Solana | Crypto art glossary


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solana

Solana is a public blockchain platform. Its native cryptocurrency is SOL.

History

In 2021, Bloomberg journalist Joanna Ossinger described Solana as “a potential long-term rival for Ethereum”, citing superior transaction speeds and lower associated costs.

On 14 September 2021, the Solana blockchain went offline after a surge of transactions caused the network to fork, and different validators had different views on the state of the network. The network was brought back online the next day on 15 September 2021.

On 16 December 2021, former First Lady of the United States Melania Trump announced her plans to use Solana to launch a non-fungible token (NFT). The Solana Foundation issued a press release to clarify that her choice of the platform was not officially “part of any Solana-led initiative.”

Design

Solana achieves consensus using a proof-of-stake mechanism, as well as a “proof-of-history” mechanism which Solana’s whitepaper claims improves scalability without sacrificing decentralization and security.

Solana can handle 50,000 transactions per second, which is faster than the Ethereum blockchain, but still less than the 400,000 transactions seen during the spike. Oskar Solberg estimated the transaction fees to be $0.00025 per transaction, which is roughly 60,000 times lower than the fees of the transaction on the Ethereum blockchain.

Like various other blockchains, Solana can run smart contracts. The execution environment is based on eBPF, which allows the Rust, C, and C++ programming languages to be used.

On December 2nd, 2021, Solana had over $15B worth of value locked on its blockchain.

“Solana_(blockchain_platform)” Wikipedia, Wikimedia Foundation, n.d.

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