Solana is one of the most popular and high-performance blockchains in the world, known for its scalability, speed, and low transaction fees. Solana uses unique technology that allows the network to process more than 700 thousand transactions per second without sacrificing decentralization and security.
Solana also supports the creation of smart contracts and decentralized applications (DApp) for various sectors, such as decentralized finance (DeFi) and non-fungible tokens (NFTs).
Solana Background
Solana was founded in 2017 by Anatoly Yakovenko, a former engineer at Qualcomm, a leading technology company in the United States. Yakovenko has a vision to create a blockchain that can handle high global demand at a low cost. It was inspired by the clock synchronization technology used by Qualcomm to coordinate mobile devices around the world.
Yakovenko then developed the proof-of-history (PoH) algorithm, which was the main innovation behind Solana. PoH is a system that assigns a cryptographic timestamp to every transaction on the network, thus enabling efficient and accurate sequencing. PoH also works closely with the proof-of-stake (PoS) algorithm, which is a consensus mechanism used by Solana to select validator nodes and incentivize them.
Solana launched the mainnet beta in March 2020, after raising around $25 million in funding through token sales and investments from various parties, such as Multicoin Capital, Foundation Capital, and Andreessen Horowitz. Solana also received support from various strategic partners, such as Serum, FTX, Chainlink, Circle, and Audius.
Solana Pros
Solana has several advantages that make it stand out among other blockchains, such as:
Scalability
Solana can process more than 700 thousand transactions per second, which is much higher than other blockchains, such as Ethereum (15 TPS), Bitcoin (7 TPS), or Visa (24 thousand TPS). Solana can also increase its capacity proportionally with increased hardware speed, without sacrificing decentralization and security.
Speed
Solana can confirm transactions in less than a second, which is much faster than other blockchains, such as Ethereum (15 seconds), Bitcoin (10 minutes), or Visa (3 seconds). Solana can also adapt to changing network conditions, such as latency or congestion, without compromising its performance.
Low Cost
Solana has a very low transaction fee, which is around $0.00025 per transaction, which is much cheaper than other blockchains, such as Ethereum ($20), Bitcoin ($10), or Visa ($0.05). Solana also has stable and predictable costs, without any fluctuations or spikes caused by high demand or low supply.
Compatibility
Solana supports creating smart contracts and DApps using popular programming languages, such as Rust, C, C++, and JavaScript. Solana is also compatible with Ethereum via cross-chain bridges, such as Wormhole, which enable the transfer of assets and data between the two networks. Solana also supports various token standards, such as SPL, ERC-20, and ERC-721.
Solana App
Solana has a variety of applications that can provide benefits for users, developers, and industry players, such as:
- DeFi: Solana is one of the leading platforms for developing and deploying decentralized finance applications, such as exchanges, lending, insurance, and derivatives. Some examples of DeFi projects running on Solana are Serum, Raydium, Oxygen, Mango Markets, and Saber.
- NFTs: Solana is also one of the most popular platforms for creating and trading nonfungible tokens, which are unique, nonfungible digital assets. Some examples of NFT projects running on Solana are Solana Monkey Business, Degenerate Ape Academy, Aurory, SolPunks, and Star Atlas.
- Gaming: Solana is also one of the suitable platforms for developing and deploying gaming applications integrated with blockchain, such as the metaverse, play-to-earn games, and collectible games. Some examples of gaming projects running on Solana are CryptoBlades, CryptoDozer, CryptoKitties, and Axie Infinity.
- Social: Solana is also one of the platforms that can support the creation and use of decentralized social applications, such as social media, music streaming, podcasts, and blogging. Some examples of social projects running on Solana are Audius, HowRare, SolDate, and SolFlare.
Solana Function (SOL)
Solana (SOL) is the native token and utility of the Solana network, which has various functions, such as:
- Value transfer: SOL can be used to transfer value between users on the Solana network, either peer-to-peer or through applications.
- Transaction fees: SOL can be used to pay transaction fees charged by the Solana network for each transaction made on the network.
- Staking: SOL can be used for staking, which is a process that involves locking a certain amount of SOL on the network to support network operations and security. By staking, users can select validator nodes they trust and receive rewards in the form of SOL.
- Governance: SOL can be used to participate in Solana network governance, which is a process that involves collective decision-making regarding various aspects of the network, such as parameters, protocols, and updates. By using SOL, users can vote, propose, or delegate to other parties.
Conclusion
Solana is one of the most popular and high-performance blockchains in the world, known for its scalability, speed, and performance. Solana also supports the development of decentralized applications (DApps), blockchain-based digital art or NFTs (Non-Fungible tokens), smart contracts, and more.
How to Buy Solana (SOL) on Bittime
You can buy and sell SOL tokens in an easy and secure way through Bittime. Bittime is one of the best crypto applications in Indonesia that has been officially registered by Bappebti. SOL is available on Bittime with SOL ID pairing.
To be able to buy SOL / IDR tokens on Bittime, make sure you have registered and completed identity verification. In addition, also make sure that you have enough balance by depositing some funds into the wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, then you can make SOL purchases in the application. Complete Guide on How to Buy SOL on Bittime.
Monitor the price chart movements of Solana (SOL), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
Also Read:
Solana Future (SOL) & Solana ETF Prediction
Solana Mobile Presents New Web3 Smartphone
DISCLAIMER: This article is informational in nature and does not constitute an offer or solicitation to sell and buy any crypto asset. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices may change significantly from time to time and Bittime is not responsible for fluctuations in crypto asset exchange rates.
Comments
0 comments
Please sign in to leave a comment.