Lady of the United States announced her plans to use Solana to launch a non-fungible token (NFT).
Scale and growth.
They are one of the key coins that function as platform currency and are rapidly expanding.
At the end of 2020, Solana, which fluctuated at $1, did not garner much interest in the overall cryptocurrency market.
But in less than a year, it significantly increased the ecosystem’s size with a number of DeFi platforms and wallets, and among platform coins, it experienced the most rapid growth in 2021.
By September 2021, it was exceeding expectations in terms of both quantity and quality, reaching $200, and it was determined that its future growth would be extraordinary.
Ethereum and Binance Coin are platform coins that compete with one another; as of 2022, 10 volumes have been recorded.