What is Solana?
Ideas and studies on this project started in 2017, however the coin was released to the market in 2020 by the Solana Foundation headquartered in Geneva, Switzerland.
On the home page of the Solana official website, you will see that they describe themselves as “Strong for developers, fast for anyone”. The project provides a decentralized blockchain. The purpose of this is to create scalability and user-friendly applications. The Solana network operates with a focus on fast processing times and high throughput.
Solana claims to be able to handle an average of around 50,000 transactions per second, making it one of the fastest in the industry with this claimed figure. Solana’s native Token is SOL. Used for SOL transaction fees and staking.
The average price of Solana on cryptocurrency exchanges is 167.77 USD. Solana, which has gradually closed the gap with the market value of Ethereum, has been shaking altcoins such as Dogecoin and Ripple in the past, has kept the post busy recently and is now in the 6th place, which draws attention with its price increases according to CoinMarketCap data.
Solana has more than 400 projects. The outreach of these projects corresponds to DeFi, NFTs, Web3, and more. Solana is an open source project and there is a Switzerland-based Solana Foundation to maintain this open source project.
What is Solana Cluster?
In general terms, a cluster is a group of computers that work together and look like a single system from the outside. Solana Clusters are tasked with serving customers’ transactions quickly and being validators that protect the integrity of the ledger.
With the help of validators we have the ability to monitor and detect if the computers are doing the right job to keep the Cluster up and running. In the Solana ecosystem, two different Clusters can converge, in the absence of a favorable situation, one can completely ignore the existence of the other and more than one Cluster can exist at the same time.
History
On February 13, 2018, Greg Fitzgerald was a former colleague of Anatoly as one of the key figures of the project. On this date, Greg and Anatoly worked together and made the first prototype of the whitepaper created by Anatoly. In this way, the project has been published on Github under the name Silk in the Loomprotocol organization.
On February 28, 2018, Greg made the first broadcast, proving that 10,000 signed transactions were verified in just over half a second and thus could be processed.
Stephen Akridge had a great influence on the development of the same project at this time.
Later, Anatoly, Greg and Stephen decided to establish a company called Loom by hiring 3 people to establish a different company.
At the same time, the Ethereum-based Network project was revealed. The emergence of this project has led to confusion among people and sometimes thinking that it is a single project. That’s why they changed the name of the project to Solana. The name Solana is actually the name of a town where this trio worked at the time.
On March 28, 2018, the Solana Github organization was created and Greg’s prototype Silk was rebranded as Solana.
In June of the same year, they expanded the technology to run on cloud-based networks.
On July 19, they released a public testnet with 50 nodes supporting 250,000 transactions per second.
Solana Performance
If the interest in NFT increases, the interest in Solana will increase as well. It has been determined that there are more than 30 times new sales in the NFT market in 2021. It is clear that Solana outperforms Bitcoin. So if you had invested in Solana instead of Bitcoin in 12 months, you would have made much more profit.
Wallets that support Solana Coin; Solflare, Phantom Wallet, Trust Wallet, Sollet Wallet, Moonlet Wallet, Solong, Math Wallet, Swipe Wallet.
Where to Buy Solana?
It is possible to find Solana on popular stock exchanges. In fact, the first supporting exchange on this subject is the FTX exchange. With the support of the FTX exchange, the popularity of Solana Coin, Solana and other Solana-based projects, has increased day by day.
Examples: FTX, Binance, Coinbase Exchange, Huobi Global, KuCoin, Bitfinex
What are the 8 Key Innovations Introduced by the Solana Project?
Now you know that the main event of the Solana project is to shorten the processing time so that it can perform more transactions. With the 8 basic innovations you will read below, you will further consolidate your knowledge and understand that most algorithms are designed for this.
1- Proof of History (POH)
Solana is a third generation Proof-of-Stake Blockchain. The reason for using the POh proprietary system is to create a trust-based system with the emphasis on processing time. Proof of History also serves to cryptographically verify the time transition between two events. Thanks to cryptographically validation, it makes it easier for the system to monitor the transactions by mastering the historical records of the transactions and ensures the follow-up of the sequence of events.
2- Tower BFT
Solana version of PBFT and mentioned algorithm uses POH as a cryptographic clock. This allows for consensus to be reached without delays in transactions.
3- Turbine
The Turbine protocol splits data into smaller chunks, making it easier to transmit data to Blockchain Nodes. This innovation helps transactions happen faster.
4- Sealevel
Solana, which achieves a more efficient working time thanks to this system, also allows transactions to run simultaneously on Blockchains.
5- Gulfstream
The Gulf Stream protocol plays an important role in caching and transmitting transactions across the network. In short, this protocol ensures that Solana can support 50,000 TPS.
6- Cloudbreak
What is required is the structure that provides scalability, so that simultaneous read and write operations are performed across the network.
7- Pipeline
With the help of this mechanism, rapid verification and duplication of transaction information among all Nodes in the network is ensured.
8- Archivers
They are used for data storage. Data in Solana is transferred from verifiers to Archivers. Here, frequent checking is required to ensure that the correct data is stored.
Price Analysis Forecast
In late September of 2021, Solana was priced at $177.91. According to Walletinverstor analysts, Solana is considered a good long-term investment option. According to the forecast of digitalcoinprice analysts, the highest price that SOL can see in the future is $ 859.02.
DigitalCoinPrice analysts strongly recommend buying SolanaCoin. The reason for this is that the price of SOL is expected to reach $535.57 in 2025 and $644.85 in 2026.
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