History of Solana 📖

We all have heard the term Solana ,the blockchain as it has been in the talks for quite some time now but the history is undiscovered to many Enthusiasts out there. Today, we are going to dive into the birth of the Ethereum Killer, Solana (SOL). The main idea of designing SOL was to support smart contracts and decentralized apps.

Just like any other blockchain existing in the world 🌎 of blockchain, Solana is one of them which was first proposed to the world by Yakovenko in the year 2017. To the surprise, Solana is actually named after a small Southern Californian coastal city. The Co-founder of Solana Mr. Yakovenko had previously worked in the field of distributed system design along with the leading organizations in the technology industry. The gates of Solana were opened to the world in March 2020. Due to the ability of processing transactions with a higher speed at a minimal gas fee of 0.000025$ had Solana captured everyone’s attention. As a result of which in 2021, it soared up to 12000% making it one of the largest cryptocurrencies with the capitalization worth $75 billion. But as the time of cryptocurrency wipeout 2022 had no mercy, Solana witnessed it worth falling down drastically to $3.63 billion.

According to the Chief Operating officer at Crypto Exchange CEX.IO, “a mixture of time tested cryptographic strategies and fresh innovation to address the shortcoming of crypto’s first-wave solutions. The technology used by Solana uses an algorithm that is mainly designed to tackle the performance constraints that are caused by the blockchain software. In order to be able to maintain the speed of 710,000 TPS on a standard gigabit network, it uses a combination of Proof- of - History (PoH) and Proof- of - Stake (PoS) consensus model.

Latest Surge of SOL📈

The year of 2023 was a booming year of Solana (SOL) where it witnessed a soar of 900% in its value making it the top most performing cryptocurrencies. However, as per research 2024 is turning out to be not so good as Solana is up meager by 2% and its value has halted on $100.

Solana is right now on a cut throat competition with Ethereum. However, there is a slight chance that Ethereum can overtake the buzz of Solana in May.

In the recent times Solana’s meme coin that was launched has made its presence in the market. Within 24hrs of launch, WIF witnessed a surge of 51%. Over the month od december the surge went upto 227,000% making it the highest meme coin to be rated. As of date, investors are optimistic about WIF’s potential for further growth.

Similar to Etherum,Solana is also a Layer1 blockchain that enables its user to build projects on top 🔝 of it. Given the speed of Solana, there are multiple projects that are being worked on on the top of Solana’s blockchain. As of 2023, Solana has more than 350 projects on top of it. Some of them being STEPN, a project by Yawn Rong in 2021. Star Atlas, a project by CEO Michael Wagner, COO Pablo Quiroga and CTO Jacob Floyd in Jan 2021, and many others.

The growth in the number of projects is here to boost at lighting speed where the increase so far has already reached 130% and is expected to go up to 200% by August. As per resources, there are few projects that are going to worth keeping a check on such as DEXs that include Jupiter, Orca and Drift, Lending Protocols that include Solend, Marginfi, and Kamino, Staking that includes Marinade Finance and Jito, NFTs that include Mad Labs and Tensorians, and Other projects that include Helium and Render Network.

But what makes Solana so unique? 👀👀

Let’s go a bit back in time when Bitcoin was introduced, it addressed with a tricky challenge where strangers had to use third party platforms such as PayPal and Visa in order to make their payments. With the help of the introduction of blockchain technology, decentralization became a reality and thus cryptocurrency started thriving in the globe. But as it is known that every new initiative comes with its share of difficulties, bitcoin had to face a lot of backlash due to its speed which was five transactions per second. In order to solve this problem, Etherum was introduced which supported thirteen transactions per second. However, with the ever increasing number of transactions, ethereum also faced the same backlash. That's when Solana came in and made its place where it supported fifty thousand transactions per second which is 3800 times faster than Etherum and 10000 times faster than Bitcoin.

Along with the factor of speed there are multiple other segments that make Solana stand out such as Ultra-low fees, Incredible Performance, Ecosystem growth, and Secure.

Introduction of Solana to the world of Cryptocurrency in 2020,it changed the way it functioned. People started witnessing faster speed that made Solana stand out. The projects in Solana have an upper hand making it the most used blockchain for the smart contracts and projects.As the Solana ecosystem continues to evolve and mature, we can expect to see further expansion and innovation in DApp development across various sectors.