What is Solana Cryptocurrency?
Solana was founded in 2017 by veteran computer scientist Anatoly
Yakovenko. Solana was built by solana software company based in San
Diego CA which raised over $25 million between multiple sales of the
soul coin in 2019 and 2020. Like most cryptocurrency projects solana is
owned and operated oversees by the solana foundation, a non profit
based in Switzerland which commissions solana labs to maintain solana
blockchain. Solana blockchain can process transactions at speeds
comparable to traditional payment processors, official figures range
from 50 to 65,000 TPS now this is all thanks to salon’s unique proof of
state, which uses a decentralised time keeping mechanism called proof
of history, to timestamp transactions. Solana also has a novel
architecture which divides validator notes on the blockchain into DAP,
specific clusters solana staking rewards are about 7% per year for both
validators and delegators with a five day unlock. Miss behaving
validators will eventually lose 100% of their stake for messing with the
blockchain. Soul’s initial supply is 500 million and it has a
diminishing annual inflation rate which begins at 8% an falls to just
on1% percent after 15 years.
First up a little bit about the phantom wallet just in case you’re new a
phantom wallet. Is the non custodial wallet for solana the highly
scalable and what they claim to be the fastest blockchain in the world,
which is known for offering a vast array of Defi solutions and for its
successful soul token. The wallet is remarkably similar to the web three
wallet alternative meta mask and is currently available as a browser
extension which is free to download for Chrome Firefox Edge and Brave.
With the phantom wallet, you can manage your crypto and NFT’s, steak
token swap, and access defi applications on the solana blockchain.
Within ethereum beta coming soon making it a real challenger to meta
mask, is a non custodial web free wallet where the user holds the
private keys, plus you can also integrate with Ledger hardware wallets.
The first place that you’re gonna need to start is phantom dot app where
you can currently download the browser extension, however there is also
a mobile app which is in development therefore depending on when you’re
readind this that might also be available.