Solana Coin founder Anatoly Yakovenko released white papers of solana project in 2017 and released SOL token to public in 2020 i.e. in April 2020 anyone could participate in Solana's growth story by buying SOL. Solana's total supply is 505 million tokens and only 297 million tokens are in circulating supply.
Solana is a public Blockchain platform. These are public blockchain platforms, where anyone can come and create their own application, which can be an application related to finance, can be a gaming application, can be social media application or can also be a trading application.
Applications of many such fields can be built on the public blockchain platform and such applications which are built on the blockchain platform, they are called DAPP'S which means decentralized application and it is called decentralized application because there is no central authority here. There is no one who makes rules to control this application and if you tell an example to explain it, then you will have an account of Instragram, Facebook and WhatsApp and we do virtually on these accounts, but in reality you There is no owner of these accounts because in reality the owner of all these accounts is Facebook which has the data of everyone and ultimately Facebook controls all your accounts and makes all the rules i.e. there is a central authority which controls all your accounts.
For example, if a network issue comes in Facebook, then no one will be able to access their account on it and even once such an issue happened for about 6 hours, then many people can not access their Facebook, Instagram and WhatsApp account. We were able to do which was due to some issue from Facebook's site but there is no central authority in decentralized application due to which it is almost impossible to have such things there because it is decentralized application which is built on public blockchain. It goes that individual is made up of small computer segments and what is this individual computer segment? So suppose you want to earn money in Ethereum then what will you do? You will bring 100 computers and run Ethereum software in those computers and connect it with Ethereum's network, then you have 100 computers, it will become an individual computer of Ethereum network, then thousands, millions of individual computers like this from public The network of the blockchain platform is formed. Where people running such individual computers are paid the coin of that platform. In the Ethereum network, payments are made from Ether and in the Solana network, payments are made from SOL and after that there are public blockchain platforms where many developers come and build applications for which they have to pay that public platform. And this payment can be made only in the coin of that platform i.e. if you are using Ethereum platform then you will have to pay in Ether and if you are using Solana platform then you will have to pay in SOL.
So in this way the economy of this network runs and as it has been understood earlier that in case of Facebook if there is some problem in Facebook then the whole Facebook network will be down but here in this decentralized application where there are thousands of such public blockchain network. , are distributed among millions and millions of computers, so it is almost impossible to downsize any application in such a network and when Ethereum first launched such a public blockchain platform, Ethereum gave software developers a way to harden the blockchain technology. Was given a means by which he could build applications for different industries, whether it could be finance industry, gaming industry, social media or any service industry. Right now Solana is also providing exactly the same but Solana provides more independence than Ethereum. For users and service providers who want to build decentralized applications using Solana's platform and give a real time example of the independence of such a blockchain platform, you must have booked an Uber cab at some point and there when you pay. Will all that money go to the cab driver? Absolutely not, because there is Uber central authority who will keep a part of the money with them and give the remaining money to the cab driver.
Because here Uber controls how much money they will keep in the money you pay and how much they will give to the cab driver. In the future, when decentralized applications will come in such cab services, there will be no central authority like Uber controls now. When there is no such controlling authority then you will book cabs through such decentralized application and whatever money you pay will go directly to the cab driver who is the actual service provider so these are real time examples of blockchain platform And for this reason, the platforms like Solana and Ethereum and their crypto coins are so famous and are gaining value so quickly. Because such applications and solutions can be built using blockchain technology, the real time problem in the world can be in finance, it can be in transportation or it can happen in any industry. They have the ability to solve those problems without any central authority and due to this reason, nowadays blockchain is talked about in all industries and the power of such blockchain technology, the option to harden it is Ethereum and Platforms like Solana provide. The consensus algorithm is used in blockchain technology, which is a method by which transactions are verified and added to the blockchain.
There are different variants of consensus algorithm like this algorithm works on proof of work in Bitcoin, works on proof of stake in Ethereum and works on proof of history in Solana. Based on this, Ethereum can do 15 to 20 transactions per second and Solana can do 50000 per second, which is superfast which makes Solana extremely scalable to develop real time applications then it is above Ethereum, The first advantage of Solana is the low transaction fees and the second advantage of Solana is the low transaction fees because the transaction fees in Ethereum are high, and if you compare with Solana, then the transaction fees are less than $ 0.00025, which is a lot of service providers, And App can attract developers because of this lower transaction fees, many projects have been built on Solana itself. The third advantage here with Solana is that Solana claims that they have solved the Blockchain Trilemma, so what is the Blockchain Trilemma here? So Blockchain has three major applications. The first application is decentralization, the second is secure and the third is scalable and whenever someone builds a blockchain platform, he is unable to implement all three applications in it and there they have to compromise in one application. For example Ethereum is decentralized and secure but not scalable. At the same time, Solana is claiming that they have solved this Blockchain Trilemma and Solana is decentralised, secure and scalable as well. Here they have successfully implemented all three expect in their platform. Right now the claim that Solana is making, if this claim turns out to be true and Solana is an effective platform proof, then Solana can become the most preferred platform to build decentralized applications and build decentralized financial applications. That's why now have to wait and watch here who is claiming Solana. Will it be able to deliver those claims in reality or not?