What is Solana ?
Solana (SOL) Coin is a cryptocurrency launched to a comparatively limited fanfare during April 2020. However, nowadays, this cryptocurrency has been on a tear.
In January 2021, Solana Coin’s worth has risen rapidly from approximately $1.50 to no less than $208, turning it to be the 6th largest cryptocurrency globally along with a market cap that’s worth $61 billion.
Solana is a blockchain platform for various decentralized applications. Being an open-source project, Solana foundation maintains this platform. This Solana foundation is Geneva-based. Also, the platform is developed by Solana Lab’s developers, and this Solana lab is San Francisco-based.
Primary features of Solana
- The Solana Crypto Currency is based on an open-source, web-scale protocol that supports both institutions and developers worldwide for building the marketplaces and the DApps or Decentralized applications.
- The protocol of the Solana platform is speedy, censorship-resistant, and secure, which offers the flexibility of an open infrastructure needed to establish applications for mass adoption.
- The Solana (SOL) coins depend on a combination of POH or Proof of History and POS or Proof of Stake consensus mechanisms to improve scalability and throughput.
- The Solana network claims that it can support no less than 50,000 TPS or transactions per second. This high transaction rate is making Solana (SOL) coins become part of the speediest blockchain network in the world. And, this has become possible because of Solana’s Gulf Stream protocol that forwards the mempool-less transactions.
- The Turbine Protocol helps Solana coins in caching the transactions and forwarding them to the network’s edge.
Is Solana a promising cryptocurrency?
Throughout August, the Sol Coin has dominated the cryptocurrency market, and its prices have tripled during this month. Also, by the end of August, the Solana coin has crossed the mark of $100, beginning from $36. Because of this, the Solana Coin has become the seventh-highest cryptocurrency by clocking no less than $54.7 Billion in its market cap.
The Solana coins have experienced a rise of at least 3,200% since August. The primary reason that resulted in this spectacular performance of the Solana coins is a spike in the interests of the investors in the Competitor platforms of Ethereum’s like NFT and DeFi and their smart network offerings.
Therefore, if you have missed out on the ICO or Initial Coin Offering of the Solana (SOL) Coins, you purchase the SOL on reliable third-party crypto exchanges like Solana (SOL).
How to use Solana coins?
The Solana (SOL) platform offers excellent efficiency, privacy, and security. You can utilize the Solana (SOL) coins in the below-mentioned ways:
Online payments – You can make payments at online retailers and international stores using these Solana (SOL) coins.
Reporting fee – By reporting loyally on Solana (SOL) markets, you can report the price.
Investment – With the growth in the betting market, the Solana coin price would also increase.
International transfer – You can transfer the funds internationally by utilizing the Solana (SOL) coins without charges or mediators.
Pros & Cons of Solana coin
- The Sol Crypto can process at least 50,000 transactions per second along with the exclusively low cost that’s no more than $0.01.
- With the massive number of users on board, the Solana Crypto Currency has achieved economies of scale and kept the entire application charge low.
- The Solana coins have reached very high scalability levels by leveraging the entire proof of history and various other breakthrough innovations.
- The Solana Price has been hugely criticized for not being adequately decentralized.
- Various implementations of this cryptocurrency have not yet launched on Solana’s Mainnet Beta version.
Trade Solana coin on CoinSwitch kuber
- You can begin the trading and investment at a meager cost by following the Solana Coin Chart. In addition, you can seamlessly track all the transactions and can also manage the portfolio.
- Coin switch Kuber permits instant deposit and withdrawal directly from your bank accounts.
- The UI is forward and intuitive.
- You can trade in Coinswitch Kuber at zero cost.
Solana ICO summary
In January 2021, Solana Coin’s worth has risen rapidly from approximately $1.50 to no less than $208, turning it to be the 6th largest cryptocurrency globally along with a market cap that’s worth $61 Billion. Buy the Solana (SOL) coins on the coin exchanges and earn those as a fee for reporting to the betting markets.