Complete Guide to Learning Solana (SOL): Solana Review 2024

In this article we will discuss in depth about Solana (SOL), one of the blockchain projects that has attracted the attention of many investors and developers in the crypto world. 

The following is a complete guide to studying Solana (SOL) along with a review of its condition in 2024.

What is Solana (SOL)?

Solana (SOL) is a blockchain project that aims to increase the scalability and speed of transactions in the crypto ecosystem. 

Compared to other blockchains such as Ethereum, Solana offers higher speeds and lower transaction fees.

History of the emergence of Solana (SOL)

Solana was founded in 2017 by Anatoly Yakovenko, a software engineer with extensive experience in technology and finance. 

Yakovenko has a vision to create a blockchain that can overcome the scalability problems faced by current blockchains, such as slow transaction speeds and high transaction fees.

Solana launched its mainnet in 2020 and has since received a lot of attention from the crypto community. 

SOL, Solana's native token , has also seen a significant increase in value as interest in the project increases.

Advantages of Solana (SOL)

High Scalability

One of Solana's main advantages is its ability to handle very large amounts of transactions quickly and efficiently.

With its unique Proof of History (PoH) consensus technology , Solana can process thousands of transactions per second.

Low Transaction Fees

Solana offers low transaction fees, which makes it more affordable for users to conduct transactions on the Solana network. 

These low transaction fees are a big advantage, especially for users who want to make micropayments or other small transactions.

Security

Solana uses a variety of advanced security technologies to protect its network from attacks and fraud. 

By using a decentralized architecture and PoH consensus, Solana provides a high level of security for users and developers.

Also Read: Solana (SOL) Future & Solana ETF Predictions

Thriving Ecosystem

Solana has a rapidly growing ecosystem, with many projects and applications built on top of it. 

With more and more projects and developers interested in Solana, the ecosystem continues to grow and offers various opportunities for users and investors.

Technology on Solana (SOL)

Solana uses a number of advanced technologies to achieve its goal of being a scalable and fast blockchain. 

One of the key technologies used by Solana is Proof of History (PoH), which allows the network to sequence transactions efficiently and accurately. 

Additionally, Solana also uses Proof of Stake (PoS) consensus technology to validate transactions and achieve consensus on the network.

Solana also uses a decentralized and redundant architecture, which ensures network security and resilience against attacks and system failures.

Important Projects in the Solana (SOL) Ecosystem

Solana (SOL) was born as a solution to the congestion problem that occurred on the Ethereum network. 

While Ethereum is only capable of processing around 45 transactions per second, Solana brings incredible capabilities by processing up to 65,000 transactions per second. 

In fact, the Solana development team claims that their blockchain can handle up to 710,000 transactions per second once the required number of validators has been reached.

Solana is essentially a programmable blockchain, similar to Ethereum. 

As a result, the project has seen rapid growth in the number of decentralized applications (dApps), which has now reached more than 400. 

These applications usually focus on promising market segments such as NFTs , DeFi and gaming.

There are several prominent projects in the Solana ecosystem, including:

• SERUM: A DEX (decentralized exchange) supported by FTX and other partners. SERUM is the only DEX that offers an on-chain order book with fast processing speeds.
• MANGO MARKETS: A platform focused on crypto trading and lending, in collaboration with Serum. The platform aims to provide leveraged trading services to users, while maintaining a high level of decentralization.
• THE SOLARIANS: An NFT collection whose creation and storage is secured on the Solana network. This collection is known for its classic and retro robot designs.
• TULIP: A crypto investment product aggregator that offers a crypto vault with the aim of locking up users' cryptocurrencies for profit.

Also Read: Polygon (MATIC) Outperforms Solana (SOL) In Weekly NFT Sales

Current Solana (SOL) Market Conditions

Solana has become one of the leading cryptocurrencies and has consistently been among the top 10 on CoinMarketCap for the past several years. 

Its strong presence makes Solana an important asset to include in your portfolio. 

However, due to its applications in DeFi and Web3, Solana is also known as a highly volatile token.

Image source: Bittime.com

Currently, February 12 2024, if you look at the movement of Solana (SOL) on Bittime Trade , there is a trend of -3.08% over the last 24 hours, so the value of Solana (SOL) to IDR is IDR 1,657,191.

Meanwhile, the highest potential for Solana (SOL) could reach IDR 1,732,048 with the lowest figure at IDR 1,636,852 during the last 24 hours. 

Conclusion

Often considered one of Ethereum's main competitors in the market, Solana stands out by offering faster transactions and very low fees, averaging only around $0.00025 per transaction. 

This incredible performance is driven by the adoption of a new technology called “Proof of History (PoH),” which acts as an internal clock for the network, ensuring transactions can be sequenced accurately and efficiently.

Compared to other blockchains that rely on third-party clocks to complete transactions, PoH offers substantial improvements in terms of transaction speed. 

While every investment has its own risks, Solana is increasingly attracting investor interest due to its striking innovation and growing adoption in the cryptocurrency world.

As with any form of investment, conducting thorough market research and understanding the risks involved is essential. 

How to Buy Solana (SOL) on Bittime

You can buy and sell Solana coins (SOL) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappbeti. 

Solana is available on Bittime with SOL/IDR pairing.

To be able to buy SOL/IDR coins on Bittime, make sure you have registered and completed identity verification. 

Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet.

For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make purchases of Solana (SOL) in the application. 

Monitor price chart movements of ETHEREUM (ETH), Bitcoin (BTC), Solana (SOL), MANTA, and other cryptos to find out today's crypto market trends in real-time on Bittime.

Also Read:
Get to know Jupiter (JUP), Uniswap's DEX Solana rival

Staking vs Lending, Which is the Most Profitable?

Solana Mobile Presents New Web3 Smartphone

Solana Labs Officially Releases SPL Token Extension

2024 Predictions: Five Potentially Bullish Cryptocurrencies

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.