The Sun shines bright for Solana

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Despite Hedge funds taking profits and selling Sol the native token for the Solana block chain which translates to Sunshine. The token price continues to hit all time highs with Monday seeing the biggest growth of the network.

Hold on to your chairs as this token too has been dubbed the Ethereum Killer however, that phrase has been used so many times for a number of different tokens that it has now lost its hype. But Solana is a project to keep an eye on.

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Solana has shown strong gains which is being backed by institutional investors from news of new projects being launched on the block chain.

Recently the project Degenerate Ape Academy which is a series of NFT collectables completely sold out which parachuted the token price and brought about Solana awareness Source

Furthermore, Solana's defi protocol has already managed to secure $US2 BILLION of Total Locked Value which has further provided a rally of the network token.

Although Ethereum is still the Decentralised Finance leader through projects such as AAVE and Compound which has across its entire network a whopping $US110 Billion in TVL with Binance in second place on $US17 Billion. So Solana still has a lot of catching up to do Source

Ethereum Killer is a common new term now and so many other tokens have been marketed with this perspective only to fall flat such as Polkadot and the fall of Internet Computer which saw investors lose millions.

What is Solana?

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Solana was first announced in 2017 but crypto market crashes or the Crypto Winter of 2017 prevented the block chain from advancing and it wasn't until March 2020 that Solana officially launched its mainnet.

Solana is one of the fasted block chains around able to manage 50,000 Transactions per second. It's focus was to solve the block chain trilemma which is just a word describing the three core issues experienced by block chains being security, scalability and decentralisation. The decentralisation aspect of block chains often leads to the need to host validator nodes which can lead to network congestion and long wait times. Automation of the server would remove the decentralisation aspect of a block chain.

The Network chains to be able to process 50,000 transactions per second by utilising Proof of Stake and Proof of History. The network is yet to fully test its theory of 50,000 transactions per second but if it is able to it will be the fastest block chain in the sector.

Solana is the first Block Chain to come up with and build on Proof of History which can be evidenced by their white paper in 2017.

Their founder is Anatoly Yakovenko whom previously led work on the well known and used app Dropbox.

Their first testnet built on Proof of History was first developed and trialled in 2018 and launched in March 2020 as the mainnetSource.

A full in-depth breakdown of the Solana block chain is available Hereand I would highly recommend taking the time and getting to know Solana as it is potentially one of the up and coming block chains that will be around for a while.

What are your thoughts on Solana? Let me know in the comments section below.

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