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.
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