What is Solana?
Solana is a single-chain blockchain (second layer cannot be extended). Solana was born with the aim of improving blockchain scalability, but there is no trade-off with reduced security or loss of decentralization. Solana did not choose a sharding solution but used Proof of History in combination with Proof of Stake. As the world’s first web-scale blockchain, Solana will unlock an entirely new layer of applications and facilitate larger-scale blockchain adoption.
Solana Token (SOL) price, marketcap, chart, and fundamentals info
Solana token (SOL) is the native token of the Solana blockchain. SOL will be used for specific purposes of a native token on a blockchain platform such as:
- Fees: SOL will be used to pay fees in Solana’s blockchain network such as smart contract fee, transactions fee, …
- Reward: SOL is used as a reward for Nodes / Stakers to ensure the network will work stably for a long time.
- Governance: SOL will be used to vote on future governance activities in Solana’s network.
Solana Basic Information
- Ticker: SOL
- Token Type: Utility Token
- Blockchain: Solana
- Token Standard: SPL
- Replacement unit: Lamport (1 SOL = 2 ^ 34 Lamport) – same as sts of BTC
- Block time – Time to execute a block: 400ms
- Average transaction time: 50,000 – 65,000 TPS
- Consensus algorithm: POS & POH
- Maximum total supply: 1,000,000,000 SOL
- Initial total supply: 500,000,000 SOL
- Current aggregate supply: 488,592,653 SOL
- Circulating Supply: 46,569,948 SOL
Solana’s Proof of History algorithm
PoH, the basis for the Solana network is a computational string that can provide a cryptographic way to verify the elapsed time between two events. It uses a cryptographic security function written to make it impossible to predict the output from the input and must be completely executed to produce the output. PoH is not a consensus mechanism, rather it is a component in Solana’s Proof of Stake consensus.
PoH algorithm architecture
PoH involves marking transaction times as they are added to the Solana block. A new block on Solana is created every 400 milliseconds (compared to about 15 seconds for Ethereum and 10 minutes for Bitcoin). The decentralized clock used as a reference for timestamps is the SHA256 hash. SHA256 is Bitcoin’s Proof of Work consensus algorithm.
However, instead of working to “solve” the hashes to create a new block, SOL instead uses SHA256’s repeated outputs as a reference – timestamp. This creates a kind of “tick tick” where each tick tick is 400ms (instead of a second like a regular clock).
PoS and DPoS
There are a few misconceptions about SOL. Many people label Solana’s consensus as DPoS (Authorized Proof of Stake). This is not correct, and Solana’s team has noted it many times. That is an easy mistake to make because there are many different roles above blockchain Solana (leader, validator, archiver, etc.).
While the DPoS cryptocurrency will essentially delegate these roles to the network participants, Solana does not. Simply put, all nodes on Solana play a role in fulfilling all network roles.
How is Staking Solana (SOL)?
Solana’s Staking is also quite simple, you need to follow these steps:
- Buy SOL (if available, skip).
- Choose a wallet that supports Staking Solala. Currently only Ledger Live supports Solala staking.
- Create Staking Account: After choosing a supported wallet, you create a Stake Account. Note: Stake Account is different from Wallet Account.
- Select Validator: You can see the Validator list here: forums.solana.com/t/validator-information-thread/577
- Authorize Stake to Validator
Solana team has raised more than 25.5 million USD after many rounds of fundraising from April 5, 2018 to March 23, 2020.
- Seed Round: Solana sold 16.23% of total tokens to call 3.17 million USD at SOL token price of 0.04 USD starting April 5, 2018.
- Founding Sale: Selling 12.92% of the total token supply for $ 0.2 / SOL, Solana raised $ 12.63 million.
- Validator Sale: Solana continued to successfully call $ 5.7 million or 5.18% of the total token supply at $ 0.225 / SOL in July 2019.
- Strategic Sale: Selling 1.88% of the total token supply at the price of 0.25 USD / SOL and earning 2.29 million USD.
- CoinList Sale: $ 1.76 million was successfully raised through a 1.64% token auction with an average price of about $ 0.22 / SOL on the token sale platform Coinlist.
The project’s coin allocation
SOL’s initial circulating amount was 16,350,633 (equivalent to 3.27% of total supply) and 11,365,067 SOL tokens (equivalent to 2.27% of total supply) were burned and destroyed from the supply.
Thus, Solana will gradually vesting to the number of 472,284,300 SOL (94.46%) according to the details as follows:
- Token Sale: 100% tokens were vested on January 7, 2021.
- Team: On January 7, 2021, Solana’s team will begin to unlock the number of tokens of 31,250,000 SOL and a quarter of the remaining tokens will be vesting gradually over the next 24 months.
- Community: Solana starts vesting gradually from May 1, 2020 with 8,000,000 SOL per month and ends on January 7, 2021. Coming will be the end date.
- Foundation: Fully unlocked on January 7, 2021.
According to the information above, on January 7, 2021, the total number of SOLs is 91.47%, excluding inflation tokens, which will be fully unlocked. Those who hold SOL, remember to note this extremely important milestone.
Note: All figures provided above are based on the Initial Total Supply of SOL which is 500 million SOL tokens. SOL’s maximum total supply will reach 1 billion tokens within the next 10 years.
Storage wallets and exchanges that accept Solana
Types of storage wallets
SolFlare.com is a community-created unsupervised web wallet, built exclusively for Solana. SolFlare assists in creating and managing shareholding accounts, and at the same time provides users with the ability to send and receive any SPL Code.
sollet.io is an unattended web wallet created by the Project Serum team. Sollet.io can be used to send and receive SOL and any SPL token.
MathWallet supports wallet addresses to send and receive SOL and SPL tokens through a browser extension and web wallet interface.
Note: MathWallet iOS and Android applications do not yet support SOL.
Trust Wallet is an app available for iOS and Android and can be used to send and receive SOL tokens.
Note: Trust Wallet does not support account staking and staking activities.
Coin98 Wallet is an app available for iOS and Android and can be used to send and receive SOL tokens.
Note: Coin98 wallet does not support staking and staking activities.
Solana is highly appreciated, so it is listed on many major exchanges, for example: Binance, OKEx, Hoo, Bitmax, MXC, Bithumb Global, Gate.io, Huobi Global …
Should we invest Solana (SOL)?
Solana is one of the most notable blockchain projects in 2020.
Although being born not long ago, the number of projects running on Solana’s blockchain has increased dramatically, proving Solana’s strong appeal. In the future this could be one of the blockchain platforms that can compete with Ethereum or EOS. Solana is a good quality coin but not as explosive as DeFi coins, suitable for those with long-term investment goals.
Competitive advantages and advantages
Fast transaction speed.
Solana can reach speeds of up to 65 thousand transactions per second, extremely short block time of only 400 milliseconds.
Cheap transaction fee.
Thanks to the use of the Proof of Stake algorithm, Solana’s transaction fees are only $ 0.00001.
Support multi-language programming.
Solana supports many programming languages such as C, C ++, Rust, Move, integrated on virtual server.
Easy to expand.
Thanks to the Proof of History algorithm combined with Proof of Stake, Solana can quickly scale the blockchain without the problem of network congestion like first generation blockchains (like Bitcoin or Ethereum).
Enterprise level security.
You can launch decentralized applications or smart contracts on Solana’s blockchain, now with more than a hundred projects already in operation, here are some of the highlights:
SOL has a model similar to other blockchain platforms such as ETH, EOS, NEO … SOL is used to pay transaction fees, staking interest, contract liquidation or security for crypto assets …
Solana’s team and strategic partner
The Solana team
Solana’s team includes high-quality people who have worked at major tech companies like Qualcomm, Intel and Dropbox. The following is a list of members:
List of strategic partners
This article the CHK team has gathered full information about What is SolanaHope that through it can help you understand the project overview. All opinions as well as information in the article are objective opinions and researched by CHK, are not considered investment advice. Wish you make the right investment decision.
#Solana #SOL #price #marketcap #chart #fundamentals #info #Gather #LATEST #Information #Solana #SOL