Solan biography

He was one of the first SOLANA investors and still owns it tokens, the cost of which increased once. Edit Jung partner of the Venture Fund Startups. This exceeds the initial price by once. Winnie Lingem Partner Multicoin Capital. Chris McCann Partner Race Capital. Seven Lessin Partner Slow Ventures. He does not disclose how much he invests, but says that the profit from investment has grown once.

At that time, Yakovenko was hard to find investments in the blockchain startup. Quik, however, liked the idea of ​​Yakovenko and, together with other investors, he took part in the first public placement of the coins of the ISO company in the year. Then Solana sold almost 80 million tokens - one cost 4 cents. In total, SOLANA sold million. Why do investors buy SOL tokens tokens give access to Yakovenko developed by the SOLANA blockchain, which allows you to create decentralized programs - the so -called DAAPS.

SOLANA works faster than its famous competitor Ethereum. In a second, she processes near transactions, and in peak periods-more than 65 Ethereum processes only 15 transactions per second, Bitcoin-five to seven. One block of information on the SOLANA network creates in 0.4 seconds, Ethereum in 10 seconds, and Bitcoin in 10 minutes. The commission that miners pay depends on the speed of work.

On the SOLAN blockchain, the developers built an Audius streaming service, Defi Land Simulator, Saber cryptocurrencies and near other programs. In Ethereum, such programs are almost according to the State of the Daaps tracker. Yakovenko said in his interviews that he did not want to destroy Ethereum - this is bad for the industry. His plan is to influence the global financial market.

How does the idea of ​​Yakovenko work? Yakovenko wanted to solve the main “trillem” of blockchain technologies: how to make them simultaneously fast, decentralized and high-quality. To this end, he came up with a new algorithm-Proof-OF-History, which, unlike the most famous-Proof-OF-Stake and Proof-OF-WORK, made the processing process of transactions in the blockchain faster and faster.

This is how the system works. To add an information block to the blockchain database, it is necessary that the miners have reached a consensus - they decided what and in what sequence to record. Various blockchains work with different consensus algorithms. For example, Ethereum uses the most popular algorithm-Proof-OF-Work. Proof-OF-Work works as follows: all miners calculate the task for a certain period of time.

When one miner finds the correct answer, others should be checked with it. They will reach a consensus and record an information block only if most of the network participants confirm the initial answer. The advantage of this algorithm is that for the correct answers, miners receive a reward in cryptocurrency. Minus - this process requires a lot of electricity. The Proof-OF-Stake consensus algorithm is different in that it allows you to record an information block to a group of people who will pay more for it.

This model requires less electricity, but concentrates the management in the hands of a narrow circle of participants. Yakovenko decided to combine the Proof-Of-Stake algorithm with his own development-Proof-OF-History. To save time to confirm the time of each transaction by the so -called validators, Solana independently prescribes temporary stamps, thanks to which you can quickly reach a temporary consensus.

Compared to Bitcoin and Ethereum - Solana more “green” blockchain, because it spends less energy. He was also impressed by the idea that thanks to the blockchain, everyone can engage in cryptography. In M Yakovenko he graduated from the Faculty of Computer Sciences at the University of Illinois and launched the first startup, developing something like Google Voice-the phone call management service.

The next 13 years he worked at Qualcomm, exploring wireless communication and developing processors for mobile phones. Since the year, he worked as an engineer at Mesosphere, developing software for data centers, and in Dropbox, which creates the same name file organizer. The idea of ​​Solana appeared when Yakovenko was sitting in a cafe, drinking two cups of coffee and beer, he says TechCrunch.

The company was named in honor of the beach of San Diego, where former colleagues from Qualcomm were surfing. The main office of SOLANA is in San Francisco. Currently, the company employs 78 people. Materials on the topic.