- Anatoly Yakovenko is the co-founder of the Solana project and authored the Solana (SOL) white paper.
- He is a Russian Computer engineer and was obsessed with the systems from an early age.
Born in 1980, Anatoly Yakovenko was a Ukrainian who immigrated to the United States in the 1990s. He was obsessed with technology since his childhood and started learning the coding language C in 1999. In 2000, he completed his graduation from the Moscow Institute of Physics and Technology in the computer science stream. Focusing on his career, he started his career as a software engineer and worked in several companies including Microsoft. As a Russian computer engineer, he co-founded the Solana project, one of the biggest blockchains in the crypto environment.
The success story of Anatoly Yakovenko
In 2013, Anatoly Yakovenko began to explore the capabilities of blockchain technology and its applications. He revolutionized how data is stored and transferred. Bitfury, a Bitcoin-focused startup was introduced by him as he was an early adopter of Bitcoin and Ethereum. Anatoly Yakovenko also worked at Qualcomm for around 12 years and worked with the development of operating systems.
In 2017, a blockchain-based distributed computing platform named Solana was introduced by Anatoly Yakovenk. High throughput, low-cost transactions, and low latency were some main purposes behind the platform introduction. The struggles of Ethereum and Bitcoin platforms related to the slow transaction speed contributed to Anatoly Yakovenko’s finding that advancing the transaction speed was impossible without the Consensus algorithm.
A consensus algorithm named Proof-of-History (PoH) was introduced by the team of Yakovenko to initiate high-speed transactions over the blockchain. The simple motive of the Consensus algorithm offers security and trust across the decentralized network. Another major purpose is to enhance the transactions at a speed of up to 50,000 transactions per second.
2021 was one of the successful years for Solana and achieved vast amounts of attention in comparison to Ethereum. Solana’s SOL token jumped from $2 in 2020 to $200 in 2021, declining the interest of users towards the Ethereum blockchain. In September 2021, the blockchain fell victim to a network overloaded while initiating to process 400,000 transactions per second and hampered the network for around 18 hours. Yakovenko took this as a positive experience and addressed all the critical bugs that affected the overall functioning of the system.
The announcement of Solana to become carbon neutral in December 2021 also attracted users to the platform.
The Current State Of Solana
The involvement of the unique blend of Proof-of-Stake (PoS) and PoH made Solana more efficient offering faster transaction speed. The current market cap of Solana is around $7.80 billion representing the strong positioning and value of the platform in the current market. The platform has 39.75 million active users at present.
Based on the technical analysis, the minimum cost of Solana blockchain is expected to reach approximately $24.74 by the end of 2023 with an average trading price of $25.51. Also, the expected maximum price of SOL for 2028 is around $105.18 followed by a minimum value of $95.90.
Conclusion
Solana blockchain was founded by Anatoly Yakovenko in 2017 with the motive to enhance the transaction speed up to 400,000 transactions per second. PoH and PoS technologies were used by the team to offer more security and faster transactions to the users and achieved the same.
