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- 1 Anatoly Yakovenko, a software engineer and entrepreneur, is the co- founder of Solana.
- 2 Previously, he worked at Qualcomm and Dropbox. He built Solana with the aim of a high performance blockchain.
Anatoly Yakovenlo is a Russian computer engineer, who authored the Solana white paper. Since he was five, he has had an interest in computers. Later, he moved to the United States in the 1990s where earned a degree in computer science. He moved to California and worked at Qualcomm for nearly 12 years where he led the development of operating systems. He also worked in Mesosphere and Dropbox where he led the development of distributed systems.
At the end of 2017, Yakovenko co-founded the Solana project. In 2021 when developers were trying to enhance Ethereum for slow transaction speed and high fees, Solana token (SOL) had jumped to gain popularity. In September 2021, it fell victim to a network overload while attempting to process 400,000 transactions per second.
The DDoS attack occurred on the decentralized exchange Raydium which hampered the network for 18 hours. Yakovenko had to call on Solana’s validator to restart the network. This raised some questions to its level of decentralization.
But, Yakovenko had taken this as a chance to show Solana’s strength. He said this shows Solana’s power that the network was down for less than 24 hours. He stated that he views Solana as more of a complement to the world’s second largest crypto. It has the ability of performing 65,000 transactions per second. In December 2021, an official announcement was made that Solana is carbon neutral.
Investments of Anatoly Yakovenko Along With Solana
Anatoly Yakovenko, creator of Solana has made 16 investments. Some organizations in which he invested are Credibly Neutral, Tensor, Sec3, Elusiv, Eclipse, Jito Labs etc. He has made 8 number of Partner Investments.
He released the whitepaper of Solana in 2017, announcing it is not a regular blockchain, and that it will work on novel consensus mechanisms. In 2017, Ethereum and Bitcoin are prominent blockchains in 2017, and both are facing the same problem of being slow. Yakovenko’s goal was to create a blockchain, faster in terms of transaction speed, but he found that it is impossible with consensus mechanisms. Both Proof of Stake and Proof of Work took a lot of time. This is why he decided to create another consensus mechanism that is Proof of History which would be used with Proof of Stake.
Current Market Analysis of Solana
The Solana price today is $18.15 with a 24-hour trading volume of $924,722,999. It has a market cap of $7,333,792,284 and a circulating supply of 400,265,486 SOL.
Weekly analysis shows that on 24 June 2023, it had a price of $17.13, while it had a volume of $424.88M while this value goes up to price $ 18.31 and volume $926.13M on 1 July 2023.
Source: coinmarketcap
Summary
Anatoly Yakovenko is determined to lead the company. The main project Solana seems to be working on right now is the Web 3.0 phone, which is called the Saga phone. Solana is a highly functional open source project. It is a permission-less technology that provides decentralized finance solutions.
Proof of History consensus adds a unique quality to Solana. It allows greater usability and scalability. With lightning fast transactions, Solana has attracted a lot of institutions.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
