Solana Labs Co-Founder and CEO Anatoly Yakovenko recently explained how the small-staffed project has managed to become a powerhouse in the crypto space.
During a recent interview with Cointelegraph at the SALT Conference 2021, Yakovenko said that his project was focused on increasing speed in order to meet the demands of scale necessary for crypto adoption to become ubiquitous.
Yakovenko said of SOL, which was recently clocked at 200,000 transactions per second (TPS) by a third-party validator, that as the hardware gets better for crypto projects, the “capacity goes up.”
Solana, which relies upon a development team of sixty volunteers, has managed to explode since being released onto the market in March 2020. The network hosts more than 400 projects, with many non-fungible tokens (NFTs) and decentralized finance (DeFi) applications.
Yakovenko told Cointelegraph that the team’s project was “not super big” compared to other decentralized organizations, and that the developers were working pro bono.
He said of the team:
They may have quit their job 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. Solana is effectively that layer that is supplying financial infrastructure.
Yakovenko continued, saying Solana had been built from day one for speed and was distinguished from other proof-of-stake (PoS) networks by its optimization for the specific use case of online trading in order to support platforms making millions of transactions per day.
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