Learn about the Solana Games and the SOL token

What Is Solana (SOL)?

Solana is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. While the idea and initial work on the project began in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland.

To learn more about this project, check out our deep dive of Solana.

The Solana protocol is designed to facilitate decentralized app (DApp) creation. 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.

What is Solana? SOL Explained with Animations. Source from Youtube.

Because of the innovative hybrid consensus model, Solana enjoys interest from small-time traders and institutional traders alike. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.

Tags: PoS, Platform, Solana Ecosystem, CMS Holdings Portfolio

Website: https://solana.com/

Twitter:  https://twitter.com/solana

Explorer: https://explorer.solana.com/

Telegram: https://t.me/solana

White book: https://solana.com/solana-whitepaper.pdf

Who Are the Founders of Solana?

Anatoly Yakovenko is the most important person behind Solana. His professional career started at Qualcomm, where he quickly moved up the ranks and became senior staff engineer manager in 2015. Later on, his professional path shifted, and Yakovenko entered a new position as a software engineer at Dropbox.

In 2017, Yakovenko started working on a project which would later materialize as Solana. He teamed up with his Qualcomm colleague Greg Fitzgerald, and they founded a project called Solana Labs. Attracting several more former Qualcomm colleagues in the process, the Solana protocol and SOL token were released to the public in 2020.

What Makes Solana Unique?

One of the essential innovations that Solana brings is proof-of-historical (PoH) consensus developed by Anatoly Yakovenko. This concept allows for greater scalability of the protocol, thus increasing usability.

Solana is known in the crypto world for the extremely short processing times that this blockchain offers. Solana’s hybrid protocol allows for a significant reduction in validation times for both transactions and smart contract execution. With lightning fast processing times, Solana has also attracted a lot of interest from organizations.

The Solana protocol is intended to serve both short-time trading users and corporate customers. One of Solana’s key promises to customers is that they won’t be surprised by increased fees and taxes. The protocol is designed in such a way as to have low transaction costs while ensuring scalability and fast processing.

A mix of industry-savvy creators Anatoly Yakovenko and Greg Fitzgerald brought to the project, Solana is ranked 42nd in CoinMarketCap’s rankings as of February 2021.

How many Solanas (SOL) are in circulation?

The Solana Foundation has announced that a total of 489 million SOL tokens will be released into circulation. Currently, about 320 million of these have entered the market.

The distribution of SOL tokens is as follows: 16.23% is for the initial seed sale, 12.92% of the tokens are reserved for the founders, 12.79% of the SOL coins are distributed to members in the SOL token. team and 10.46% of the tokens are given to the Solana Foundation. The remaining tokens have been released for public and private sale or will still be released to the market.

How Is the Solana Network Secured?

Solana relies on a unique combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus mechanisms.

Proof-of-history is the main component of the Solana protocol, as it is responsible for the bulk of transaction processing. PoH records successful operations and the time that has passed between them, thus ensuring the trustless nature of the blockchain.

The proof-of-stake (PoS) consensus is used as a monitoring tool for the PoH processes, and it validates each sequence of blocks produced by it.

The combination of two consensus mechanisms makes Solana a unique phenomenon in the blockchain industry.

Where Can You Buy Solana (SOL)?

SOL tokens can be purchased on most exchanges. One option to trade Solana is on Binance , as it has the highest SOL/USDT trading volume, $8,947,213 as of February 2021.

Next is OKEx , with a trading volume of $6,180.82. Other options for trading Solana are Bilaxy and Huobi Globa . Of course, it’s important to note that investing in cryptocurrencies comes with risks, just like any other investment opportunity.