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Highlights
- Solana’s platform focuses on providing decentralised finance solutions
- It makes use of both the proof-of-stake and the proof-of-history consensus mechanism.
- The platform ensures low-cost transactions, thus offering greater scalability for both users as well as developers
Currently ranked sixth according to market capitalisation, Solana is one of the top altcoins across the globe.
It is an open-source project, which has been designed to host decentralised, scalable applications. Though initial work on the project began in 2017, Solana was officially introduced in 2020 by the Solana Foundation based in Geneva.
Interesting Read: Fantom, Cardano, Solana- All about 3 altcoins seen as Ethereum killers in 2022
The blockchain has been created to enable scalable, user-friendly applications for the world.
Source: © Darkworx | Megapixl.com
Know more about Solana
Being a fourth-generation blockchain, Solana uses the PoH, i.e., the Proof of History consensus mechanism, thus allowing enhanced scalability, which in turn, accelerates usability.
Its protocol is designed to focus on DApp’s creation and provides users with unmatched transaction speeds and enterprise-level security.
The blockchain also makes use of PoS, i.e., the proof-of-stake model. While PoS lets validators verify transactions based on how many SOL coins are being held by them, PoH sanctions those transactions to be verified very quickly.
Owing to this innovative hybrid consensus model, Solana enjoys the patronage of both small-time traders and enterprise customers. Having smart contract capabilities, Solana boasts low transaction costs and guarantees scalability and fast processing. According to its website, US$0.00025 is the average cost per transaction.
Do Read: What is Ronin (RON) crypto? What are its benefits?
The network ensures composability between projects, thus allowing its users not to deal with multiple layer-2 systems or shards.
Moreover, the platform boasts being one of the fastest growing ecosystems in crypto, with thousands of projects pertaining to NFTs, DeFi, Web3, etc.
SOL price
Currently, Solana is trading at US$110.61, with a decline of 1.23% over the last day. Its native token is called SOL, having a circulating supply of around 327 million coins. However, its total supply is not available.
It is noted that the current market cap of the crypto is nearly US37 billion.
Also Read: Why are penny cryptos Stellar and VeChain hogging the limelight?
Where to buy SOL coins from?
The SOL token is widely available in almost all the top cryptocurrency exchanges worldwide. Some of them are Binance, Kraken, Coinbase, Gemini, KuCoin, FTX and many more.
Bottom Line
Crypto assets are volatile; one must not be allured by short-term gains. The best way to succeed in the crypto space is to thoroughly analyse the crypto’s whitepaper and invest according to one’s risk appetite and with due diligence.
