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– TIMESTAMPS –
2:35 What’s Solana?
5:55 How does Solana work?
11:06 SOL Token
11:51 Solana Seaside & Incentives
15:40 Terrifying Tokenomics
⛓️ 🔗 Helpful Hyperlinks 🔗 ⛓️
► See Solana LIVE in motion:
► Proof of Historical past explainer:
► Solana’s Tour de Sol incentivized check web:
► Present rewards for Tour de Sol:
► Laptop specs required to take part on Solana/Tour de Sol:
► Solana Medium for challenge updates:
► Tether on Solana:
► Solana companions with Chainlink:
► FTX chooses Solana for Serum DEX:
❓ What Is Solana ❓
Solana is the quickest layer 1 blockchain in cryptocurrency. Based by former Qualcomm staff, it could possibly scale to over 65 000 transactions per second with out sacrificing decentralization or safety.
Solana can obtain this spectacular velocity by including timestamps to blockchain transactions, one thing which can also be executed by Google and Intel to optimize their knowledge services.
Nevertheless, since centralized clocks wouldn’t work in a decentralized blockchain, Solana created its personal decentralized clock for its whole community to reference.
Solana can also be sensible contract suitable, making it a competitor to Ethereum. Although it’s nonetheless in growth, some massive DeFi initiatives corresponding to Sushiswap could quickly be launching on the Solana blockchain.
Solana has up to now partnered with some main gamers within the cryptocurrency area together with Tether, Chainlink, and FTX.
🤔 How does Solana work 🤔
Solana makes use of a proof of stake consensus mechanism to validate transactions. Solana’s proof of stake incorporates proof of historical past – a verifiable delay perform which is repetitively outputted by the SHA256 algorithm.
This repetitive output capabilities because the ticking of Solana’s decentralized clock which is used to timestamp transactions.
Validator nodes take turns performing duties on the Solana blockchain, together with producing blocks.
Solana Clusters are teams of validator nodes which host particular Dapps, corresponding to a DEX or lending protocol.
💰 SOL cryptocurrency 💰
SOL is Solana’s native cryptocurrency token. It’s used for staking on the Solana blockchain and are burned to pay for community charges.
In contrast to different cryptocurrency networks, there isn’t any minimal stake required to take part on the Solana blockchain as a validator node.
To incentivize good conduct from validator nodes, Solana plans to impose a 100% slash of stake from misbehaving validator nodes.
🥇 Solana Seaside and Tour de Sol incentives 🥇
Solana Seaside is Solana’s predominant web beta accessible solely to registered contributors from the March ICO.
Tour de Sol is Solana’s incentivized check web which is open to anybody who completes KYC and meets the minimal tech specs to be a node on the Solana community.
Rewards can exceed 100 000$USD per class. These embrace efficiently attacking the check web and being probably the most energetic participant on the community.
💸 Terrifying tokenomics 💸
Whereas Solana held a small ICO in March this 12 months, a lot of the challenge’s ~25 million USD funding got here from a number of non-public gross sales.
Solely about 10% of SOL’s preliminary provide is at the moment available on the market, and one other 80% might be unlocked through the first week of 2021.
The precise tokenomics of the SOL token are at the moment unclear as staking rewards will not be but energetic and will depend on inflation.
📜 Disclaimer 📜
The knowledge contained herein is for informational functions solely. Nothing herein shall be construed to be monetary authorized or tax recommendation. The content material of this video is solely the opinions of the speaker who just isn’t a licensed monetary advisor or registered funding advisor. Buying and selling cryptocurrencies poses appreciable danger of loss. The speaker doesn’t assure any specific final result.
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Source: Coin Bureau