homecryptocurrency NewsWhy is Solana, once pegged to be a Wall Street darling, currently facing turbulent times
By CNBCTV18.comAug 23, 2022 8:27:21 PM IST (Published)
Solana has over 1,900 validators, but smaller clusters of around 150 validators process transactions. This form of centralisation, in conjunction with its sub-second block time, enables a throughput of 50,000 to 65,000 transactions per second, making Solana the fastest blockchain currently on the planet.
Solana is a blockchain that has conflicting conversations around it. Many see it as an able competitor to Ethereum, given the lower cost of transactions and high throughput. However, hacks and technological failures have given critics reason to raise their voices. In this article, we dive deep into what Solana is, its technology, its rise and why it is facing many troubles in current times. We will also take a look at what could be the possible future of this Ethereum killer.
The beginning
Solana was founded in 2017 by seasoned software engineer Anatoly Yakovenko and built by Solana labs in the US. Its current development is undertaken by the Solana foundation, a non-profit based in Switzerland.
In its three staged ICO from 2018 to 2020, the project raised close to 25 million dollars to continue its development and over 300 million dollars from crypto venture capitalists last year.
