CRYPTO PROJECTS

Using Solana & Finding Gems, NFTs, DEXs! Complete Guide. Expert Guidepost.

Solana ecosystem grows massive and looking for many new dApps, gems among there. Let’s quickly look up.

Solana Recap

If you’ve somehow never heard of Solana here’s a quick rundown. Solana was founded in 2017 by veteran computer scientist Anatoly Yakovenko.

Solana was built by Solana Labs a software company based in San Diego, California, which raised over 25 million dollars between multiple sales of the SOL coin in 2019 and 2020.

Like most cryptocurrency projects Solana is owned operated and overseen by the Solana Foundation a non-profit based in Switzerland, which commissions Solana Labs to maintain the Solana blockchain.

In contrast to most cryptocurrency projects Solana’s blockchain can process transactions at speeds comparable to traditional payment processors. Official figures range from 50 to 65,000 TPS. This is all thanks to Solana’s unique proof-of-stake consensus mechanism which uses a decentralized timekeeping mechanism called Proof of History (PoH) to timestamp transactions.

Solana also has a novel architecture that divides validator nodes on the blockchain into dap-specific clusters. Solana’s staking rewards are about 7% per year for both validators and delegators with a five-day unlock period. Misbehaving validators will eventually lose 100% of their stake for messing with the blockchain.

The SOL coin is Solana’s native cryptocurrency it’s used for staking and to pay for transaction fees on Solana. 50% of all transaction fees on Solana are burned with the other half going to validators and delegators.

SOL’s initial supply is 500 million and it has a diminishing annual inflation rate which begins at 8% and falls to just 1% after fifteen years. Only 1.6% of SOL’s initial supply was sold to regular investors in a public sale.

While 35% of SOL supply was sold to early investors across those various private sales mentioned earlier.

About 38% of SOL’s initial supply went into a community treasury custodied by the Solana Foundation, and the remainder went to the Solana team and foundation.

SOL’s initial supply distribution was subject to an extremely aggressive vesting schedule which was completed earlier this year. The only coins which have not yet fully vested are those belonging to Solana’s founders.

Although the Solana mainnet went live in march 2020, Solana is still technically in beta and has a few quirks which I’ll point out later. Even so, Solana has managed to attract hundreds of thousands of individuals and dozens of institutions from both inside and outside of the cryptocurrency space and has proven itself to be a serious contender in the smart contract cryptocurrency niche.

How To Set Up Browser Extension

When it comes to interacting with the Solana blockchain, the first step is to download a web wallet browser extension.

Your best bet here is the Phantom web wallet, which I leave the link below. Read More…

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