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: ByteTree Research (Shehriyar Ali), Dec 14 2023

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).

2023 State of the Solana Developer Ecosystem

Bearish Wave Hits Solana: SOL Drops Below $140 – More Losses On The Horizon?

Bearish Wave Hits Solana: SOL Drops Below $140 – More Losses On The Horizon?

Solana, a leading blockchain platform, is experiencing a significant downturn as a persistent bearish wave sweeps through its market. This decline, driven by a combination of factors, has led to SOL's price suffering a huge drop below the…

3 Trending Altcoins For 20,000% Profit Before December

3 Trending Altcoins For 20,000% Profit Before December

The crypto market recently spotlighted three emerging altcoins: LayerZero (ZRO), zkSync (ZK), and Solana (SOL). These platforms have shown significant potential for growth.

Solana Price Prediction as American Hedgefund Pantera Compares SOL to Apple’s macOS – Can…

Solana Price Prediction as American Hedgefund Pantera Compares SOL to Apple’s macOS – Can…

Solana (SOL) has shown a consistent upward trend, stabilizing around $136 and reaching an intraday high of $136.46. Despite a recent peak of $151.41 earlier this week, SOL couldn't sustain that level, dropping to $129.00 before recovering.

Solana Dev Explains How ZK Compression Cuts On-chain Storage Cost By Over 99%

Solana Dev Explains How ZK Compression Cuts On-chain Storage Cost By Over 99%

In a significant breakthrough for blockchain technology, Solana developer Austin Federa weighed in on a new feature called ZK Compression. This innovative development promises to drastically reduce the cost of on-chain account storage.

Solana (SOL) Welcomes Most Crucial Upgrade in Years

Solana (SOL) Welcomes Most Crucial Upgrade in Years

High-performance L1 blockchain Solana (SOL) activates ZK Compression technology in mainnet. This development is expected to change the way Solana's (SOL) dApps scale and reduce computational prices dramatically, a seasoned developer says.

New Solana ETF Coming Soon As Canada’s 3iQ Submits ETP Proposal

New Solana ETF Coming Soon As Canada’s 3iQ Submits ETP Proposal

With spot exchange-traded funds (ETFs) holding Bitcoin firmly established on U.S. exchanges and spot ether ETFs looming following key approvals in May, a new proposal for the first Solana exchange-traded product in North America was…

Altcoin Market Crash: Why Solana, Avalanche, and Others Are Plummeting

Altcoin Market Crash: Why Solana, Avalanche, and Others Are Plummeting

The crypto market is in a consolidation phase after a strong rally from October to March. While this is manageable for Bitcoin and Ethereum investors, those holding smaller altcoins are feeling the pinch. The sentiment in crypto communities…


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:

Solana NFT Marketplace Development: Blockchain App Factory

Solana NFTs in 2024: Thomson Richard, The NFT Daily Dose

Consumer & Dev Projects

Solana Infrastructure Projects