What is Solana (SOL)?

Analysts predict that the minimum price of the cryptocurrency Solana in 2022 will be $59.08. With more optimistic forecasts, the price of Solana could peak at $248.63 by the end of 2022. In this series of articles, we'll break down the features of Solana cryptocurrency, assess the blockchain's prospects, and determine whether the asset's price is capable of reaching the $1,000 mark in the next 10 years.

Solana is a blockchain that supports developers around the world, allowing them to create crypto applications. It is an open-source project that supports smart contracts, including non-interchangeable NFT tokens and various decentralized applications (dApps).

Project Solana was created in 2017, the founders of the cryptocurrency were Greg Fitzgerald and Anatoly Yakovenko, ex-employees of the Qualcomm concern, and Eric Williams, a DataSciense specialist. The beta version of the Solana system was launched in 2020. The developers call the main goal of the cryptocurrency the reduction of the amount of time required for blockchain nodes to synchronize. Increased transaction speeds help scale decentralized dApps applications and enable rapid recruitment of the user base. Solana uses a proprietary Proof of History data algorithm along with the PoS(Proof of Stake) algorithm to accelerate the Solana system and uses other technologies to improve blockchain speed. For example, the Turbine protocol, which breaks down arrays of information into smaller fragments to speed up data processing in the blockchain system.

Solana(SOL) tokens can be obtained by confirming transactions or by using programs from this ecosystem. Users also have the possibility to receive tokens in passive mode using the Stacking technology, when the PoS algorithm automatically distributes coins among the participants of the system. The issuance of SOL tokens is finite - a total of 489 million coins have been issued.

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