The Solana blockchain leverages an innovative hybrid consensus model involving an underlying Proof-of-Stake (PoS) mechanism called Proof-of-History (PoH) to secure its network and promises a throughput as high as 65,000 TPS. The PoH processes work similarly to a PoS network, using validators to verify transactions and add new blocks to the chain. However, it takes the concept further by choosing a leader ahead of each slot to make the transaction validation system even more efficient and make Solana unique.

Nodes vote on blocks and confirm the legitimacy of the transactions being recorded or added to the blockchain. These votes get sent to the leader among the validators, who is responsible for tallying the votes before creating a new block of transactions.

Solana uses the Proof-of-History consensus mechanism to solve the blockchain trilemma, or the three critical challenges of decentralization, security, and scalability, offering all three without compromise. The combination of Proof-of-Stake(POS) and Proof-of-History (PoH) makes Solana unique. It records successful operations, letting the Solana network provide higher throughput and scalability and ensure true decentralization and security throughout its network.

The Solana blockchain aims for high security by using a 256-bit secure hash algorithm (SHA) to record data within its network in an encrypted manner. In addition, it ensures composability thanks to its single global state even as the network expands, ensuring that dApps will never need to depend on Layer 2 scaling solutions, unlike in the case of Ethereum.

Solana’s founder Anatoly Yakovenko published the blockchain’s whitepaper in late 2017, proposing the new consensus mechanism Proof-of-History, which could offer higher scalability and lower transaction fees than Bitcoin and Ethereum. The development of the network started in February 2018 when Anatoly partnered with his former colleague from Qualcomm, Greg Fitzgerald, to release Solana’s first internal testnet and its official whitepaper.

The founding team of Solana consists not only of these two former Qualcomm employees but also engineers who previously worked at Apple. Solana was originally called Loom but underwent a rebranding to distinguish it from Loom Network, a Layer 2 scaling solution for Ethereum. The Solana Foundation was established as a non-profit organization based in Switzerland to oversee the development of the blockchain ecosystem.

Private token sales helped the Solana team of developers raise more than $20 million for its development between Q2 2018 and Q3 2019. The Series A round of funding in late July 2019 saw the network raise around $20 million from Multicoin Capital, Distributed Global, Blocktower Capital, Foundation Capital, Blockchange VS, Slow Ventures, NEO Global Capital, Passport Capital, and Rockaway Ventures.

The mainnet beta launch of the Solana protocol took place in March 2020, followed by the release of its public incentivized testnet in Q3 2020. A public token auction on CoinList helped the network raise an additional $1.76 million just before its mainnet launch.

Solana (SOL) is listed on most of the leading centralized cryptocurrency exchanges, DEXs, and DeFi protocols worldwide as one of the top cryptos by market capitalization and trading volume. One of the easiest ways to buy Solana is through KuCoin, by following the steps listed below:

1. Open an Account With KuCoin

Register for an account on KuCoin, if you are new to our platform. Remember to complete your KYC verification after logging into your account for the first time. Doing so can unlock access to all our services and features.

2. Use Your Fiat Currency to Buy Crypto For Trading

It’s now time to add crypto funds to your KuCoin trading account. Head to the KuCoin Fast Trade page to buy cryptocurrency using over 70 payment methods, including Visa, Mastercard, PayPal, and SEPA.

You can also purchase crypto for your trading account through the KuCoin P2P service or by interacting with third-party sellers directly on our platform.

3. Buy SOL on KuCoin With Existing Cryptocurrency

You can also transfer your existing cryptocurrency holdings to trade Solana on KuCoin. All you need to do is to transfer your crypto from your external wallet into your KuCoin trading account to start using it.

4. Trade SOL/USDT on KuCoin

After funding your trading account, head to the KuCoin Spot Trading section to look for the SOL/USDT crypto trading pair. Check the latest Solana price, SOL market cap, circulating supply, 24-hour trading volume, and all the latest news on the crypto before you trade Solana.

Enter the number of USDT you wish to exchange for the SOL coin and verify the number of tokens you can receive and the trading fees you will be charged. Once you have verified all the information, click on Buy to confirm the trade order.

5. Receive and Store SOL Securely

It will take a few minutes for your trading account to be funded with the Solana crypto you have just purchased. Once it enters your account, you can continue to hold it on KuCoin or transfer it to an external wallet for added security.