Solana Live Price

What is Solana?

SOL is the cryptocurrency that is used on the Solana platform. Solana is a decentralized platform that works with two consensus mechanisms to increase the transaction rates with the same decentralized feature of similar platforms on the blockchain network. These two mechanisms are proof of stake and proof of history.

As a result, the Solana system is capable of operating 50,000 transactions per second. However, these transactions keep the same important characteristics as security and decentralized.

How does SOL work?

SOL mainly uses a proof of history protocol where a user has to prove through historical records that a certain event occurs at a certain time. The used function for this protocol is the Verifiable Delay Function which needs several steps to verify an event.

At the same time, it uses the proof of work consensus mechanism which is the same one used by Bitcoin. Users have to verify they spent some time working on the transaction and computing it to get verified.

History of SOL

Anatoly Yakovenko founded this platform in 2017. Before founding this platform, he was working at Qualcomm and a software engineer at Dropbox.

Yakovenko worked with Eric Williams and Greg Fitzgerald to create a more scalable blockchain than that of Bitcoin and Ethereum. Utilizing their previous experience in communication and compression algorithms, they managed to create the Solana platform which attracted more investors from other major organizations

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How much is Solana worth?

Solana (SOL) is worth 80.23 USD as of March 15, 2022, 2:18 am UTC time. View the interactive graph to see how much Solana has changed in the last hour or historically. Solana is a decentralized computing platform that uses SOL to pay for transactions. Solana aims to improve blockchain scalability by using a combination of proof of stake consensus and so-called proof of history. As a result, Solana claims to be able to support 50,000 transactions per second without sacrificing decentralization.