Project Vision

Solana is a blockchain that aims to solve the sector's scalability, speed and security problems, using technological innovations such as proof of history (PoH), proof of stake (PoS), adaptive sharding and data replication.

Solana aims to offer a high-performance, decentralised platform for the development of decentralised applications (DApps), particularly in the fields of decentralised finance (DeFi) and non-fungible tokens (NFT).

We give this criterion a score of 9/10, because we believe that Solana has an ambitious and relevant vision for the future of blockchain.

The team and background

Solana was founded in 2017 by Anatoly Yakovenko, a former Qualcomm engineer, who designed the PoH protocol. He is joined by Raj Gokal, the operations director, and Greg Fitzgerald, the technical manager.

Solana has a team of more than 50 people, including engineers, researchers, developers and marketing experts. Solana also has the backing of several renowned investors, including Andreessen Horowitz, Polychain Capital, Multicoin Capital and Alameda Research.

We give this criterion a score of 8/10, as we believe that Solana has a solid and experienced team, as well as a network of influential partners.

White Paper Quality

Solana published its white paper in 2017, detailing its architecture, consensus mechanism, technological innovations and use cases. The white paper is well written, clear and precise, with references to previous work and sources of information.

The white paper also explains the advantages and disadvantages of Solana compared with other blockchains, as well as the challenges and risks facing the project.

We give this criterion a score of 8/10, because the Solana white paper is of good quality and reflects the rigour and transparency of the project.

Use Cases And The Product

Solana offers a platform for creating and running large-scale DApps, with throughput of more than 700,000 transactions per second, latency of less than one second and negligible transaction costs.

Solana supports a wide range of DApps, particularly in the fields of DeFi, NFT, games, identity, oracle, governance, exchange and storage. Solana hosts more than 350 projects, some of which are very popular, such as Serum, Raydium, Audius, Metaplex and Star Atlas.

We give this criterion a score of 9/10, because we believe that Solana offers a high-performance, versatile product that meets the needs and expectations of users and developers.

Roadmap and Development

Solana launched its main network in March 2020, following several test and audit phases. Since then, Solana has continued to improve its platform, adding new features, fixing bugs, optimising security and strengthening decentralisation. Solana publishes regular updates on its website, blog, forum and social networks.

Solana also has a clear and ambitious roadmap, which includes rolling out dynamic sharding, integrating interoperability with other blockchains, developing new tools and standards, and supporting innovation and education.

We give this criterion a score of 8/10, as we believe that Solana has a realistic and coherent roadmap, which demonstrates its commitment and long-term vision.

Community Support and Trust

Solana enjoys strong support and trust from the crypto community. Solana has over 1.2 million followers on Twitter, over 300,000 members on Telegram, over 200,000 subscribers on Reddit and over 100,000 followers on Medium.

Solana also organises events, hackathons, webinars, podcasts and competitions to engage and educate its community. Solana also receives positive reviews and recommendations from crypto industry experts, analysts, media and influencers.

We give this criterion a score of 9/10, because we believe that Solana has an active, loyal and enthusiastic community, which contributes to the growth and visibility of the project.

Market Performance and Potential

Solana has seen strong growth in value and market capitalisation in 2023, rising from less than $8 in January to more than $120 in December, an increase of more than 1,500%. Solana currently ranks as the fifth most valuable cryptocurrency, with a market capitalisation of more than $40 billion.

Solana benefits from the growing demand for DApps, DeFi and NFTs, as well as its competitive advantage over other blockchains. Solana also has the potential to capture a larger share of the crypto market, attracting new users, developers and investors.

We give this criterion a score of 9/10, as we believe that Solana has an outstanding performance and high potential on the crypto market.

Project Security and Audit

Solana attaches great importance to the security of its platform and its users. Solana uses a hybrid consensus mechanism, combining PoH and PoS, to ensure the validity and finality of transactions.

Solana also uses data replication, cryptography and formal verification mechanisms to protect its network against attacks and vulnerabilities. Solana has had its code and protocol audited by specialist companies such as Kudelski Security, Trail of Bits, NCC Group and Halborn. Solana also publishes the audit reports on its website and on GitHub.

We give this criterion a score of 8/10, because we consider Solana to have a high level of security and to be transparent and accountable when it comes to auditing.

Tokenomics and Token Allocation

Solana has a native token, the SOL, which serves several purposes on the platform. The SOL is used to pay transaction fees, to participate in the PoS consensus, to deploy and run DApps, to purchase goods and services, and to govern the network. Solana has a total offering of 566 million SOLs, of which 431 million are in circulation.

Solana has degressive inflation, starting at 8% and falling by 15% a year until it reaches 1.5%. Solana has distributed its token in several rounds of financing, including a public sale on CoinList in 2020. Solana has also allocated part of his token to his team, his foundation, his community and his partners.

We give this criterion a score of 7/10, because we think that Solana has a well-designed and balanced tokenonomy, but that it could be more transparent about the allocation and circulation of its token.

The Platform and Launch Mechanism

Solana launched its platform in March 2020, after carrying out several tests and audits. Solana has chosen to launch its platform in a gradual and controlled manner, respecting regulatory standards and involving its community.

Solana also implemented an innovative launch mechanism, based on a reverse auction, which enabled the price of the SOL token to be determined in a democratic and fair manner. Solana also offered participants the opportunity to choose between different options for locking and releasing their tokens.

We give this criterion a score of 7/10, as we believe that Solana has launched its platform in an original and transparent way, but that it could have been more inclusive and accessible.

Overall rating

Using a weighted average of 10 criteria considered important, we calculate a GCI (Global Confidence Index) of 8.4/10 for the Solana crypto project. This index reflects our personal opinion based on our feelings, personal research and information available on the web and is not financial advice. We suggest you do your own research before investing in any crypto project (DYOR: Do Your Own Research => Faites Vos Propres Recherches). You are responsible for your own decisions.

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