What is Solana? Solana is a blockchain developed as a competitor to Ethereum. In this article, you can find answers to questions such as what Solana is, what it offers, what is SOL coin used for, how to get it. As Kriptokoin.com, we have compiled it for you.
What is Solana? What does the project offer?
Solana is a blockchain that aims to provide high transaction speed without compromising its decentralized nature. The network, which was flooded by both institutional and individual investors last year, managed to become one of the largest crypto money projects in a short time. At the time of writing, SOL was the 9th largest cryptocurrency project with a market cap of $29.5 billion.
Solana emerged as a solution to the “low transaction speed versus high transaction fee” problem found in Bitcoin and Ethereum networks. The network attracts the masses by offering high transaction speed and low transaction fee. Because of this advantage, many analysts call him the “Ethereum Killer”. In addition, the network allows users to create decentralized applications (dApps) and immutable tokens (NFTs). Launched in 2018, the network is managed by the Solana Foundation and is open source. The project uses a proprietary protocol called “Proof-of-History” to synchronize all transactions on the network.
This protocol assigns a unique timestamp to each transaction. Proof-of-History stands out as the main reason for the success of the network in terms of transaction speed. Thanks to this, the blockchain processes transactions 10,000 times faster than competing blockchains such as Ethereum and Bitcoin. Finally, the network includes over 800 NFT markets that allow users to buy and sell NFTs. The Ethereum blockchain retains the title of the most used network in the NFT space.
What is SOL coin? What is it used for?
Altcoin SOL works as the native cryptocurrency of the Solana network. The altcoin has two main use cases: First, the SOL coin can be staked. SOL holders can get more SOLs at maturity by locking their holdings for a certain period of time. The amount of SOL given as stake reward varies according to the number of locked tokens.
Second, SOL is used to pay the transaction fee required to transact over the network. The SOL network is fast but operates with very low transaction fees. It is possible to pay fees such as $0.01 per transaction. Transaction fees on the Ethereum network can even exceed $ 100 from time to time. It should be noted that altcoin will also be used in the management of the platform in the near future. SOL coin managed to record a price increase of over 10,000% in 2021.
What is Solana? Where to buy SOL coin?
Solana network altcoin SOL is listed on almost all major cryptocurrency exchanges. Investors interested in SOL coin can buy SOL coin by signing up with major exchanges such as Binance, Huobi Global, FTX and depositing money in their wallets.
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