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What is Solana Blockchain, All you need to know!

What is Solana Blockchain, All you need to know!

As creative as it is, Blockchain technology encounters unique hurdles, like scalability problems, huge trading fees, limited throughput, and more. Numerous initiatives in the Decentralised Finance (Defi) area are competing to be the ultimate web-scalable blockchain and provide the most outstanding consumer experience by addressing the current common challenges.

Solana is one of these, gathering steam in the Defi ecosystem. This censorship-resistant, open-source blockchain uses many innovations to boost scalability and provide a solid foundation for developing decentralised apps (dApps). This post will delve into the nuances of Solana and how you can invest in Solana:

So, What Exactly Is Solana?

Solana is a decentralised protocol for developing decentralised applications (dApps) with a bandwidth of 65,000 exchanges per second, thanks to its shared computing technology. Unlike many other protocols that use the Proof of Work (PoW) or Proof of Stake (PoS) mechanisms, Solana employs the Proof of History (PoH) technique, which increases scalability while ensuring network security.

This unique crypto technology is among the few layer-one systems that can handle thousands of exchanges per second without using off-chains or additional layers.

Also Read: Pancakeswap: All you need to know!

Solana’s Origin And Establishment:

Anatoly Yakovenko, a former engineer at Qualcomm, established Solana in 2017. In the same year, he released the Solana Whitepaper, which aimed to create a decentralised system with a novel algorithm that might complement and improve the widely used Proof of Work and Proof of Stake blockchains. Proof of History (PoH) was born, a timekeeping methodology for encoding the flow of time within a data model.

Also Read: NFTs In India: A Fad Or The Future

Who Supports Solana?

Solana’s ecosystem now includes over 230 enterprises from a variety of industries.

Automated Market Makers (AMMs), oracles (Gravity, ChainLink, Band Protocol, Switchboard, and Nozomi), wallets, and exchanges are just a few to mention.

Solana’s Token:

Solana’s native and utilitarian token utilised to bid and pay transaction fees is SOL. It’s an inflationary token with declining production and an annualised inflation rate of 1.5%.

SOL had a fantastic year in 2021, being the seventh-largest cryptocurrency in terms of overall market cap. The Solana token reached 725x its Initial Coin Offering price of $0.22 around 18 months after the ICO.

Also Read: Cryptocurrency Advantages and Disadvantages: Is it worth investing?

What Is The Best Way To Purchase Sol?

A cryptocurrency exchange is the most straightforward way to purchase Sol. You may invest in Solana tokens and a range of other crypto assets on a good trading platform with minimal spreads. You can also access them via a desktop site or a user-friendly app to exchange and sell your tokens anytime.

Set up an account, verify your profile, and put fiat currency into your new account to get rolling. Exchanges support bank account transfers; once the transfer is approved, you can then trade Sol or any other Crypto.

Final Thoughts:

Solana is a top-performing blockchain that has piqued the crypto community’s interest. It supports many of the industry’s most well-known figures and seems on the right course to success. It was also at the epicentre of the NFT explosion in 2021. Today Solana is one of the most widely utilised platforms for numerous Decentralised Finance applications making it a good investment option.

Featured Image credits: Forkast

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