Solana

Solana is an open source project implementing a new, high-performance, permissionless blockchain. Solana is a general purpose blockchain similar to Ethereum. End user applications as of now include decentralized finance (DeFi), non-fungible tokens (NFT), marketplaces, games, and more. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain.

Solana co-founder Anatoly Yakovenko published a whitepaper describing Proof of History, a technique that would become critical to Solana's blockchain infrastructure, in Nov. 2017. 

Co-founder Greg Fitzgerald, who had worked with Yakovenko at Qualcomm, began prototyping the open source implementation of the whitepaper. It was published under the name Silk in 2018. 

After starting the company under the name Loom, Yakovenko, Fitzgerald, and other co-founders rebranded to Solana. Solana launched on Mainnet Beta in March 2020.

Solana was built to facilitate the development of scalable, user-friendly decentralized apps with low costs and high speeds for transactions.

Solana believes its unique blockchain architecture that combines the proof-of-stake consensus mechanism and its own proof of history mechanism is the key to achieving these goals.

Proof of history works almost like a cryptographic timestamp that proves that an event has occurred at a specific time. It enables the blockchain to work fast while maintaining security and decentralization.

There are about 304 million SOL in circulation as of November 2021. Solana has an initial inflation rate of 8%, which will decrease by 15% a year until it reaches a long-term inflation rate of 1.5%. SOL is Solana’s native token.

Solana competes with other blockchain platforms such as Ethereum and Avalanche to host crypto projects such as NFTs, decentralized exchanges, and gaming. 

Developers and users flocked from Ethereum to Solana due to high transaction costs, but many could gravitate back towards Ethereum if it manages to lower costs, which could happen as a result of the Ethereum 2.0 upgrade and layer 2 rollups. 

Solana.com
Docs.solana.com/history
Forums.solana.com

Investors in the Solana-based project included YCombinator, Coinbase Ventures and FBG Capital

Cashmere Raises $3M Seed at $30M Valuation to Build Solana Enterprise Wallet

Bitcoin

Ethereum

A popular analyst is providing price target updates for four crypto assets as the markets try to end the week in positive territory.

Crypto Trader Says Bitcoin Flashing Bullish Signal, Updates Ethereum, Solana and Optimism Forecasts

The Slope team also promised not to pursue any legal action if the attacker returns the funds within 48 hours. The post Slope Wallet says it will pay 10% bounty if attacker returns stolen funds appeared first on The Block.

Slope Wallet says it will pay 10% bounty if attacker returns stolen funds

We already knew that crypto developers cannot always be trusted. But can we even trust the data?

The Fake Team That Made Solana DeFi Look Huge

In this episode of The Scoop, Solana Labs co-founder and COO Raj Gokal discusses his early impression of Solana Spaces, as well as the innovation and experimentation that is occurring across the Solana ecosystem at a "breakneck pace." The post How Solana is bridging the gap between web3 and the physical world appeared first on The Block.

How Solana is bridging the gap between web3 and the physical world

Hedera

Polygon

Shark Tank star Kevin O'Leary is revealing that he took advantage of the market downturn to add to his crypto holdings. In a new interview with Stansberry Research, O'Leary says that his crypto portfolio suffered a double-digit drawdown, but he took that as an opportunity to buy the dip. “We took a hit.

Kevin O'Leary Says He's Doubled Down on Crypto Amid Downturn, Naming Bitcoin, Ethereum and Three Altcoins

Following the Solana wallet attack, the Solana Status team updated the public and detailed that the wallet addresses affected by the breach were tied to Slope mobile wallet applications. The team further stressed that “there is no evidence the Solana protocol or its cryptography was compromised.

Solana's Investigation Indicates Wallet Exploit Tied to Slope Mobile App

Security researchers at Otter claim they have pinned down what may have caused the Solana wallet breach. The post Slope wallet provider saved user seed phrases in plain text, Solana security researchers find appeared first on The Block.

Slope wallet provider saved user seed phrases in plain text, Solana security researchers find

In an official statement, Slope confirmed that a "cohort" of wallets were compromised in the breach — and while it has some early theories concerning what happened, nothing's firm yet.

Slope Linked to Thousands of Solana Wallets Being Drained, with Millions of Dollars Lost

The pseudonymous crypto analyst Altcoin Sherpa remains largely bearish about the market despite the general price uptick last week. The trader tells his 180,700 Twitter followers that $22,000 is a “must hold” level for Bitcoin (BTC).

Here's What's Next for Bitcoin (BTC), Solana (SOL) and Three Under-the-Radar Altcoins: Top Crypto Trader

An investigation into Tuesday's private wallet exploit within the Solana (CRYPTO: SOL) ecosystem revealed that Solana wallet Slope was to blame. What Happened: The root cause of the attack was due to an accidental leak of users' private keys from Slope wallets' backend, Solana Status said on Wednesday.

Solana Blames Slope For Private Key Leak In Wallet Exploit

Amid the early chaos and confusion of the Solana wallet hack, white-hat hackers took matters into their own hands to slow down the attack.

How Solana Vigilantes Battled Back Against the Wallet Hacker

ApeCoin

Ethereum Classic

Optimism

A closely tracked crypto strategist is predicting dips for two altcoins while updating his forecast for Solana (SOL) and ApeCoin (APE). Pseudonymous crypto analyst Altcoin Sherpa tells his 180,700 Twitter followers that smart contract protocol Ethereum Classic (ETC) looks poised for a significant pullback after its steep rally over the past few weeks.

Analyst Predicts Pullbacks for Ethereum Classic and One Low-Cap Altcoin, Updates Outlook on Solana and ApeCoin

Slope Finance has confirmed that a cohort of Slope wallets were compromised in yesterday's incident on Solana. The post Solana team traces exploit back to Slope mobile wallets appeared first on The Block.

Solana team traces exploit back to Slope mobile wallets

Private keys may have been inadvertently compromised as a Solana mobile wallet is fingered for the major network attack.

Solana Hack Blamed on Slope Mobile Wallet Exploit

The source of the exploit appears to be linked to Slope allegedly storing private keys as plain text on a centralized server.

Solana's Latest $6M Exploit Likely Tied to Slope Wallet, Devs Say

Solana co-founder Anatoly Yakovenko says that the hack that compromised over 8,000 SOL holders' wallets may be due to issues with mobile platforms.

Following Solana Wallet Hack, Founder Anatoly Yakovenko Tells SOL Holders To Get Crypto Out of Mobile Platforms

Nearly $4.5 million worth of tokens have been drained from thousands of Solana wallets since Tuesday night. Here's the latest.

Solana Wallet Hack: Here's What We Know So Far

A leading NFT marketplace announced it will begin integrating Ethereum (CRYPTO: ETH) NFTs onto its platform, which could provide increased competition for market leader OpenSea. Can Magic Eden succeed at taking share from OpenSea?

Can Magic Eden's Ethereum NFT Marketplace Succeed Where Others Have Failed?

The Solana smart contract project is suffering from issues once again after it was discovered that close to 8,000 Solana-based wallets have been compromised. Solana is asking victimized wallet owners to complete a survey and the team stressed that “engineers are investigating the root cause.

Solana Suffers Exploit — Close to 8,000 SOL-Based Wallets Have Been Compromised

Nearly 8,000 digital wallets have been drained of just over $5.2 million in digital coins including solana's sol token and USD Coin (USDC), according to blockchain analytics firm Elliptic.

Ongoing solana attack targets thousands of crypto wallets, costing users more than $5 million so far

The exact cause of this exploit remains unknown, but analysts believe that a flaw in wallet software may be to blame, rather than issues with the Solana blockchain itself.

Thousands of Solana Wallets Drained in Attack — SOL Worth Millions of Dollars Stolen

The Solana Layer 1 blockchain continues to suffer from an exploit targeting its crypto wallets, with more than 7,000 addresses affected. The post Solana exploit enters second day as CEO points to attack on Apple hot wallets appeared first on The Block.

Solana exploit enters second day as CEO points to attack on Apple hot wallets

Early Wednesday, an unknown attacker drained at least $5 million of SOL and other tokens from Solana digital wallets.

SOL Token Holds Price Support After Million-Dollar Hack Brings Bad Optics for Solana

The Solana (CRYPTO: SOL) network went offline briefly on Tuesday night following reports that private keys to hot wallets in the ecosystem had been compromised. What Happened: Solana Status reported a “minor service outage” prompting speculation from market participants that developers had intentionally halted the network to prevent the ongoing exploit from worsening.

News for Solana Crypto (SOL)