Another contender in the decentralized finance (DeFi) space, Solana is a highly functional open-source project delivering attainable investment solutions. The project was recently catapulted into the top 10 cryptocurrencies based on market cap, even surpassing Uniswap, one of the biggest contenders in the space.
Conceptualised in 2017, Solana was launched in March 2020 by the Solana Foundation. Designed to make DeFi solutions more accessible to the masses, Solana provides a platform on which developers can create decentralized applications, commonly known as dapps. The project also boasts a unique hybrid consensus model, which improves on scalability and functionality through the use of both a proof-of-stake (PoS) and proof-of-history (PoH) mechanisms.
The project was created by Anatoly Yakovenko, alongside Greg Fitzgerald and several other former Qualcomm colleagues. Yakovenko is responsible for designing the PoH consensus algorithm, which allows for greater scalability and in turn raises usability.
Due to the nature of the technology, Solana offers lightning-fast processing times of both transactions and smart contracts, at very affordable rates. These elements have made the protocol attractive to both retail users and institutions alike, as indicated by its significant climb up the ranks of top cryptocurrencies. In just seven months, Solana has moved up over 30 positions in the running for top cryptocurrency by market cap.
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