Binance released its highly anticipated proof of reserves (PoR) on Friday, providing blockchain-based evidence for the Bitcoin on its books. However, many in the crypto community question Binance’s approach, and aren’t fully convinced that they have the transparency they’re looking for. The Move to Proof of Reserves As Binance explained in its announcement, the exchange’s transparency system will add multiple tokens and networks within the next two weeks. For now, it solely validates its Bitcoin holdings. The company’s initial audit…
The CEO and co-founder at Solana Labs, Anatoly Yakovenko, addressed how Solana has taken up crypto space. Anatoly shared some specifics about the project in an interview at the SALT conference 2021.
Solana’s Achieved improvements
The CEO reported that the project’s sole focus is on improving transactional speed to ensure scalability for its users. To achieve this, Yakovenko stated that Solana sought out a third-party host.
He mentioned that SOL hit 200,000 transactions per second. The third-party validators ensure higher capacity for crypto projects. The team of six volunteer developers has put Solana on a map since March 2020.
Solana Labs plays host for more than 400 NFTs (Non-fungible tokens) projects and Decentralized Finance (DeFi) applications. However, Anatoly Yakovenko told officials at Cointelegraph that its project team was not as big as other crypto projects.
In addition, he mentioned that Solana developers were working pro bono. Finally, he shared something about his team, saying:
They may have quit their jobs at Google, or whatever… they are going to build a company. It’s going to be a Web 3.0 application. Maybe it’s financial, maybe it’s art-based. They will raise capital and build it on Solana. So, Solana is effectively that layer that is supplying financial infrastructure.
Later on, Yakovenko added on the importance of Solana. And he insisted that since its launch in March 2020, Solana has offered scalability to the crypto-financial market. In that, it distinguished itself from other projects using PoS (proof-of-stake) algorithmic mechanisms.
SOL’s Dominance in Altcoin Markets
With the recent SOL wave in the crypto market, Anatoly discusses the drivers behind its emerging dominance in the crypto ecosystem. Its emerging adoption thrives on the potential Ethereum weakness.
Yakovenko says NFTs and their native coin and SOL’s outlook are revolutionary. The network is one of the cheapest means of electronic financial transactions worldwide. Anatoly states that the DNA of his team has built up networks scaling 2 billion people globally.
In an interview, he told Coindesk that Blockchain is revolutionary financial communication technology. Furthermore, he states that the adoption of Solana is geographically advantageous for Europe. The same goes for the United States, Asia, Africa, and parts of South America.
Solana’s blockchain technology adoption suggests he learned a new style every two years as an engineer. Any developer that stands a chance to do well in blockchain technology has to learn adaptability.