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 3billionfollowingthebankruptcyofFTX.Followingthegeneralriseofthecryptocurrencymarketin2023,itsmarketcaproseto7 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 314millionworthofitsnativecryptocurrency,SOL,toagroupoffundsledbyAndreessenHorowitzandPolychainCapital.On1July2022,aclassactionlawsuitwasfiledagainstSolana.ThelawsuitaccusedSolanaofsellingunregisteredsecuritiestokensintheformofSolanafrom24March2020,onwardandthatSolanadeliberatelymisledinvestorsconcerningthetotalcirculatingsupplyofSOLtokens.Accordingtothelawsuit,AnatolyYakovenko,thefounderofSolanaLabs,lentamarketmakermorethan11.3milliontokensinApril2020andfailedtodisclosethisinformationtothepublic.ThelawsuitclaimedthatSolanastateditwouldreducethesupplybythisamount,butitonlyburned3.3milliontokens.On3August,2022,9,231SolanawalletswerehackedandfourSolanawalletaddressesstoleapproximately8 million from victims. The company stated that the hack was caused by digital wallet software from Slope Finance.
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This course provides an introduction to Distributed Ledger Technology (DLT), blockchains and cryptocurrencies, and their applications in finance and banking and draws the analogies between Traditional
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 $3 billion following the bankruptcy of FTX.
Decentralized finance (often stylized as DeFi) offers financial instruments without relying on intermediaries such as brokerages, exchanges, or banks by using smart contracts on a blockchain, mainly Ethereum. DeFi platforms allow people to lend or borrow funds from others, speculate on price movements on assets using derivatives, trade cryptocurrencies, insure against risks, and earn interest in savings-like accounts. DeFi uses a layered architecture and highly composable building blocks.
A decentralised application (DApp, dApp, Dapp, or dapp) is an application that can operate autonomously, typically through the use of smart contracts, that run on a decentralized computing, blockchain or other distributed ledger system. Like traditional applications, DApps provide some function or utility to its users. However, unlike traditional applications, DApps operate without human intervention and are not owned by any one entity, rather DApps distribute tokens that represent ownership.