Like many other blockchain networks, the transactions on the Solana network are validated by numerous nodes scattered across the globe and are recorded on a public ledger that can be verified by anyone.
While the network has suffered downtimes in the past, the core consensus architecture used for the security of the transactions and addresses in the protocol is similar to one of the most secure blockchain networks in the industry, like Ethereum. This makes the network quite secure.
The Solana protocol may have taken noteworthy steps towards security, but securing the storage of one’s funds is something out of its reach. Conventional ways of holding cryptocurrencies like centralized crypto exchange accounts and online/hot wallets have several points of failure. Centralized exchanges (CEXs) do not provide full control over one’s assets and online wallets carry the risk of exposure to scams and malicious malware that can disclose private keys.
Hardware/cold wallets offer the paramount level of safety by taking the private keys completely off the grid and storing them in physical storage devices.