What is Solana?
Solana is
a blockchain that runs various decentralized applications. Solana aims to
improve blockchain scalability by using a combination of proof
of stake consensus and so-called proof of history. As a result, Solana
claims to be able to support 50,000 transactions per second, making it one of
the fastest programmable blockchains in crypto right now, without sacrificing
decentralization.
Here Programmable blockchain
means those blockchains which support smart contracts. So, what are smart
contracts? Well it will be discussed on next post.
Solana solves the many
traditional issues that earlier blockchain technology experiences and SOL serves
as the native token of the blockchain; which is used to carry out all type of
transactions in the network. SOL is one of the Top 10 coins on the
charts.
Solana uses eight innovative
technologies to achieve its goals namely Proof-of History, Gulf Stream,
Sealevel, Turbine, Cloudbreak, Pipeline, Archivers. We will talk about them
later on.
Creators of Solana
The Solana (SOL) platform was
founded back in 2017 by Anatoly Yakovenko. Yakovenko worked as an Engineer at
Qualcomm before founding Solana. He has a wide range of experience with
compression algorithms after his previous experience at Dropbox as a software
engineer. Yakovenko teamed up with his former colleague at Qualcomm, Greg
Fitzgerald, now Solana’s chief technology officer, and Eric Williams to build a
blockchain testnet based on proof of history, which was first released in
February 2018. The three created a new process of dealing with traditional
throughput problems that existed in the Bitcoin and Ethereum blockchains.
Prospects of Solana
In addition to its blockchain and
cryptocurrency, Solana is a platform for developers to create mobile apps. The
platform works with the C and C+ programming languages, as well as Rust, with
more integrations on the way. By doing so Solana could enable more people
to create apps and help creators and users avoid troublesome app stores.
According to Yakovenko’s big
idea, which he calls “proof of history,” wherein the Solana blockchain has
developed a kind of synchronized clock that, in essence, assigns a timestamp
for each transaction and disables the ability for miners and bots to decide the
order of which transactions get recorded onto the blockchain. Yakovenko says
doing so allows for greater security and “censorship resistance.”
Solana (SOL) has quite a few
users in the crypto industry; many are the best and brightest in the crypto industry.
These firms include Project Serum, FTX, Terra, akash, Chainlink, civic, dfuse,
Formatic, Stardust, Kin, Tempest, and more.
SOL Crypto - Supply and Market capitalization
The SOL token is used as Solana’s
gas token, used to pay for all on-chain transactions and smart contracts.
Investors can also use SOL to perform micropayments, also referred to as
lamports within the ecosystem.
SOL token holders can also earn
rewards by supporting the network with a process called staking. This involves
staking a minimum of 0.01 SOL to become a node that helps validate transactions
on the blockchain, in exchange for more SOL coins.
Solana (SOL) has a circulating
supply of 370,009,851 SOL tokens and has a total supply of
502,654,417 SOL tokens. And as of writing, SOL is ranked as the 11th largest
crypto among all the cryptocurrencies in terms of market capitalization,
according to CoinMarketCap.
Its current trading price is $16.19 , giving it a market capitalization of $5,992,835,564.
SOL has made an all time high of $260.06.
Where to Buy SOL?
SOL is the hottest crypto
nowadays and making into headlines everyday, moreover it is among the top 20
cryptocurrencies in market capitalization. So you can figure it out that it's
must be available for buying, selling and trading in almost all the major
exchanges around the globe including coinbase;
other major crypto exhcanges facilitating SOL are like Binance, Huobi, Kraken, KuCoin, Bitfinex, uphold, Coinbene and
others.
Whether invest or not?
It is relatively new, so it's
difficult to analyze past performance. But it does have strong leadership and
has attracted reputable investors. And there are already over 400 projects on
the Solana network. Some of the projects like Serum, Chainlink, USDC (the
Circle stablecoin),
and Audius are well known in the crypto world. Investing in SOL for a long
term, for years not months, might be much rewarding than it seems, however
always Do Your Own Research before investing; don't just speculate.
Furthermore, Investing in any types of cryptocurrencies is a subject to high market risk and high volatility. If you are ready to take the risk, which cryptocurrencies carry, then you can invest in SOL also.
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