Solana

Solana is an open source project implementing a new, high-performance, permissionless blockchain. Solana is a general purpose blockchain similar to Ethereum. End user applications as of now include decentralized finance (DeFi), non-fungible tokens (NFT), marketplaces, games, and more. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

Solana co-founder Anatoly Yakovenko published a whitepaper describing Proof of History, a technique that would become critical to Solana's blockchain infrastructure, in Nov. 2017. 

Co-founder Greg Fitzgerald, who had worked with Yakovenko at Qualcomm, began prototyping the open source implementation of the whitepaper. It was published under the name Silk in 2018. 

After starting the company under the name Loom, Yakovenko, Fitzgerald, and other co-founders rebranded to Solana. Solana launched on Mainnet Beta in March 2020.

Solana was built to facilitate the development of scalable, user-friendly decentralized apps with low costs and high speeds for transactions.

Solana believes its unique blockchain architecture that combines the proof-of-stake consensus mechanism and its own proof of history mechanism is the key to achieving these goals.

Proof of history works almost like a cryptographic timestamp that proves that an event has occurred at a specific time. It enables the blockchain to work fast while maintaining security and decentralization.

There are about 304 million SOL in circulation as of November 2021. Solana has an initial inflation rate of 8%, which will decrease by 15% a year until it reaches a long-term inflation rate of 1.5%. SOL is Solana’s native token.

Solana competes with other blockchain platforms such as Ethereum and Avalanche to host crypto projects such as NFTs, decentralized exchanges, and gaming. 

Developers and users flocked from Ethereum to Solana due to high transaction costs, but many could gravitate back towards Ethereum if it manages to lower costs, which could happen as a result of the Ethereum 2.0 upgrade and layer 2 rollups. 

Solana.com
Docs.solana.com/history
Forums.solana.com

This article has been retracted. We regret the error.

Correction: There Is No Solana Kill Switch, Bug Bounty Program Is Two Years Old

The disgraced FTX CEO was a major investor in Solana prior to his fall from grace, and the token has seen frequent mention during his criminal trial.

Solana Launches Bug Bounty Amid Rumors That Sam Bankman-Fried Had a Kill Switch

Ethereum

A closely followed crypto analyst says that traders may be underestimating Solana's (SOL) potential in the next bull market. In a new strategy session, the host of InvestAnswers says that his base-case thesis for SOL is that it should reach 10% of Ethereum's (ETH) market cap during the next market expansion.

$461 Solana (SOL) Price Target on the Table if Ethereum (ETH) Does This Next Bull Cycle: InvestAnswers

Cryptocurrency analysts of Coinidol.com report, the price of Solana (SOL) hit a low of $20.96, marking the end of its decline.

Solana Continues Its Upward Trend, But Tests The High At $22.20

Blockchain records have shed light on a development involving the trustees of the now-defunct exchange FTX, who are overseeing its bankruptcy proceedings. They have committed 5.5 million solana (SOL) for staking. Meanwhile, the current market value of FTX's total solana assets is a hefty $1.16 billion.

FTX Estate Stakes 5.5 Million SOL; Millions Locked Until 2028

The FTX estate has staked over 5.5 million Solana (SOL) coins, valued at $122 million, with a network validator.

FTX estate stakes $122 million of Solana, on-chain data shows

This is the lowest price Ethereum has traded at in the past seven months.

Ethereum, Solana and XRP Lead Losses in Rough Week for Crypto Market

A prominent crypto venture capital firm is comparing Ethereum (ETH) to the mobile operating system Android and Solana (SOL) to iOS. In a new blog post, Placeholder Capital makes a case for why Ethereum and Solana are comparable to the two different operating systems. “Ethereum and Solana are like Android and iOS.

Crypto Venture Firm Placeholder Capital Says Ethereum and Solana Are Like Android and iOS – Here's Why

The asset was mentioned again during Bankman-Fried's trial. It's now down significantly compared to last week.

FTX Favorite Solana Dips After Frequent Mentions in Sam Bankman-Fried's Trial

Anatoly Yakovenko, co-founder of smart contract platform Solana (SOL), is naming what he says is an “obvious” use case for crypto and blockchain. In a new interview with Austin Federa, head of strategy at the Solana Foundation, Yakovenko says simple payments are one obvious use case for digital assets that anyone can benefit from.

Here's the Obvious Use Case for Crypto, According to Solana Creator Anatoly Yakovenko

Financial services titan Fidelity is naming leading smart contract platform Ethereum (ETH) and one of its rivals as examples of success. In a recent report, the investing giant says that Ethereum and Solana (SOL) are good examples of blockchains with successful network effects and developer bases.

Investing Giant Fidelity Names Ethereum and Solana As Examples of Successful Network Effects and Developer Bases

A new update to Ethereum (ETH) competitor Solana (SOL) has enabled confidential transfers for the project's token standard. Solana's network of validators was able to reach a supermajority, approving the adoption of Solana's v1.16 update after nearly 10 months of development and testing.

New Solana (SOL) Update Brings ‘Confidential Transfers' for Increased User Privacy

Digital assets manager CoinShares says that one Ethereum (ETH) rival is being favored by institutional investors as the crypto markets rake in their biggest inflows in months.

One Ethereum Rival Still ‘Altcoin of Choice' for Institutions As Crypto Sees Biggest Inflows Since July: CoinShares

Polygon

Despite the global crypto market experiencing instability, Deribit is looking to expand the roster for options trading on its platform. It is also looking to expand geographically with an EU license and a Middle Eastern office.

XRP, MATIC, SOL Options To Debut On Deribit In January 2024

Solana led interest among altcoin funds last week, registering its largest inflows since March 2022, adding $24 million.

Solana investment products see largest week of inflows since March 2022

Deribit controls over 85% of the global crypto options market.

Deribit to List XRP, SOL, MATIC Options; Seeks License in EU

The latest price analysis by Coinidol.com report, the price of Solana (SOL) is currently in the zone of uptrend.

Solana Oscillates As It Challenges The $24.50 Resistance Level

Avalanche

A closely followed crypto strategist is predicting Avalanche (AVAX) will undergo a massive surge due to one main reason. Pseudonymous crypto analyst Altcoin Sherpa tells his 196,600 followers on the social media platform X that the Ethereum (ETH) rival could increase by more than 12% from its current value.

Assignment Crypto Trader Says Avalanche (AVAX) To Surge by Double Digits, Updates Outlook on Solana (SOL)

Solana has successfully implemented its 1.16 upgrade, introducing several new features, including improved runtime support for zero-knowledge proofs and enhancements for validators. However, the highlight of this upgrade is the “confidential transfers,” a feature that allows fully encrypted transactions for SPL tokens, bolstering user privacy. Solana's 1.

Solana Upgrade Ushers in Era of Private Transactions

Solana's v1.16 update introduces “Confidential Transfers,” enhancing user privacy with encrypted SPL token transactions.

Solana's latest update brings native support for private blockchain transactions

Crypto assets manager CoinShares says that one Ethereum (ETH) rival continues to be the favorite altcoin of institutional investors. CoinShares says in the newest Digital Asset Fund Flows Weekly Report that Solana (SOL) has recorded inflows of $31 million this year.

This Ethereum Competitor Is the Institutional Investors' Favorite This Year, According to CoinShares

Bitcoin

Dogecoin

The first day of the criminal trial of FTX founder Sam Bankman-Fried saw mentions of cryptocurrencies like Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), and Solana (CRYPTO: SOL), but notably excluded FTX's native token, FTT (CRYPTO: FTT). What Happened: Federal prosecutors portrayed Bankman-Fried as someone who stole billions of dollars from numerous individuals and misused their funds for personal gain.

Sam Bankman-Fried's First Day Trial Saw Mentions Of Bitcoin, Ethereum, Dogecoin And Solana — FTT Stays In The Shadows

It was the shocking slide in the value of FTX's token that marked the final days of the doomed exchange.

Bankman-Fried Trial Invoked Dogecoin and Solana on Day One—But Not FTT

Convergence RFQ, a Solana-based trading platform under development, has raised $2.5 million in a pre-seed funding round.

Solana-based Convergence RFQ raises token round at valuation of $30 million

More than "31% of stake running through the Jito Labs client," Solana Foundation said in its latest validator health report.

News for Solana Crypto (SOL)