The year is 2017. The crypto boom is in full swing, suddenly mainstream media begins to report on Bitcoin, Ethereum, Ripple, IOTA and other cryptocurrencies. Where there was previously decentralized silence, there was suddenly crypto. The Bitcoin price is reaching unprecedented heights, altcoins – regardless of whether they have substance or not – are emulating the crypto reserve currency.
However, as the rush to the crypto market increases, problems are also becoming apparent. Bitcoin and Ethereum in particular are having massive problems with scalability. This means that you can hardly process the high number of requests to the network anymore. Blockchains are becoming increasingly congested.
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Solana (SOL): An idea is born
These scalability problems are brought to the attention of two developers from California: Anatoly Yakovenko and Raj Gokal. Together they are working on a plan to develop a blockchain project that addresses the scaling problems of blockchains. They call it Solana, in reference to a small beach where the two hang out every now and then.
However, it would still be three years before the project was launched – as we all know, good things take time.
Proof of Stake and Proof of History
The solution will come with Proof of Stake in 2020: Solana will be launched. The consensus mechanism scales much better, and will be beefed up a little later with “Proof of History”.
And indeed: Solana is very successful and enjoys a growing community. She is so enthusiastic that she is now celebrating the project as an “Ethereum killer”. Solana (SOL) is climbing the cryptocurrency ladder and will reach 7th place by November 2023. With a market capitalization of over 11 billion US dollars, SOL can gather a lot of investor capital behind it. You can find out what price targets Solana could have in the coming period in the latest price analysis.
But despite all the euphoria, the “Ethereum kill” doesn’t quite succeed. Ethereum upgrades over time and has a very decisive advantage: Vitalik Buterin’s project was simply there before.
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