Maybe not many crypto enthusiasts know about Solana, but this will write about Solana crypto review, an open-source platform that offers scalability and high transaction speeds.
Solana claims to be able to process up to 50K transactions per second. Developers in the Defi project can take advantage of the Solana platform. This uses the SOL token which is the native token of Solana.
With a market capitalization of 14 billion USD, the Solana price at the time of writing has reached $ 52.33. This is an interesting technology because even though it is considered new, it has experienced high price increases since the beginning of January 2021.
- 1 Solana crypto explained
- 1.1 Solana ecosystem
- 1.1.1 AMM Automated Market Maker
- 1.1.2 App
- 1.1.3 Defi
- 1.1.4 DEX (Decentralized exchange)
- 1.1.5 CEX (Centralized Exchange)
- 1.1.6 Explorer
- 1.1.7 Lenders
- 1.1.8 Infrastructure
- 1.1.9 NFT (Non-Fungible Token)
- 1.1.10 Oracle
- 1.1.11 SPL (Solana Programming Language)
- 1.1.12 Stablcecoin
- 1.1.13 Staking
- 1.1.14 Tools
- 1.1.15 Wallet
- 1.2 Solana crypto max supply
- 1.1 Solana ecosystem
- 2 Solana crypto how it works
- 3 Solana crypto founder
- 4 Solana crypto how to buy
- 5 Solana crypto a good investment
- 6 Solana cryptocurrency prices history
- 7 Solana cryptocurrency price prediction
- 8 Solana cryptocurrency Reddit
- 9 Conclusion
Solana crypto explained
Solana (SOL) is a web-scale blockchain that provides fast, secure, scalable, and decentralized applications and marketplaces. This crypto supports 65,000 Transactions per second and 400ms Block Times.
Solana is a highly functional open source project for Defi that relies on permissionless blockchain technology to provide decentralized financial solutions (Defi). The Solana protocol can also be suitable for building WEB 3.0 projects, and gaming.
The Solana protocol has a design that aims to facilitate the creation of decentralized applications (DApp). It is a scalability solution by introducing Proof of History (PoH) and the combination with Proof of Stake (PoS) consensus that underlies the blockchain.
The Solana Ecosystem is a project category on the Solana network, there are 16 categories of the Solana ecosystem including AMM, Application, Defi, DeX, CeX, Explorer, Lender, Infrastructure support, NFT, Oracle, SPL, Stablecoin, Staking, Developer Tools, and Wallet.
AMM Automated Market Maker
This is a category of projects focused on providing liquidity to a decentralized exchange for quick transactions.
This project category focuses on building decentralized applications on the Solana Blockchain, with multiple purposes.
This category is for projects related to the Defi Sector that utilize the Solana Blockchain technology.
DEX (Decentralized exchange)
This category is projected for decentralized exchanges built on the Solana Blockchain.
CEX (Centralized Exchange)
This category refers to centralized exchanges that use third parties in their operations as exchanges on the Solana Blockchain.
This category explorer refers to a project that aims to help provide several tools for providing information and data about blockchain and crypto.
This is a project category that moves to become a kind of venture capitalist for Solana and other crypto projects.
This is a project that focuses on providing support for the technology infrastructure in the Solana Blockchain.
NFT (Non-Fungible Token)
These are projects that aim to protect all matters related to NFTs on the Solana Blockchain.
Oracle is a project that focuses on building bridges between real-world data and data on the Solana Blockchain without any lag.
SPL (Solana Programming Language)
In this category, it is for moving projects with a Solana fit. If Ethereum has ERC20, Solana has SPL.
Stablecoins are projects that focus on protecting the existence of stablecoin such as the US Dollar on the Solana Blockchain.
This is a project category that moves to make staking easier in a decentralized manner. There is one project in this category, namely Stakefi.
This category is for projects that aim to make it easier for developers on the Solana Blockchain to build projects.
This is for the category of digital wallet projects that focus on becoming a Wallet for integration with the Solana Blockchain.
Solana crypto max supply
SOL is a native token from Solana, for the currency in the Solana ecosystem. The holders can participate in Staking to confirm a transaction and earn rewards. SOL token in the early news has a maximum supply of 489 million SOL.
However, currently, Solana’s total supply is 494,519.16. based Coinmarketcap data. Total Supply is the number of coins that have been created.
While the circulating supply reached 272,637,427. Circulating supply is a coin circulating in the market and is in the hands of coin holders.
SOL token distribution is aimed at several purposes. 16.23% goes to initial seed sales, 12.92% for founder sales, 12.79% for team members, and 10.46% of tokens are given to the Solana Foundation. The remaining tokens are for public and private sale
Solana crypto how it works
Solana uses a combination of Proof of History and Proof of Staking consensus from blockchain, it has a hybrid model, which attracts investors to take advantage of this technology for higher transaction speed scalability.
When a transaction is inputted to Leader, then the leader will sort the transaction orders and process them efficiently so that they can be processed by other nodes.
Then the leader will execute the transaction which is then stored in RAM. Next, the Leader publishes the transaction and the signature from the final status to the verifier. Then verifier will execute the same transaction on the copy of the node and issue a signature. The published confirmation will then serve as a vote for the consensus algorithm.
Solana is a Delegated-Proof-of-Stake (PoS) network. DPoS networks differ from PoS networks in several ways. Both mechanisms use a validator to process transactions.
Validators are selected based on their overall stake in the network. The more SOLs you have, the higher your chances of being selected as a validator. This strategy ensures that only those in the network hold this position.
Based on rules in every approve transaction by Validators, they will earn rewards and add them to the blockchain. Besides Validators, other SOL owners can still get rewards by delegating their ownership to one of the Validators.
This system allows anyone to participate in securing the network and allows the user to decide which nodes are eligible to validate transactions.
Proof of History (PoH)
Proof of History on the Solana network plays a role in improving blockchain efficiency by integrating a timestamp in each transaction agreement. This timestamp allows the node to specify a sequence of events. Therefore the system serves as a cryptographic clock for the network.
This system is for improving network response by allowing the validator to vote on the ledger status. This mechanism also logs previous votes and uses it to speed up validation by allowing Validators to reference their previous votes instead of running the entire transaction chain.
In this way, Tower BFT can be considered an upgraded version of the Practical Byzantine Fault Tolerance (PBFT) system found on other DPoS blockchains.
Solana crypto founder
Behind Solana’s platform, there is someone who was instrumental in finding Solana, it is Anatoly Yakovento. A person who lives in San Francisco, California, United States, graduated from the University of Illinois at Urbana-Champaign.
Before found Solana he has experience in Qualcomm’s development leaders and being a Dropbox software engineering.
Solana crypto launch date
Anatoly Yakovento started building Solana in 2017, but only launched in March 2020. Even though it’s only been a year, Solana blockchain has become one of Ethereum’s competitors. Some even call Solana the Ethereum killer.
at the initial launch, the price of SOL tokens was still very low ranging from $ 3 in August 2020 but started to increase significantly after the end of January 2021. Until the time of writing, the price of SOL tokens had reached the highest $ 58.
Solana crypto how to buy
Currently, several exchanges can trade SOL, however, the best way to invest in Solana is through Crypto.com.
You need to register before use the app. You can download the Crypto.com application on the Google play store and app store. Next, you need some documents for verification, after all the process is complete, you can buy Solana using a credit card.
But before that, you should have a more secure wallet to store tokens, because if you store tokens on an exchange, you are vulnerable to hacker attacks. Because hackers will mostly attack exchanges that have a large capitalization of funds.
Having a wallet is optional because Crypto.com also provides a wallet to store and support various cryptos. It’s just safer by keeping it in a cold wallet that isn’t connected to the internet.
Where to buy Solana cryptocurrency?
You can buy Solana at one of the biggest and most popular brands such as Binance, Okex, Huobi Global, Gate.io, or on Bilaxy.
On Binance’s market, Solana is trading with the pair SOL / USDT, whose daily volume on this chart for SOL is over 16 million USD.
Buy Solana Binance
With an interactive and easy-to-use platform, you can take advantage of the Binance service to trade SOL/USDT for the purpose of making a profit. You can trade using a stop limit. OCO or instant execution, adjusting your strategy.
Buy Solana in Gate.io
Another option is to buy or trade SOL/USDT on Gate.io. In this market, Solana crypto has a daily volume of up to 7.3 million USD. By carrying out the Tradingview platform you can use the available indicator tools for trading tools.
Buy Solana in Huobi global
Other exchanges you can trade SOL / USDT on the Huobi Global exchange, which also uses the Tradingview platform which is a popular platform for sharing analysis. However, there is also a simpler global Huobi original platform available.
On this exchange, it has a volume of SOL tokens in the circulation of more than 2 million SOL. In conversion to USD, the current price is around $ 49. the value is more than 9 billion USD.
Buy Solana crypto in Okex
Investors also can trade SOL on the Okex exchange in the SOL/USDT pair, with an average daily volume of up to 12 million USD. If you already have an account on this exchange, you can search for the SOL/USDT pair.
Buy Solana crypto in Bilaxy
Meanwhile, the Bilaxy exchange also trades SOL/USDT using the Tradingview platform. With a light white background, featuring a simple platform. With the right bar interface for token information and transaction volume. And the graphics in the right bar all the way to the edges.
Daily volume on the Bilaxy exchange for SOL/USDT averages up to 17 million USD.
Solana crypto a good investment
Solana is an advanced 4th generation platform that still provides great development potential in the future.
This crypto carries blockchain technology and fourth-generation cryptocurrencies that take advantage of open infrastructure to provide greater scalability.
The network introduces a variety of new and unique technologies to provide users with superior transaction speeds with enhanced security.
With this strong foundation, it is not surprising that SOL tokens have to soar sharply since the beginning of this year even though it was only launched in 2020.
The growth of the Defi project requires a platform capable of providing transaction speed even though more and more projects are using the technology. And Solana technology is one that answers solutions to scalability and interoperability problems.
Solana cryptocurrency prices history
After the launch of Solana, the price did not immediately increase. Since April 2020 the price of SOL has averaged only $ 0.6. In July 2020 the SOL token was up at $ 1. It then formed an August high at $ 4.
Prices fluctuate in this range until the end of 2020. It was only in early January 2021 that SOL tokens began to rise and reached new highs in February at $ 17.
The growth of the Solana project was growing further, pushing the token soaring and forming an all-time high in May at $ 55.
Solana cryptocurrency price prediction
Several forecasting sites predict SOL tokens will increase further this year.
- Longforecast believes that SOL tokens will hit $ 135 by the end of 2021. $ 144 by the end of 2022, $ 176 by the end of 2023. $ 161 by the end of 2024 and $ 299 by the end of 2025.
- Walletinvestor predicts SOL’s price by the end of 2021 to reach $ 136, $ 295 by the end of 2022, $ 469 by the end of 2023, $ 648 by the end of 2024, $ 844 by the end of 2025, and $ 916 by 2026.
- Digitalcoinprice predicts SOL prices by the end of 2021 to reach $ 54, then $ 67 in late 2022, $ 74 in 2023, $ 90 in 2024, $ 109 in 2025, $ 132 in 2026, $ 126 in 2027, and $ 161 in 2028.
Solana cryptocurrency Reddit
Solana investors can also follow the latest news about Solana in the Reddit community. The Solana Reddit community was created on 2018 March 27th. Currently, it has over 17.5k members, of which at the time of writing 332 members online.
The Solana Reddit forum is very active right now, with members often making posts related to Solana and the projects that support it.
Solana crypto carries Proof of History and also Proof of Stake which is a hybrid technology model. Providing solutions related to scalability and interoperability in the Defi project.
Even though the SOL token price is currently printing the highest. It is still possible to soar higher as predicted by several forecasting sites.
But after all, crypto is a risky asset that might cause a loss. An investor should wisely to investing their money.
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