Solana Price & Charts
What Is Solana ?
Solana platform, built mainly as a secure, fast and scalable decentralized blockchain that functions at fifty thousand transactions per second for decentralized apps and organizations.
Solana was designed to scale blockchain without sacrificing security and decentralization. One of the tools, Solana is deploying for the scaling solution, is a decentralized clock titled Proof-of-History (PoH).This is built to solve the problem of time in decentralized networks where such is lacking, not even a single source of time. By using Verifiable Delay Functions, Proof-of-History (PoH) allows each node to generate timestamps for usage, eliminating any form of broadcast of timestamps across the network. This improves the overall network efficiency.
Solana uses a variation of the Practical Byzantine Fault Tolerance algorithm to achieve more than 50,000 transactions per second. The aim of Solana is to have a network, at-least as fast as a single node. This architecture eliminates bandwidth bottlenecks that often reduce scalability on other chains.
Solana partnered with FTX’s Serum to launch “Wormhole”- a decentralized bridge for Ethereum ERC-20 tokens. Wormhole will allow users to transfer value between different blockchains.
Features of Solana
- Proof of History-this guarantees Speed.
- Scaling Without Sharding
- Distributed Web Services and Storage
The team is made up of highly experienced professionals who are so dedicated and passionate about Solana project.
The team is led by Anatoly Yakovenko – CEO and the founder. Anatoly led the development of operating systems at Qualcomm, compression at Dropbox and distributed systems at Mesosphere.
Other members of the team include:
Greg Fitzgerald –he is the CTO
Raj Gokal-he is the COO
Eric Williams, PhD –he is the Chief Scientist
Use Cases of Solana (SOL)
- Solana (SOL) is used for staking & validation,
- Solana (SOL) tokens are used for direct peer-to-peer trading between cryptocurrencies.
- Solana (SOL) token is used as the exchange value that powers the network.
- Solana (SOL) is used as a timestamp across multiple blockchains.
Mining of Solana (SOL)
Solana uses Proof-of-Stake (PoS) consensus mechanism to mine. Validators run the network and process transactions. Remember, these validators are chosen based on the amount of stakes, they staked in the network. The highest validators are mostly chosen to input transactions on the blockchain and when they do such, they earn tokens. Sometimes, validators allocate their slots to delegators (stakers who couldn’t make the validators’ list) in other to earn more from delegators.
Holding SOL tokens can also be a fine way to earn as the unit price of SOL token is appreciating.
SOL tokens are available at the major exchanges such as Binance, FTX, OKEx, Hoo, MXC.COM etc.
Notes for Investors
Solana (SOL) is one of the high scaling decentralized blockchains presently. The steady rise of the token is a reflection of its technological innovations in the blockchain industry. Solana (SOL) assembled highly skilled professionals in the blockchain sphere to make their project, problem solving.
Presently, the unit price of Solana (SOL) is $1.85 USD (+31.00%) while the market cap is $85,057,396 USD; the circulating supply is 45,883,527 SOL and presently ranked 99th in the cryptocurrency market.
Solana (SOL) will never be considered a bad investment option when considering the above statistics.
This report is not in anyway, recommending Solana (SOL for investment. The crypto market is presently unstable and unpredictable. Please, consider this publication informational, just to educate the public.