Solana founder shares the behind-the-scenes story of eight years: how to rise up from a 97% big dump.

Solana co-founder Anatoly Yakovenko details his entrepreneurial journey, from technical inspiration to financing challenges to surviving and resurrecting the FTX crash. THIS ARTICLE IS FROM AN ARTICLE BY NEW ECONOMIES AND IS COMPILED, COMPILED AND CONTRIBUTED BY ODAILY PLANET DAILY. (Synopsis: Lily Liu, Chairman of the Solana Foundation, criticized: Enterprise chains turn their backs on the spirit of decentralization!) Cryptocurrencies must return to cyberpunk) (background added: Solana founder shoots Ethereum L2: not only does not inherit Ethereum's security, but in turn erodes L1 earnings) In the garbage market, a qualified SOL guard is again trying to strengthen your beliefs. Solana co-founder Anatoly Yakovenko was interviewed by NEW ECONOMIES in November, covering the origins and development of Solana, to the trough and recovery, as well as talking about regulation and stablecoins. In addition, Anatoly outlines a grand vision for Solana's future. Odaily Planet Daily compiles it as follows (due to too much trivial content, the key content will be sorted out in the first person): The origin of Solana, from side hustle to full-time Solana originated from a “right time and place”, when I started a startup project with a friend, more precisely a side hustle, when we were doing AI-related things, such as deep learning servers, and using these GPUs to mine cryptocurrency to pay for these GPUs. But a question popped into my head, why would people pay for our AI-related products? After two cups of coffee and a bottle of beer, my partner and I chatted about mining, PoW, Satoshi consensus and algorithms, and why using electricity in the process is so important. I have spent most of my career as an engineer at Qualcomm. Most people should know that Qualcomm is deeply involved in wireless protocols, radio technology, and mobile phones. Your phone probably uses Qualcomm products, and it may also use products that I participated in developing. That day, I stayed up until four o'clock in the morning, and I suddenly had the idea of encoding the passage of time into a data structure, and I thought of the protocol originally used by cellular networks, called time division multiplexing (TDMA). The concept first appeared in the sixties and seventies of the last century, and it was very simple: cut time into fragments and then use different time periods to transmit data so that there would be no interference and more information would pass through. I came up with this because Bitcoin and PoW mechanisms face similar problems. If there are two block producers and two miners generate blocks at the same time, a fork occurs, the network is in a state of chaos, and information cannot be passed properly. You had to discard one of the blocks. So, if you can have two block producers alternate, you can avoid conflicts and maximize the bandwidth utilization of the protocol. I did a rough calculation and found that its throughput was 1000 to 10000 times higher than Ethereum or Bitcoin at the time. The idea came up, maybe I should start a company, the smart contract platform really interested me because it provides developers with a whole new environment for application development, and these applications are different from the applications you build anywhere else, so you can't build smart contracts directly on a normal AWS server, you need the verifiability, cryptographic guarantees, and so on that the blockchain provides, which makes it possible to write code that can handle funds. At the time, a lot of people thought that things like Wall Street databases controlled money, that these were monitored by people, and that a lot of products were just optimizing the work of those people. Smart contracts are completely different, the software itself is responsible for escrow funds, and is the only authoritative source of money flow, so to some extent smart contracts subvert the entire data model. At the beginning of the business, I had to convince a lot of people, my wife was the first person I needed to convince, she was an engineer, she knew me well, I always had a side hustle, always put some ideas into practice in my spare time, we already had a child, she said at the time: “Okay, this may work, but you can't be a job and a father and start a business part-time.” You have to choose one or the other, go all out or give up." It was this phrase that prompted me to make the decision to start a business. I remember she was in Colombia, Facebook was expanding, she was working at a startup that was Facebook's competitor in Colombia, and Facebook was in its very early stages. The lesson she learned there is that the market is going to go through a boom period of about six months, and everyone knows there's going to be a product in development that will have 80% of the market, and it's going to have some explosive characteristics that if you miss that window, you'll never catch up. So at the end of 2017, I felt like it was the best window to build an L1 blockchain with specific properties that would scale to cover the globe and really handle all the global financial systems. For me, the biggest motivation for creating Solana was that you had to go all out, and you didn't want to miss out when the market was hot. I think anyone who reads this, if you're still hesitant to go into AI and wait another six months or a year, you're really going to miss the opportunity and act now, and it's best if you have already started. Unlike BTC and ETH, Solana Solana, which pursues transaction efficiency, is a high-performance blockchain, and the key use case we have been pursuing is transactions, and if you think of Bitcoin as a store of value/digital gold, then building a store of value is not an engineering problem. In fact, it does take some engineering to guarantee settlement and global availability. Satoshi Nakamoto's PoW algorithm and the Bitcoin white paper do an excellent job in this regard. But you can't develop a Bitcoin Plus version, you can't compete with Bitcoin in this market by adding features or increasing throughput. Ethereum's goal is to use settlement as a use case, and the idea is that you can use the Ethereum ledger as a reliable source of truth after the final checkpoint is executed and cleared. I've never wanted to compete in the settlement process, and maybe there is some technical room for improvement, such as adding an execution layer or something, but I'm more interested in the execution itself. That is, building a global blockchain that can handle transactions, payments, and everything users need on a daily basis, all in one system. Perhaps the most unique thing about Solana is its vision: without the need for separate blockchains or hierarchies, you can consolidate all functions into one giant state machine and do everything together as quickly as possible. To give you a profile, the transaction volume completed by Solana in the first month is equivalent to the total transaction volume of Ethereum in its lifetime at that time. Startup Challenges, Financing and Recruitment There are many early challenges, and progress in the first major approval process can be the biggest hurdle for any founder, and the vast majority of companies fail at this stage. I remember having thousands of meetings, and around the end of 2017, I made a list of all the VCs in Silicon Valley that might invest in cryptocurrency,…