What is SOL/Solana?

Solana is a high-performance, open source, permissionless blockchain that provides a decentralized finance (DeFi) solution. Developing the world's first decentralized clock, adding timestamps to the transaction validation process and improving scalability, Solana's native cryptocurrency is Solana Coin (SOL), which is used to exchange smart contracts and pay transaction fees. The project was developed by software engineer Anatoly Yakovenko, along with Greg Fitzgerald, Stephen Akridge, and a team of three others, and led to the creation of Solana Labs.

In 2017, Solana Network released a white paper and conducted five initial coin offerings (ICOs), successfully raising over $25 million to fund the launch of the SOL token and its distribution on major cryptocurrency exchanges.

Solana (SOL) Introduction Video

Solana (SOL) Market Information
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Solana (SOL) Market Information

Solana's 2024: A Leap into a New Era

In 2024, Solana is developing a strategic vision with innovation, developer engagement, and network scalability at its core. The year has been designated as the "Year of Solana" and key milestones and goals have been set for the year ahead.

Expanding the developer community

Solana's ecosystem has witnessed a remarkable increase in developer activity: over 2,500 active developers have contributed to the open source repository, and year-over-year developer retention has increased from 31% to over 50%. The introduction of programming frameworks and the availability of SDKs in 10 languages have laid the foundation for diverse dApp development.

Game Changer: GameShift API

Developed by Solana Labs, the GameShift API aims to transform the gaming space on the Solana blockchain. This tool is considered a major innovation in the gaming industry.

Web3 Specialized Smartphone

Also noteworthy is the introduction of "Saga," Solana's Web3-specific smartphone, which will allow users to manage their digital assets, run smart contracts, and seamlessly access distributed applications (DApps), providing a true Web3 experience. This device provides users with a true Web3 experience, allowing them to manage their digital assets, execute smart contracts, and seamlessly access decentralized applications (DApps). This advanced smartphone further integrates blockchain technology into everyday life, paving the way for users to participate more directly in the digital economy.

Future Outlook

Introducing Token Extensions: Complex and multi-faceted token economics.
Firedancer: A new independent validator client developed by Jump Crypto. It supports a high number of transactions and aims to increase network throughput, resilience and efficiency.
Runtime v2 development: This initiative by Solana Labs aims to significantly improve network performance and the developer experience.

Solana's Commitment

The Solana Foundation is committed to innovation and community involvement and is ready to welcome 2024 as the "Year of Solana". We continue to move forward with the support of the community to solidify our position as the premier platform for blockchain development.

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Solana's Basic Structure and Aimed Future

The Solana Foundation is committed to making decentralized finance (DeFi) more accessible to a wider audience. At its core is the Proof-of-Stake (PoS) agreement mechanism. This mechanism rewards node holders with additional coins based on the amount of coins staked over a period of time. This contributes to improving the overall network and allows users to use Solana to develop decentralized applications (DApps) and DeFi platforms.

Proof of History (PoH): Solana Features

PoH is a system that verifies transactions along a time axis, generating a unique output every 400 milliseconds. It utilizes the SHA-256 hash function, which uses the result of a transaction as input to the next hash. This system allows nodes to search for valid timestamps despite different local times, reducing mining errors.

Solana's innovation

Tower BFT: Improve pBFT to eliminate the need for nodes to vote on each transaction, and to retain previous votes so they can respond automatically.
Gulf Stream: Nodes other than the leader validate transactions to speed up transaction throughput.
sea level: Smart contracts can be executed in parallel without interruption.
turbine: Transactions can be broken into smaller parts, allowing nodes to receive information quickly with less bandwidth.
cloud break: Access and interpret data simultaneously and use the older version as a backup.
pipeline: Utilizes hardware structure to direct transaction information to designated hardware to streamline block verification.
archiver: A feature that allows the reader node to quickly access data stored on the network.

SOL Token: The Heart of Solana

SOL is the native token of the Solana network and is used for money transfers and interactions with smart contracts. The network burns tokens to reduce the amount in circulation and users may become part of the network's validators. It has grown in market capitalization and ROI and is currently one of the top cryptocurrencies.