Solana's mainnet beta launch introduced smart contracts and basic transaction support. Solana Labs launched multiple testnet stages by early 2020 before launching the beta version of its mainnet in March 2020 after a $1.76 million public auction of its token on Coinlist. They managed to raise more than $20 million by July 2019 through the private sale of tokens. They launched Solana Labs, through which they raised funds for developing the Solana network. Through prior experience with compression algorithms, Anatoly saw an opportunity to create a blockchain protocol with an in-built automated transaction ordering mechanism that is more efficient than the longest-chain approach to transaction validation.Īnatoly developed the Solana blockchain together with Greg Fitzgerald and Stephen Akridge, his former colleagues at Qualcomm. He realized the drawbacks associated with the lack of time-keeping in blockchain technology. Solana's founder Anatoly Yakovenko who previously worked at Qualcomm as a senior staff engineer and later at Dropbox as a software engineer, came up with the vision in 2017. It has an internal decentralized clock that plays a crucial role in how it overcomes the blockchain trilemma, making it the first network to do so. Solana is a scalable public blockchain that supports the creation of decentralized applications (dApps). Most of the measurements we take have a time reference, but it turns out many protocols do not factor in time when recording blocks. It helps to make sense of things and to have a reference point that lets us determine our productivity. Time is an important measure that humans use daily. Before we answer what Solana is and why it might be one of the most performant blockchains in the world, we should look into the aspects that make up its development, protocol, and infrastructure.
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