- cryptocurrency based on a “proof of history” algorithm. designed to be a fast, cheap chain to execute contracts on.
- Whereas it costs ~$3 today to do a transaction on the Bitcoin blockchain, and ~$8-40 on Ethereum, it costs $0.0001 to do a transaction on Solana.
- Backing by important people, which is important since cryptoeconomics is all about people and narratives:
- a16z is an investor
- Sam-Bankman Fried is building a new decentralized exchange(dex) on Solana.
The Bull Case
- first there was bitcoin, a digital decentralized currency. next came Ethereum, which allowed for whole decentralized applications.(dapps for short)
- first real use case of dapps are NFTs. unique tokens so far used for digital art.
- NFTs have been embraced by mainstream companies, including Marvel, Visa, NBA, and Arizona Iced Tea.
- other potential uses of dapps, movement is called “web3”
- biggest constraint is cost. Ethereum and btc transactions have a cost(gas) and are slow.
- Solana is the tech needed to make web3 bigger and faster than before. Solena fixes this
- The cost of other. networks like Ethereum are a limiting factor.
- The other limiting factor is developers. Solana is making an effort to be as developer friendly as possible, and encourage building on their platform.
The Bear Case
- If demand in crypto in general decreases or there is a bear crypto market, people may be less inclined to build on newer technologies and instead focus on more tried and true protocols (again, Ethereum).
- will people be hesitant to adopt yet another blockchain?
- Serum, Saber, Audius, Star Atlas
Developing on Solana
- Programs (smart contracts) can be written in Rust, C++, or C.
- Also has an available JSON API
- [Solana Summer - Not Boring](https://www.notboring.co/p/solana-summer)
- [Learn to Build on Solana](https://learn.figment.io/pathways/solana-pathway)