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Solana
Scalable blockchain infrastructure for building crypto apps
- 201-500 employees
- Cryptocurrency
- Enterprise
- Blockchain
- Alamo Square, San Francisco, CA
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Company mission
To empower developers to create scalable crypto apps with speed, security, and simplicity.
4% employee growth in 12 months
Our take
Blockchain facilitates decentralized and secure cryptocurrency transactions, but current blockchain technology presents some serious problems. The validation of a blockchain transaction is verified through mathematical puzzles named 'proof of work', a process that is extremely energy-intensive and thus unsustainable in terms of scaling.
Solana develops blockchain technology that uses an alternative verification system named 'proof of history', a method in which 'proof of work' has been replaced with a timestamp of each transaction that can then be verified. The new technology doesn't require the GPU-intensive work that the existing blockchain technology relies on, allowing for instantaneous transactions, higher levels of security, and energy efficiency.
The company has quite rightly pointed out that as long as blockchain technology remains a high contributor to carbon emissions, it's simply not scalable, sustainable, or futureproof. By developing the new 'proof of history' means of validation, Solana presents a serious solution for blockchain technology to be innovated upon both in terms of efficiency, speed, and security.
Freddie
Company Specialist at Welcome to the Jungle
Benefits
- Work from home opportunities
Funding (last 2 of 4 rounds)
Jun 2021
$314m
LATE VC
Mar 2021
$40m
EARLY VC
Total funding: $375.8m
This company has top investors
Leadership
Raj Gokal
(Co-Founder)They started their career as an Analyst at Financo, before roles at General Catalyst Partners and Rock Health. They co-founded Sano in 2011 and served as Director of Product at Omada Health before co-founding Solana in December 2017.
Anatoly Yakovenko
(Co-Founder)They started their career as co-founder of Alescere before spending almost 13 years as a Qualcomm Engineer Manager. They worked in that capacity at Mesosphere and Dropbox before founding Solana with Raj in 2017.