Symbol: 369 Blockchain: Solana
Contract Address: AKRsUuY13oQ3KZ3hHBAUfbpd1AK3ZVyaSAmobFQGKbeh
SOL Quick Links
Solana
Solana is a blockchain platform that is designed to host scalable decentralized applications. The open-source project was founded in 2017 by the Solana Foundation in Geneva, and the blockchain was built by Solana Labs which is located in San Francisco. Solana is a Proof of Stake (PoS) blockchain that also uses hashed timestamps to verify transactions, called Proof of History (PoH). Unlike Bitcoin and Ethereum which do not utilize clocks, Solana utilizes a clock to simplify network synchronization which results in exceptionally fast transaction speeds. Its architecture is designed to support 710,000 transactions per second (TPS) and achieving that speed is only limited by network capability and infrastructure. Solana’s token can be found on most exchanges under the ticker symbol SOL.
How does Solana work?
At its core, Solana’s high throughput is achieved by its unique consensus mechanism called Proof of History (PoH). PoH orders transactions by utilising cryptographic timestamps, enabling a secure and efficient consensus. It arranges events in a linear, verifiable sequence, ensuring accuracy without using intense computational resources. Nodes prove the passage of time by solving complex puzzles, which creates a historical record. This method establishes an order for transactions, reducing the need for energy-intensive calculations, enhancing scalability, and securing the network against manipulation, allowing for faster and more reliable consensus.
PoH’s unique methodology enhances the efficiency, scalability, and security of blockchain networks. It significantly reduces the computational workload required for reaching consensus, thereby improving scalability. By accurately ordering events through timestamps, PoH ensures a reliable and tamper-proof historical record, enhancing security against potential manipulation or fraud.
Source: SOLANIANS. Solana Ecosystem
Rapid Expansion
The Solana ecosystem is experiencing rapid growth and development consisting of more than 600 projects (some have tokens and some do not). Core ecosystem categories include Wallet, Defi, Infrastructure, Oracle, Application, Gaming, NFT, and Tooling & Explorer. There are more than 2,500 active developers building on Solana and the blockchain had 40.7M average daily user transactions (Q4, 2023).
Check out Solana’s latest ecosystem development report (8 January 2024).
Solana’s New Phone Promises More for Less—And Already Seeing Huge Demand
The newly revealed Solana Seeker brings various enhancements over the Saga smartphone—at less than half the price.
Solana Saga crypto phone successor emerges from stealth as ‘Seeker,’ surpassing 140,000…
Demand for the Solana Saga successor surged after two cat-themed memecoin airdrops briefly covered the cost of the device.
Solana unveils new Seeker device, says it’s not just a ‘memecoin phone’
Solana's new Seeker device will be a “rewards magnet” like the Saga, but it's not just a “memecoin phone,” says Solana Labs General Manager Emmett Hollyer.
Solana Unveils Details of Second Crypto Phone ‘Seeker’
Solana hits 75M active addresses as SOL battles $132 level
Solana breaks 75M monthly active addresses. Will SOL overcome $132 resistance or face more downside?
XRP on Verge of Explosion, Did Shiba Inu (SHIB) Reach Ground Zero? Solana (SOL) Death Cross Looms
As it approaches the apex of a symmetrical triangle pattern, XRP is getting closer to a pivotal moment in its price movement. This pattern frequently signals substantial volatility, and XRP might be preparing for a significant move higher.
Solana (SOL) Could Crash 40% If It Stays Below $140 – Top Analyst Shares Insights
Solana (SOL) faces significant risk as the broader cryptocurrency market rebounds from local lows, yet SOL struggles to break above the crucial $140 resistance level. This underperformance has raised concerns among investors, with many…
Solana Reveals Major Update For Developers, SOL To Hit $300?
Solana has revealed a major update for the developers, cutting costs by 1000X for them. In a recent update, the leading crypto player announced that the ZK Compression is live on its mainnet now.
This 11-minute video (10 Jan 2024) provides an excellent summary of the top 7 Solana wallets, including their unique features, advantages, and drawbacks. Direct links to 5 of the most popular wallets can be found below.
There are many videos that cover the Defi aspects of Solana’s ecosystem, and thousands of videos covering individual projects. This 12-minute video provides a good starting point for those who are starting to explore this exciting part of Solana’s growing ecosystem.
You can also use the below link to search Defi projects directly on Solana’s main site.
NFTs on Solana
Emerging Use Cases
Non-fungible Tokens (NFTs) have been one of the most popular aspects of blockchain technology. New capabilities and use cases are being discovered as more and more people (and traditional sectors) explore the world of authenticated digital assets. There are two excellent articles worth your time as they describe the world of NFTs on Solana and how that aspect of the blockchain is developing and advancing:
