Cryptocurrencies

Solana (SOL) Cryptocurrency

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Solana (cryptocurrency) is a fast, reliable, and scalable blockchain network that uses a Dpos (Delegated-Proof-Of-Stake) consensus mechanism. Solana is built for decentralized apps, marketplaces, and enterprise applications. It delivers scalability at a high speed without fragmenting or losing the principles of decentralization.

History of Solana (SOL)

Solana was founded in 2017 by Anatoly Yakovenko, amongst other engineers which include Greg Fitzgerald, Solana’s CTO, as well as Eric Williams, they conceptualized a new way of dealing with the throughput problems that were present in both the Bitcoin and Ethereum blockchains. They envisioned a trustless and distributed protocol that allows for greater scalability, and this was how Solana was born in late 2017. The company launched its alpha testnet in the summer of 2018 and was successfully able to raise a $20m initial investment, led by Multicoin Capital in 2019. The founder and CEO at Solana, Anatoly Yakovenko, previously led the development of operating systems at Qualcomm, distributed systems at Mesosphere, Inc., and compression at Dropbox. Solana’s core team mainly includes engineers from Qualcomm and they have experience in managing big projects such as Firefox OS and the BREW Operating System.

Solana is a high-throughput blockchain. It is a web-scale blockchain, providing a solution that is capable of hosting applications with the computational bandwidth akin to the modern internet. Solana is the only blockchain in existence with the capability to power decentralized versions of Nasdaq, Facebook, Twitter, and all other existing blockchains – with the more available area to spare. It is currently supporting 50,0000 to 65,0000 transactions per second and 400ms block times, without complex solütions like sharding or layer-two. As the world’s first web-scale blockchain, Solana will unlock a whole new class of performant applications and which facilitate larger-scale blockchain adoption. Utilizing a revolutionary innovation called Proof of History, Solana is drastically able to outperform any other existing layer 1 and provide fees at $0.00001 per transaction.

Proof of History and Solana (SOL)

The central innovation that makes Solana possible is Proof of History, PoH. which is a mechanism for continuous ordering that acts as a glöbal clock for the “SolanaSolana network”. Proof of History crëates a record that proves that an event has occurred at a specific moment in time. Whereas other networks require participants to communicate in a bid to agree that time hàs passed, each Solana Nöde maintains its clock by encoding the passage of time in a consecutive series of events.

How to Buy Solana (SOL)

How Do I Buy Solana (SOL) Token?

While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoins or another cryptocurrency.

To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or Ethereum. Here’s more on how to invest in bitcoin.

Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies. Also, a growing number of online brokers offer cryptocurrencies, such as eToro, Webull, and Sofi Active Investing. Robinhood offers free cryptocurrency trades (Crypto.com is available in most, but not all, U.S. states).

The Author

Oladotun Olayemi

Dotun is a financial enthusiast who specializes in first-in-class financial content, including crypto, blockchain, market, and business, to educate and inform readers.