Solana digital currency project SOL

It is a highly functional open source project based on decentralized blockchain technology, aiming to secure decentralized finance (DeFi) solutions. Although work on this project began in 2017, it was not officially launched until March 2020, by the Solana Foundation, whose headquarters are in Geneva, Switzerland. The Solana Protocol was designed to make it easier to create more decentralized applications (DApps). It also aims to improve scalability by providing a proof-of-date protocol that works alongside the proof-of-stake protocol. Solana's innovative built-in consensus system attracts small traders as well as large institutions, so it seeks to make centralized finance accessible to everyone. About the founding of Solana Anatoly Yakovenko is Solana's most prominent contributor. He started his career at Qualcomm, where he became general manager of engineers in 2015. But he later changed his career path to take a position as a software engineer at Dropbox. In 2017, work on the Solana project began. Then, together with his colleague Greg Fitzgerald from Qualcomm, he founded the Solana Labs project. This project sparked the interest of several of their colleagues at Qualcomm, leading to them all collaborating to release the Solana protocol and the SOL token in 2020. What distinguishes Solana from others? The most important feature of Solana is the date proof protocol developed by Anatoly Yakovenko, which is able to provide greater scalability that will facilitate the use process. Solana is famous in the world of digital currencies for processing transactions in a very short period of time. It has a built-in protocol that reduces the time for verifying transactions and executing smart contracts. Solana has gained the attention of major organizations thanks to this feature. Solana Protocol caters to the needs of ordinary users and large corporations, as it promises all clients that it will not raise fees and taxes. The design of this protocol ensures low transaction costs, while at the same time ensuring scalability and fast transaction processing. Solana is ranked 7th in the CoinMarketCap ranking as of September 2021 thanks to the professional experience of Anatoly Yakovenko and Greg Fitzgerald. This achievement was achieved after Solana witnessed a 700% jump in its price since mid-July 2021. The launch of the Degenerate Ape non-fungible token pool raised the price of SOL to above $60, its highest level ever. It has since continued to advance, largely due to increased developer activity on the Solana ecosystem, growing institutional interest, the growing DeFi ecosystem, and the emergence of NFTs. Solana's price continued to rise until it reached an all-time high of $216 on September 9, 2021. What is Solana's trading volume? Solana announced that it seeks to put 489 million Solana tokens into circulation. Currently, its trading volume in the markets amounts to about 260 million tokens, according to the following: 16.23% of Solana tokens were allocated to seed funding, 12.79% to IPO, 12.79% of SOL tokens were distributed to Solana team members, and 10.46% of the total tokens were provided to the Solana Foundation. As for the rest, it is for trading in the markets. During the initial funding period on April 5, 2018, Solana's price reached $0.04. This represents the price compared to the coin's recent record: 5400 x ROI. What are the security standards in Solana Network? Solana relies on a unique combination of two consensus mechanisms: Proof of Date and Proof of Stake. The history proof mechanism is the most important element in the Solana protocol, because it is responsible for processing transactions, as it records successful transactions and the time period that separates one from the other. Thus, this mechanism maintains one of the basic principles of blockchain, which is that it does not require the intervention of a third party. As for the Proof of Stake mechanism, it is a tool that monitors the progress of the Proof of History mechanism’s operations and verifies the block sets that result from it while processing transactions. This combination makes Solana a unique phenomenon in the blockchain sector.