We investigated Anatoly Yakovenko a pioneer in the blockchain space who founded Solana, one of the largest networks in the blockchain ecosystem.
Dealing with the Solana network that faced many problems, Anatoly Yakovenko also took on blockchain innovations. Let’s take a look at who Anatoly Yakovenko is.
Born in 1970 in Moscow, Anatoly Yakovenko studied computer science at the Moscow Institute of Physics. In 2000 Yakovenko graduated from the institute and started working as a software engineer. Just a year after graduating, he decided to start his own company.
Yakovenko co-founded Alescere, a voice over internet protocol service. The company was building Session Initiation Protocols SIP and Real-Time Transport (RTP) stacks and server components for small businesses.
After 3 years, Yakovenko left Alescere and joined Qualcomm. Qualcomm is the world’s leading innovator of wireless technology and a company that prides itself on pushing the boundaries. Qualcomm, just like Alescere, is in the communications business, so Yakovenko did a similar work there.
However, Yakovenko focused on more challenging engineering work. Yakovenko had no founding partnership that limitations within company which allowed him to quickly climb the corporate through ladder.
Anatoly Yakovenko During The Creation Of The Solana Network
In 2017 Yakovenko published Solana network whitepaper and introduced the Solana network to the whole world. Yakovenko didn’t want Solana to be just another blockchain and worked on a brand new mechanism.
Unlike the other blockchains, Solana chain was designed to be fast as any payment method. In 2017 the leading Ethereum and Bitcoin chains were too slow and had too many problems within the product.
Yakovenko knew that he need a new system for fast transactions, so he created Proof-of-History. This new system was used together with Proof-of-Stake. With the release of Solana on March 16, 2020, Proof-of-History became a great success. During its initial launch, PoH started to make 50,000 transactions per second.
With this accomplishment, Proof-of-History became one of the biggest steps in blockchain technology.
Anatoly Yakovenko After Leaving The Solana Network
After its launch, the Solana network was adopted very quickly and grew very big, so much that 1 year after its launch, it completed a $314 million funding round led by Andreessen Horowitz.
In 2022, Solana was sued for allegedly selling unregistered assets. According to the lawsuit, Solana was not providing true information about token burning and Yakovenko was misleading investors about the total supply of SOL tokens in circulation.
In 2022, the FTX bankruptcy affected the Solana network and therefore Yakovenko as well. In November 2022, the network lost more than a third of its value in one day. This was because FTX and Almeda held almost 1 billion Solana tokens.
Anatoly Yakovenko’s Future Plans
Although Solana had many problems, Yakovenko seems determined to lead the company. Solana is currently more focused on the Web 3.0 phone. The phone is currently called “Saga phone”. With the new phone, the company will try to disrupt the business model of companies like Google and Apple.
Yakovenko said that he doesn’t expect Solana’s Saga project to shake up the cell phone community right away. Yakovenko said it would be enough to sell between 25,000 and 50,000 units to start with.
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