Solana Blockchain (Solana) is an open-source, high-performance, and scalable blockchain platform designed to provide infrastructure for decentralized applications (DApps) and cryptocurrencies with high speed and low cost. This network was founded in 2017 by Anatoly Yakovenko and has gradually become one of the most prominent public blockchains. In the following, we will examine the details and features of Solana.

History of the Solana Network

The Solana network, one of the fastest and most scalable blockchains, has experienced significant developments and advancements in recent years. Here, we examine the history and key development stages of this network:

2017: Inception and Founding

Initial Idea and Founding: Solana was founded by Anatoly Yakovenko, a former Qualcomm engineer, in late 2017. Drawing from his experience in developing distributed systems and enhancing processing speeds, Yakovenko envisioned creating a high-performance, scalable blockchain.

Founders: Alongside Yakovenko, Greg Fitzgerald and Stephen Akridge are also recognized as co-founders of Solana. The initial team began with the goal of solving scalability issues observed in other blockchains.

2018: Initial Development and Testnet Launch

Implementation and Testnet: In early 2018, the Solana team began implementing the protocol and developing the initial testnet. This testnet was used to test the network's performance and capabilities and to identify and resolve issues.

Introduction of Proof of History (PoH): One of Solana's major innovations was the introduction of the Proof of History (PoH) algorithm, developed by Yakovenko. This algorithm acts as a decentralized clock, helping to timestamp transactions, significantly increasing the network's processing speed.

2019: Fundraising and Further Development

Fundraising: In this year, Solana successfully raised funds through several investment rounds. In the initial fundraising round, the network raised $20 million from notable investors such as Multicoin Capital and Foundation Capital.

Further Development and Protocol Improvement: With new financial resources, the Solana team further developed the protocol and improved the network's features. They also increased collaboration with the developer community to build more decentralized applications (DApps) on Solana.

2020: Mainnet Launch

Mainnet Launch: In March 2020, Solana launched its mainnet (Mainnet Beta). This launch marked the official start of the network's operations and allowed public use of Solana for transactions and DApp development.

Adoption and Growth: Following the mainnet launch, Solana quickly gained attention and saw increased adoption by developers and various projects. Solana's superior features, such as high speed and low transaction costs, made it a popular choice for developers.

2021: Ecosystem Expansion and Further Success

Increased Value and Popularity: In 2021, Solana witnessed a significant increase in the value of its native token (SOL). This value increase indicated growing trust and public acceptance of the network.

Ecosystem Expansion: Solana continued to attract various projects in decentralized finance (DeFi), non-fungible tokens (NFTs), and other decentralized applications. Projects like Serum (a decentralized exchange), Raydium, and Solanart (an NFT marketplace) contributed to the growth of Solana's ecosystem.

2022 and Beyond: Challenges and Opportunities

Technical and Security Challenges: Like other blockchains, Solana faced challenges such as DDoS attacks and security issues. The Solana team continuously works on improving the network's security and stability.

Further Advancements: Solana continues to develop and enhance its protocol, aiming to increase the network's capabilities and performance. With the further growth of the ecosystem and an increasing number of users and developers, Solana is expected to become a leader in the blockchain space.

How the Solana Blockchain Works

Solana blockchain has achieved exceptional speed and scalability through several innovative technologies. Below, we examine the key components and functioning of this blockchain:

Proof of History (PoH)

Concept: Proof of History (PoH) is one of Solana's main innovations. This algorithm acts as a decentralized clock that ensures the chronological order of transactions.

Functionality: PoH creates a timestamp record of events, registering transactions in a specific chronological sequence. This helps better coordinate nodes and reduces the need for additional communications.

Delegated Proof of Stake (DPoS)

Concept: Solana uses an enhanced version of proof of stake called DPoS. In this system, users can delegate their tokens to validators to confirm transactions.

Functionality: The selected validators create and confirm new blocks. This process helps increase speed and reduce energy costs.

Turbine

Concept: Turbine is a block propagation protocol that distributes data in a scattered and parallel manner.

Functionality: This protocol breaks blocks into smaller pieces and sends them in parallel to different nodes. This reduces network pressure and improves scalability.

Gulf Stream

Concept: Gulf Stream is a protocol that eliminates the need for a mempool.

Functionality: This protocol sends transactions directly to validators for quick confirmation, reducing transaction confirmation times.

Sealevel

Concept: Sealevel is Solana's parallel smart contract processing engine.

Functionality: This engine allows simultaneous execution of multiple smart contracts, improving efficiency and increasing the network's throughput.

Pipeline

Concept: Pipeline is a parallel transaction processing mechanism.

Functionality: This mechanism processes transactions in parallel at different stages, increasing the network's speed and efficiency.

Cloudbreak

Concept: Cloudbreak is a data structure for efficient storage management on the Solana blockchain.

Functionality: This data structure allows nodes to efficiently store and retrieve large amounts of data, improving performance and scalability.

Key Features of Solana:

High Speed: Due to the use of the "Proof of History" (PoH) consensus algorithm, Solana can process transactions at extremely high speeds. This algorithm enables Solana to handle thousands of transactions per second (TPS).

Low Fees: One of Solana's advantages is low transaction fees. This feature makes it attractive to users and developers.

Scalability: Solana benefits from a scalable design that can handle increasing numbers of users and transactions without compromising speed and efficiency.

Solana Network Cluster:

For Solana blockchain network users, the term "cluster" is not unfamiliar, as it is one of the most prominent and practical concepts in this blockchain. In essence, a cluster is a package of interconnected computers that work together. From the outside, a cluster appears to be a single system. A cluster stabilizes the ledger's integrity and publishes client transactions. Clusters also ensure that the output of programs submitted by users is verified. Additionally, clusters are responsible for determining asset ownership in the real world.

How to Obtain Solana

Since the Solana blockchain is not based on proof of work consensus, it cannot be mined and can only be obtained by staking or purchasing from exchanges.

Staking Solana

Solana offers staking based on proof of stake. Transaction processing and network execution are carried out by validators. Validators are selected based on the number of staked SOL tokens. Therefore, a validator with more staked tokens has a higher chance of entering data into the Solana blockchain and receives SOL tokens as a reward. To earn rewards, validators encourage other SOL token holders to delegate their tokens for staking, creating a win-win situation. This increases the validators' chances of being selected, and token holders also receive rewards for staking.

SOL Cryptocurrency in the Solana Blockchain

The Solana cryptocurrency (SOL) is known as the native coin of the Solana blockchain. As mentioned, through this currency, Solana enables users to stake and thus increase its power and security. This cryptocurrency is used for executing smart contracts or performing transactions. Additionally, various applications and programs operate on the Solana platform, using the SOL currency. For instance, in the Chainvote application, SOL can be used for voting and program governance.

Conclusion:

Solana quickly became one of the most popular blockchains, with numerous DeFi (decentralized finance) and NFT (non-fungible token) projects built on it. Due to its high speed, low fees, and high scalability, Solana has attracted the attention of developers and investors. By utilizing a combination of innovative technologies such as Proof of History, Turbine, Gulf Stream, Sealevel, Pipeline, and Cloudbreak, Solana has become a blockchain with high speed, low cost, and unparalleled scalability. These features make Solana an attractive choice for developers and users in various fields, including DeFi, NFTs, and decentralized applications (DApps).