Know your crypto: Looking into Solana’s ‘Sol’

For years, the attention of the crypto community has always been turned to Bitcoin and Ethereum as the top currencies in the market. However, new coins with functionalities and features rivaling these crypto giants have been developed. One such coin is called SOL, which runs under the public blockchain Solana.  

Among thousands of cryptocurrency tokens developed today, Solana managed to captivate the crypto community with its high potential. This crypto token is created with the intention to one-up Ethereum by offering the same smart contract functionality albeit with a faster transaction time and a cheaper fee. 

Get deeper into the details about this innovative altcoin and discover why Solana is soaring high in the crypto market right here at BTC Post.

Solana then and now: A journey to the top

Despite being relatively new in the crypto scene, Solana is now considered one of the biggest decentralised blockchains in the crypto-sphere with a technology that can be compared to market leaders like Bitcoin and Ethereum. 

Its blockchain can run up to 350 decentralized applications or dApps while also allowing you to complete multiple transactions in the fastest and most efficient way.

In addition, Solana’s native token, SOL, is soaring high into the market rank alongside the crypto giants like Bitcoin, Ethereum and Tether. Know more about it and its story of success below:   

A humble beginning

The one to thank for the creation of Solana is its founder named Anatoly Yakovenko. Before creating Solana, Anatoly worked as a senior staff engineer in the US-based electronics company Qualcomm. He left his job a few years later to become a software engineer in Dropbox. These work backgrounds along with the knowledge gained through years of experience allowed Yakovenko to spearhead the Solana project. 

In 2017, Yakovenko finally established Solana Labs in San Francisco with the help of his colleague in Qualcomm, Greg Fitzgerald. The company then gained more members who helped in improving SOL’s protocol and functionality over time. 

In April 2019, Solana Labs finally released their native token SOL to the public. With the fast transactions and lower fee offers, SOL quickly gained traction in the market as an Ethereum competitor.

Rising to the top 

Despite the struggles of competing against thousands of other crypto tokens in the market, SOL managed to have a market capitalisation of up to $30 billion according to the data presented by CoinMarketCap. 

Its price as of writing is $97.90 with its all-time high reaching up to $260.06 on November 6, 2021, a stark contrast to its all-time low price of $0.5052 which it reached on May 11, 2020. This data proves that SOL has continuously increased in price and remained relevant in the market to this day. 

Why Solana?: Best features offered by SOL 

Get deeper into SOL and discover the features that make it stand out from the rest below: 

Fast and cheap transactions

One of the selling points of this altcoin is its cheap fees and fast transactions. According to Solana’s website, they can process up to 65,000 transactions per second. This is a far cry from their target competitor, Ethereum, which can only process 15 transactions per second. 

Not only that, but Solana also charges lower fees compared to Ethereum with their rates only averaging $0.1 per transaction.

Proof-of-History (PoH) mechanism

The proof of History (PoH) protocol shows the greater scalability of the tokens, which allows it to have improved usability. According to Solana’s whitepaper, PoH was first developed in 2017 by Yakovenko himself. This protocol lessens the time in validating transactions while creating a better execution of smart contracts within the blockchain. 

Another thing that makes this concept stand out is the fact that it records the timestamp for every transaction, which improves the efficiency of your trade. Instead of relying on a local clock, the nodes in Solana’s blockchain records the passage of time in the ledger. 

A public and decentralised blockchain

Solana runs on a public open-source blockchain that allows anyone to use the related applications in its domain as well as participate in the projects throughout its network.

Since there is no single entity controlling Solana’s open-source and decentralized blockchain, it would be impossible for any hacker to tamper with your transaction data and mess with your personal accounts. 

What makes SOL the perfect investment for you

Make the best choice for your investment. Here’s why SOL is perfect for you:

• SOL works well NFT and smart contracts 

Just like Ethereum, Solana also caters to NFT users and has a smart contract functionality in their blockchain. Solana’s system allows its users to trade and purchase NFTs using their blockchain. With non-fungible tokens thriving in the crypto industry today, this would be beneficial for your trade and investment. 

• SOL is a popular token 

Popularity might not mean everything, but it helps when it comes to ensuring that your token would be relevant for a long time. Despite the wild volatility of SOL, its popularity in the crypto market ensures that its lows come with highs that would give you great profits in your investment.

As a token that specifically challenged Ethereum, the eyes of the crypto community continuously keeps track of Solana’s progress. A proof of how far this token has come is when it ranked 7th in the top market capitalisation data in 2021. 

• SOL can go neck and neck with bigger coins

Solana’s promises to usurp Ethereum doesn’t sound like an empty threat considering that it is faring well in the market ever since it was released. Its smart contract functionality could even be compared to the market leaders like Cardano (ADA) and Ether (ETH).

Where to buy your SOL tokens 

Planning to invest in SOL? Here are some of the best exchange platforms that you can use for your trade and investment:

• Binance

Binance is the leading crypto exchange platform in the world today. What’s wonderful about this platform is that it allows you to trade and purchase different cryptocurrencies including SOL. Enjoy a plethora of choices for your investment! 

• Coinbase

If there is one exchange platform that crypto users trust, it’s Coinbase. This global exchange platform ensures that you would have a secured trade. The wide range of choices when it comes to cryptocurrencies also makes it a formidable platform for your investments and trades. 

• Kraken

Kraken is a platform that boasts of a convenient way for users to purchase crypto tokens by transferring funds from their bank account. Despite having a smaller range of available coins, Kraken caters to anyone who wants to trade and purchase SOL.

Invest in SOL today!

Invest only in the best. Purchase SOL today and look forward to a bright future for your investment. As a token with proven legibility in the crypto market as well as an offer of cheaper and faster transactions, Solana has all the advantages to take your investment further. Make the right choice and invest in Solana today!