Anatoly Yakovenko, Solana’s CEO, provided a deep dive into the architecture and history of Solana, thus giving a clear picture of the founding story of SOL. The full episode is available at acquired.fm.
Topics covered: Anatoly’s background as a wireless engineer at Qualcomm, and how it led to a fundamental discovery of how to improve cryptosystem scalability
Solana’s role in the crypto protocol ecosystem and why there’s a need for it (and why it can and will exist) alongside Ethereum versus “killing” it
Starting Solana during the 2017-18 crypto winter, and how it forced them to focus just on building and shipping versus raising and posturing
Bootstrapping adoption with the mining community (Solana’s “true believers”) and the early and ardent support they provided
Where Solana falls on the Vitalik “Scalability – Security – Decentralization” trilemma, and why Solana’s superpower of maintaining composability is so attractive.
For clarity on terms, Scalability means the capacity to be changed in size or scale—the ability of a computing process to be used or be produced in a wide range of capabilities.
About Solana Vs. Ethereum: Many of them establish that Solana (SOL) is an Ethereum killer; however, it just looks like Solana is complementary to Ethereum, which is a first mover, and it is always very difficult to work past first movers.
Bootstrapping adoption, is a term used in business to refer to the process of using only existing resources, such as personal savings, personal computing equipment, and garage space, to start and grow a company.
Composability is a system design principle that deals with the inter-relationships of components. A highly composable system gives components that can be selected and assembled in different combinations to satisfy specific user requirements.
Solana is known for being a high-performance blockchain supporting builders around the world, creating crypto apps that scale today.
Solana facilitates a solution to the blockchain trilemma of Scalability, security, and decentralization. Reportedly, an endless stream of networks have rolled out their solutions to help deal with the scaling problem; however, there has been nothing that can be called entirely successful. The blockchain trilemma has long haunted several distributed networks, and every time a new project tries to create a decentralized network that is scalable and secure, the issue crops up.
Solana makes use of a hybrid consensus algorithm that combines proof-of-history (PoH) with proof-of-stake (PoS), enabling the network to carry out up to 50,000 transactions per second.
Solana uses a trustless source of time to track time zones and eventually ensures node synchrony by running parallel with the PoS layer after transaction sequencing validators/replicators settle transactions and publish confirmation signatures.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
Get the latest Crypto & Blockchain News in your inbox.
