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Concept
Solana (blockchain platform)
Summary
Solana is a blockchain platform which uses a proof-of-stake mechanism to provide smart contract functionality. Its native cryptocurrency is SOL.
Solana was launched in 2020 by Solana Labs, which was founded by Anatoly Yakovenko and Raj Gokal in 2018. The blockchain has experienced several major outages, was subjected to a hack, and a class action lawsuit was filed against the platform.
Solana's total market cap was in January 2022. However, by the end of 2022, this had fallen to around 7 billion.
According to the company's white paper, Solana runs on a proof of stake model. The New York Times and Financial Times described the coin as an alternative to Ethereum.
Solana was first opened to the public in March 2020, with its first block being created on 16 March 2020. The Solana blockchain was designed to support smart contracts and decentralized apps in particular. Large numbers of simultaneous transactions have contributed to several outages of the Solana blockchain.
In June 2021, Solana Labs sold 8 million from victims. The company stated that the hack was caused by digital wallet software from Slope Finance.
Official source
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