Society, economy & sport

Introduction of Solana

2020

Solana is a blockchain platform designed for fast, low-cost transactions and for running decentralised applications, created by Anatoly Yakovenko, a former engineer at Qualcomm, who published its whitepaper in 2017. Its main technical feature is Proof of History, a way of verifying the order of events cryptographically which is combined with proof of stake, allowing the network to process thousands of transactions per second. Its native token is SOL. Solana attracted a boom in decentralised finance, NFTs and other applications, but it also suffered a number of network outages, which led to questions about its reliability. It is among the largest blockchain networks by market value and competes with Ethereum.

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