The mission of this blog is to follow the journey of the Solana Blockchain as we draw near to MainNet launch, through to project adoption and ultimately disrupting industries with the power of a truly scale-able blockchain.
What is Solana?
A Web-Scale Blockchain for Secure and Scalable Decentralized Apps and MarketplacesSolana.com
Founded by former Qualcomm, Intel, and Dropbox engineers in late-2017, Solana is a single-chain, delegated-Proof-of-Stake protocol whose focus is on delivering scalability without sacrificing decentralization or security.Core to Solana’s scaling solution is a decentralized clock titled Proof-of-History (PoH), built to solve the problem of time in distributed networks in where there is not a single, trusted, source of time. By using Verifiable Delay Functions, PoH allows each node to locally generate timestamps with SHA256 computations. This eliminates the need for the broadcasts of timestamps accross the network, improving overall network efficiency.
Solana Project Mission
Solana’s mission is to support all high-growth and high-frequency blockchain applications, and to democratize the world’s financial systems.
Where can I learn more about Solana?
The best summary is located in the Binance Research page for Solana.
- Solana is a high-speed single-layer blockchain, currently supporting peak capacity of 65k transactions per second and 400ms block times using a network timestamp system called Proof-of-History (“PoH”).
- Core technical team comes from Qualcomm, a Fortune 500 chip manufacturer, where they managed projects such as Firefox OS and the BREW Operating System.
- As of the time of writing, the project has over 80 active 3rd party validators and over 50,000 community members across Telegram, Reddit and Twitter.
- Raised over 25 MM USD from investors including Multicoin Capital, Foundation Capital, Distributed Global, Blocktower Capital, NGC Capital and Rockaway Ventures.
- Circ. Supply 8,000,000 SOL (1.60%)
- Total Token Supply 500,000,000 SOL
Solana Roadmap & Updates
|PLANNED DATE||MILESTONE||ACTUAL DATE||EARLY / LATE||COMMENTARY|
|2018 Q1||Release of Whitepaper||2017 Q4||Early||Whitepaper|
|2018 Q1||Release of Single Node Private Testnet||2018 Q1||On Time||Github|
|2018 Q2||Release of Multi Node Private Testnet||2018 Q2||On Time||Github|
|2018 Q3||Release of Payments SDK||2018 Q3||On Time||Github|
|2018 Q3||Release of Smart Contracts SDK||2018 Q3||On Time||Github|
|2019 Q1||Release of On-Chain Programs||2019 Q1||On Time||Github|
|2019 Q2||Implementation of the Move Virtual Machine developed by Libra||2019 Q2||On Time||Github|
|2019 Q2||Release of Multi region, multi cloud testnet||2019 Q2||On Time||Github|
|2019 Q2||Release of Smart Contracts Engine||2019 Q2||On Time||Github|
|2019 Q3||Release of Incentivized Testnet||2019 Q4||Late||Github|
|2020 Q1||Release of an improved version of JSON RPC API||TBC|
|2020 Q1||Release of Mainnet Beta||2020 Q1||On Time||Github|
|2020 Q2||Release of Smart Contracts features|
|2020 Q2||Binance public launch||2020 Q2||On Time|
|2020 Q2||Activation of token inflation and transaction fees|
|2020 Q3||Mainnet Launch||N/A||In Progress||N/A|
The SOL Token
- Staking – Solana is in the process of enabling inflation rewards for staking the SOL token in exchange for powering and supporting the network.
- Transaction Fees – Users can use the SOL token to pay for simple token transactions and smart contract executions on the network.
- Governance – The SOL token will be used in governance voting in the future.
Update 13-Apr-2020: SOL is now trading on Binance! Check out all the places where the SOL token can be traded at our recent post.
Please stay tuned to the blog for more information!