Blockchain’s Need for Speed Brings New Tools to the Crypto Industry

Another day, another mainnet launch. Or at least, that’s sometimes how it can feel in the blockchain space, as every project seems to be scrambling to be the latest and greatest in balancing the trade-offs between speed, scalability and security. Unfortunately, many of them end up languishing with little development activity and precious few users.

Therefore, when a new project comes along that appears to be stirring up genuine excitement among established players and investors in the space, it’s worth taking a second look. Despite being new on the scene and still in the process of developing its testnet, Solana is one such project.

It’s currently associated with names such as Bison Trails and Chainlink, having previously garnered $20 million in investment from high-profile funds such as 500 Startups and Multichain Capital. It also recently sold out of all its tokens in a Dutch auction, even despite the mid-March market carnage. So, what’s going on with Solana to generate such significant interest from the industry?

The background

Back in 2017, CEO Anatoly Yakovenko founded Solana with the ambitious goal of creating a blockchain platform that could scale for global adoption. Yakovenko had previously led the team developing operating systems at telecommunications manufacturer Qualcomm, where as he told Cointelegraph: “I was always a performance geek. I spent 12 years at Qualcomm trying to squeeze out every last bit of performance from hardware.” He also engineered a distributed operating system at Mesosphere and worked on compression at Dropbox.

Upon founding Solana, he onboarded a team of similarly experienced professionals. The company’s chief technology officer and principal architect, Greg Fitzgerald, had also previously worked at Qualcomm across the full spectrum of embedded systems. Its chief operating officer, Raj Gokal, brought experience in product management and finance from his time as a venture investor at General Catalyst and from…

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