Solana Blockchain Project Known for Its Layer 2 Speeds Secures $20 Million Led by Multicoin
If you were to attend any of the many Blockchain meetups happening across the world nowadays, there’s a high probability you’d meet several individuals working on a Blockchain-based project. And it is understandable why it is so; after all, even with the countless inventions in this industry, the appetite is largely insatiable.
One such project is Solana, a budding layer 2 Speeds on a Layer 1 platform that just recently accumulated $20 million in Series A funding. The amount was reportedly contributed by a host of reputable venture capital firms, led by Multicoin Capital, Passport Capital, Foundation Capital, BlockTower Capital, and Slow Ventures.
Solana, San Francisco-based startup which claims to process 50,000 transactions a second, is seen as an exciting prospect because, besides being scalable, it isn’t predisposed to sharding. Its layer 1 blockchain platform is perceived as a much superior alternative to Ethereum and Telegram Open Network which are already looking for ways to scale theirs.
Founded by Ex-Qualcomm Developers
The brain behind Solana is a team drawn from telecom hardware behemoth, Qualcomm. The project’s whitepaper was first published in late 2017 before the first seed round done in 2018 to help develop the first testnet. This latest seed round is, however, aimed at ensuring they complete works on the mainnet launch.
The platform’s CEO, Anatoly Yakovenko, spoke at length about Solana. He spoke about sharding, saying that it is the only aspect that puts the platform ahead of all the other networks in the industry.
One distinguished brain in the industry that is in agreement with Yakovenko’s sentiments, despite being a competitor, however, is CertiK’s founder, Ronghui Gu. Gu, who lectures computer science at the Columbia University, agrees that Solana’s technique is sure to stop 1% shard attack.
He’s, however, quick to dispute the platform’s rising fame, saying that the idea of using block history could potentially affect security. According to him, the trade-off is the presumption of the degree of attacks as well as their patterns, which he believes could result in congestions.
Founded on “Proof-of-History”
On top of processing 50,000 transactions in a second, Solana proposes what’s known as “the Proof of History.” The whole approach is designed to allow the network to provide proof of time-lapse between any two transactions and subsequently confirm that the timestamp is mathematically true. The whole process, according to the CEO, significantly reduces verification time.
But the whole idea isn’t worth throwing a mad party. According to the scalability trilemma, when a network is secure and scalable like Solana, decentralization tends to be left for the dogs, which then makes it prone to censorship.
This is because; a network’s resistance to censorship is dictated by its abundance of nodes. And with Solana’s 200 nodes, the risk is much higher, compared to Tron and Ripple whose nodes are a lot more.
But there’s little to worry about, according to Yakovenko, who admit that they are looking at Tezos, Cosmos, and Algorand networks. The three now stand at between 100 and 200 validators range, although the CEO says they are open to supporting more nodes so long as it would be economically rational.
Meanwhile, the company is also launching a public devnet. This follows their recent announcement on incentivizing testnet event the same way as Cosmos’ “Game of Stakes.” For Solana though, their “Tour de SOL” will kick off in August, while the launch of mainnet is slated for October.