Solana (SOL) claims to be the fastest public blockchain globally, with transaction times as fast as 1 second.
It offers cheaper transaction fees than its competitors and has smart contract functionality through its native cryptocurrency, SOL.
With all these advantages, why should you invest in Solana? Find out below.
What Is Solana?
Solana’s main goal is to create a blockchain platform that can handle high-throughput computations at low latency and minimum costs.
Compared to Ethereum and Bitcoin, Solana claims its platform can support up to 65,000 transactions per second while maintaining a reasonably short block time of 4 seconds or less.
Additionally, Solana supports smart contracts. Currently, it supports Solidity compilation with plans to add Vyper and potentially Python in the future.
Where to buy Solana?
The official token for Solana is called SOL. You can purchase or trade for SOL on Binance and other platforms.
As mentioned before, you must have an account on these exchanges to make transactions involving its native currency.
If you would like to know where to buy solana, then check out Uphold or other related sites who sell solana tokens.
Once you have your accounts set up and verified with your email address and password of choice, you can make your first transfer of cryptocurrencies into these platforms in order to buy Bitcoin.
You can store your SOL coins in any ERC-20 compatible wallet. Many online tutorials will help walk you through setting up your wallet for storage purposes.
I suggest watching one if you’re unfamiliar with how wallets work.
What Does It Do Differently From Other Blockchains?
Solana claims to offer faster transaction times and lower costs than its competitors.
If Solana can deliver on these claims, there might be strong arguments for investing in it.
Here are some key features of Solana that make it unique-
- Solana uses Proof of History to prove that blocks are added in chronological order. This makes it easier for nodes to determine which block comes next.
In contrast, Ethereum and Bitcoin use Proof of Work and Proof of Stake to achieve consensus on their networks.
- Solana uses WebAssembly as its smart contract language rather than Solidity or Vyper.
This means that smart contracts can be written in C/C++ languages rather than learning new languages like Solidity or Vyper.
- Solana has an adaptive block size limit that allows faster transaction times as more nodes join its network.
This means that there are no block size limitations and that blocks can grow to accommodate any number of transactions. This is different from Bitcoin and Ethereum, which have fixed block sizes.
- Solana uses Proof of History to achieve consensus on its network rather than Proof of Work or Proof of Stakes like other blockchain platforms such as Ethereum and Bitcoin.
The Current Market Environment
The crypto market has experienced turbulent times recently.
With no certainty over whether bitcoin and cryptocurrencies will be classified as securities by regulators or not, even widely established investors like Warren Buffet have been wary of getting involved.
This could be seen as somewhat of an opportunity for new investors to get in on highly-anticipated projects like Solana at a reduced price.
However, with so many new coins being introduced into the market every day, it’s important to do your research before committing any money.
- What makes Solana different from other blockchains?
- How does its smart contract technology work?
- Is there anything about its project that makes it stand out from other cryptocurrencies?
It’s important to think critically about these questions before making any investments – but you might find that you can answer them more easily if you take some time out to understand what Solana actually is!
Solana (SOL) is not a well-known cryptocurrency. In fact, many competitors have had more time in development and better exposure to users.
This can be off-putting for some investors and could make Solana seem like an inferior product.
However, once you dive into Solana’s roadmap, you will see that it has a lot of potentials and has been gaining traction quickly despite its lower profile compared to other coins.