Solana
Solana logo.png
Icon of Solana
Denominations
CodeSOL
Development
Original author(s)Anatoly Yakovenko, Greg Fitzgerald, Stephen Akridge,[1] Raj Gokal[2]
White paperhttps://solana.com/solana-whitepaper.pdf
Code repositoryhttps://github.com/solana-labs/solana
Development statusActive
Written inRust
Developer(s)Solana Labs & Solana Foundation
Source modelOpen source
LicenseApache 2.0
Ledger
Ledger startMarch 16, 2020; 2 years ago (2020-03-16)
Block time400 milliseconds
Block explorerhttps://explorer.solana.com/
Circulating supply355,284,696.192 SOL (as of 10 October 2022)
Valuation
Exchange rateUS$33.38 (as of 4 November 2022)
Market cap$11.98B (as of 4 November 2022)
Website
Websitehttps://solana.com/

Solana is a public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL.

History

Solana was proposed in a white paper Anatoly Yakovenko published in November 2017. This paper described a technique called "proof of history".[3][4][non-primary source needed] On 16 March, 2020, Solana's first block was created.[5] In June 2021, Solana raised a $314 million funding round led by Andreessen Horowitz.[6]

On 3 August, 2022, it was announced that the Solana ecosystem had been targeted by hackers, affecting 9,231 Solana wallets.[7] Four Solana wallet addresses took approximately $4.1 million in total from victims. All wallets affected were at one point created, imported, or used in the Slope wallet applications on iOS and Android. Security researchers discovered that Slope wallet sent sensitive account data to its remote servers in clear text.[8]

In November 2022, the price of Solana dropped by 40 percent in one day following the FTX liquidity crisis since Solana was backed by Alameda Research and was its second-largest holding.[9][10]

Lawsuit

On July 1, 2022, a class action lawsuit was filed against Solana. The lawsuit accused Solana of selling unregistered securities tokens in the form of Solana (SOL) from March 24, 2020, onward and that Solana deliberately misled investors concerning the total circulating supply of SOL tokens.

According to the lawsuit, Anatoly Yakovenko, the founder of Solana Labs, lent a market maker more than 11.3 million tokens in April 2020 and failed to disclose this information to the public. The lawsuit claimed that Solana stated it would reduce the supply by this amount, but it only burned 3.3 million tokens.[11]

Design

Solana achieves consensus using a proof-of-stake mechanism and its model, known as "proof-of-history" mechanism. Proof of history enables the network to operate faster because nodes do not need to communicate to validate a block. The Solana whitepaper describes this design as a decentralized clock. Proof of history enables network participants to have a high degree of certainty that an event took place at a specific moment in time. An example of proof of history is when a person takes a picture of today's newspaper with the date and time recorded so that it can be used to verify the newspaper in the future.[4][12][13]

Like various other blockchains, Solana can run smart contracts. Solana's execution environment is based on eBPF, which allows the Rust, C, and C++ programming languages to be used.[14][third-party source needed]

Outages

Solana has experienced multiple outages in 2021 and 2022.

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 of the state of the network. The network was brought back online the next day on 15 September, 2021.[15] The Solana blockchain again went offline on 1 May and 31 May, 2022. The outage at the beginning of the month lasted roughly seven hours, and the one at the end of the month lasted about four and a half hours.[16][17]

On 30 April and 1 May, 2022, Solana experienced major outages due to being taken offline by bots.[18] On 1 June, 2022 Solana reportedly[19] suffered another outage due to a bug in how the blockchain processes offline transactions. On 1 October, 2022, the Solana network went down for 6 hours due to a single misconfigured node.[20]

See also

References

  1. ^ "History". Solana.com. Solana Foundation. Retrieved 10 February 2022.
  2. ^ "India Will Push Blockchain Platform Solana Get To 1 Bn Users: Cofounder Raj Gokal". Inc42 Media. 2021-09-18. Retrieved 2022-01-11.
  3. ^ "History | Solana Docs". docs.solana.com. Retrieved 2022-03-17.
  4. ^ a b Echter, Brandon (2021-11-30). "Proof of History: How Solana brings time to crypto". solana.com. Retrieved 2022-05-14.
  5. ^ "Explorer | Solana". explorer.solana.com. Retrieved 2022-05-07.
  6. ^ Osipovich, Alexander. "Crypto Startup Solana Raises $314 Million to Develop Faster Blockchain". WSJ. Retrieved 2022-11-21.
  7. ^ "Hacking attack drains £5m from 8,000 wallets linked to Solana crypto network". the Guardian. 2022-08-03. Retrieved 2022-09-28.
  8. ^ "8/2/2022 Slope Wallet Incident Update". solana.com. 6 August 2022. Retrieved 12 August 2022.
  9. ^ "How will the Binance-FTX drama affect Solana? Here's what we know so far". Fortune. Retrieved 2022-11-10.
  10. ^ "'Ethereum Killer' Solana Falls Prey to Binance-FTX Deal Turmoil". finance.yahoo.com. Retrieved 2022-11-10.
  11. ^ Miller, Rosemarie. "New Lawsuit Alleging That Solana Is A Security Could Have Big Implications For The Crypto Investment Landscape". Forbes. Retrieved 2022-07-08.
  12. ^ Locke, Taylor (2021-11-05). "Solana is up 12,000% this year—what to know before buying the Ethereum competitor". CNBC. Retrieved 2021-12-02.
  13. ^ Yakovenko, solana-whitepaper.pdf. "Solana: A new architecture for a high performance blockchain" (PDF). solana.com. Retrieved 6 May 2022.
  14. ^ "Overview | Solana Docs". docs.solana.com. Retrieved 2022-02-03.
  15. ^ Shumba, Camomile (15 September 2021). "Solana says it is back up and running after a surge in transactions caused the network to crash the day before". Business Insider. Retrieved 2 December 2021 – via Yahoo News.
  16. ^ Sigalos, MacKenzie (1 June 2022). "Solana suffered its second outage in a month, sending price plunging". CNBC.com. Retrieved 2 June 2022.
  17. ^ Evans, Brian (1 June 2022). "Solana tumbles as its blockchain network suffers 2nd outage in a month". Business Insider. Retrieved 2 June 2022 – via finance.yahoo.com.
  18. ^ Manjoo, Farhad (2022-05-05). "Opinion | What Is Happening to the People Falling for Crypto and NFTs". The New York Times. ISSN 0362-4331. Retrieved 2022-10-05.
  19. ^ "Solana suffered a four-hour blackout due to a bug in how the blockchain processes offline transactions".
  20. ^ Locke, Taylor (1 October 2022). "Solana back online after another outage. Here's what happened". Fortune. Retrieved 2 October 2022.