Solana (blockchain platform)

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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/
Website
Websitehttps://solana.com/

Solana is a public blockchain platform with smart contract functionality.

History[edit]

Solana was proposed in a white paper Anatoly Yakovenko published in November 2017. This paper described a technique called "proof of history".[3][better source needed] Solana's first block was created on 16 March, 2020.[4]

In September 2020, Tether announced the availability of USDT on Solana.[5][non-primary source needed]

In January 2021, Circle released USDC on Solana.[6][non-primary source needed]

In June 2021, Solana raised a $314 million funding round led by Andreessen Horowitz.[7]

In December 2021, Melania Trump released her first NFT which was reportedly sold for 1 SOL.[8] A Solana representative said that Trump's use of the blockchain was not part of any Solana-led initiative.[9]

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.[10]

On 3 August, 2022, 9,231 Solana wallets were hacked.[11] Four Solana wallet addresses took approximately $4.1 million in total from victims. According to Solana, this was due to a security failure of the Slope wallet applications, and not a flaw in the Solana protocol itself.[12]

In November 2022, the price of Solana dropped by 40 percent in one day following the FTX liquidity crisis due to sell off from Alameda Research, as Solana was Alameda's second-largest holding.[13][14] At the time, FTX held $982 million in Solana tokens.[15] By the end of 2022, Solana had lost more than $50 billion in value since the beginning of the year.[16]

In November 2022 Google Announced they would run Solana validators.[17]

Design[edit]

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.[18][19][20]

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.[21][third-party source needed]

Outages[edit]

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.[22]

The Solana blockchain again went offline on 1 May, with the outage lasting roughly seven hours due to it being taken offline by bots.[23] The blockchain went offline again on 31 May, 2022, due to a bug in how the blockchain processes offline transactions. This outage lasted about four and a half hours.[24][25][26]

On 1 October, 2022, the Solana network went down for 6 hours due to a consensus bug in the validator client allowing a misconfigured node to publish multiple valid but different blocks.[27]

Solana's outages have frequently resulted in the value of the network's native Sol token falling. [28]

See also[edit]

References[edit]

  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. ^ Tyson, Matthew (2022-07-28). "Solana blockchain and the Proof of History". InfoWorld. Retrieved 2023-01-04.
  4. ^ "Explorer | Solana". explorer.solana.com. Retrieved 2022-05-07.
  5. ^ "Tether to bring USDt to the Solana Network". Solana | News (Press release). 2020-09-08. Retrieved 2023-01-04.
  6. ^ "Solana USDC | Use USDC-SPL on the Solana Blockchain". www.circle.com (Press release). Retrieved 2023-01-04.
  7. ^ Osipovich, Alexander. "Crypto Startup Solana Raises $314 Million to Develop Faster Blockchain". WSJ. Retrieved 2022-11-21.
  8. ^ Ballentine, Claire; Klimasinska, Kasia; Jacobs, Jennifer (16 December 2021). "Melania Trump Is Releasing an NFT That Will Cost 1 SOL Each". Bloomberg. Retrieved 12 December 2022.
  9. ^ Riaz, Saleha (17 December 2021). "Solana and MoonPay distance themselves from Melania Trump NFT venture". Yahoo! Finance. Retrieved 12 December 2022. Meanwhile a Solana representative said that 'to avoid any confusion... her [Melania Trump] choice to use the Solana blockchain was completely organic and this project is not part of any Solana-led initiative.'
  10. ^ Miller, Rosemarie. "New Lawsuit Alleging That Solana Is A Security Could Have Big Implications For The Crypto Investment Landscape". Forbes. Retrieved 2022-07-08.
  11. ^ "Hacking attack drains £5m from 8,000 wallets linked to Solana crypto network". the Guardian. 2022-08-03. Retrieved 2022-09-28.
  12. ^ "8/2/2022 Slope Wallet Incident Update". solana.com (Press release). 6 August 2022. Retrieved 12 August 2022.
  13. ^ "How will the Binance-FTX drama affect Solana? Here's what we know so far". Fortune. Retrieved 2022-11-10.
  14. ^ "'Ethereum Killer' Solana Falls Prey to Binance-FTX Deal Turmoil". finance.yahoo.com. Retrieved 2022-11-10.
  15. ^ Yang, Yueqi (13 November 2022). "FTX's Balance Sheet, Hack Paint Dim Picture for User Recovery". Bloomberg. Retrieved 6 December 2022.
  16. ^ "Solana's slide accelerates — $50 billion in value wiped from the cryptocurrency in 2022". CNBC. Retrieved 30 December 2022.
  17. ^ https://www.ibtimes.com/google-cloud-announces-its-now-solana-validator-announcement-sends-sol-price-15-3632827
  18. ^ Echter, Brandon (2021-11-30). "Proof of History: How Solana brings time to crypto". solana.com. Retrieved 2022-05-14.
  19. ^ 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.
  20. ^ Yakovenko, solana-whitepaper.pdf. "Solana: A new architecture for a high performance blockchain" (PDF). solana.com. Retrieved 6 May 2022.
  21. ^ "Overview | Solana Docs". docs.solana.com. Retrieved 2022-02-03.
  22. ^ 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.
  23. ^ 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.
  24. ^ Sigalos, MacKenzie (1 June 2022). "Solana suffered its second outage in a month, sending price plunging". CNBC.com. Retrieved 2 June 2022.
  25. ^ 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.
  26. ^ "Solana suffered a four-hour blackout due to a bug in how the blockchain processes offline transactions".
  27. ^ Locke, Taylor (1 October 2022). "Solana back online after another outage. Here's what happened". Fortune. Retrieved 2 October 2022.
  28. ^ Goswami, Rohan. "Solana's accelerating, yearlong slide wipes out over $50 billion". CNBC. Retrieved 2023-01-05.

External links[edit]