Solana : the most successful crypto currency?

Have you heard of Solana? It stands out from its main competitors with its speed of execution and ability to process up to 50,000 transactions per second.

A new generation crypto currency with a large worldwide following, Solana has been experiencing a lot of popularity among the public lately. To take advantage of this innovative technology, you need to get a SOL, the name of the token of a crypto platform. 

Solana : the basics

Solana crypto is a scalable blockchain that can be programmed as you wish. It allows for fast transactions. Thanks to its many features, it is possible to manage up to 50,000 transactions in just one second ! 

Solana is proposed by Solana Labs, the main contributor to the network. It is the result of a close collaboration between the engineer Mr. Yakovenko, Eric Williams and Greg Fitzgerald. The idea seduced many renowned investors such as Abstracts Ventures, Foundation Capital or Multicoin Capital. 

Solana uses innovation to solve the major problems faced by other solutions. It is well ahead of the Ethereum network, its main competitor, which can only handle 15 transactions per second. In addition, the transfer fees require a significant investment. 

Thanks to this technology, transactions are decentralized. It is also a new generation blockchain using smart contracts, considered to be the fastest in the industry. This is due to its eight functions : the Proof of History (PoH), the Tower BFT, the Gulf Stream, the Turbine, the Sealevel, the Pipelining, the Cloudbreak and the Archivers. 

The different Solana components

Solana is based on the "proof of history" or PoH algorithm, a kind of cryptographic clock that guarantees the security of the blockchain. It is a key parameter that contributes to the acceleration of the network's execution speed. 

It operates via nodes, each with its own clock. The historical records of the transactions allow to keep track of the order of the events and to guarantee a better efficiency of the platform. 

In addition, Solana has implemented the tower BFT or Practical Byzantine Fault Tolerance (pBFT) system, an algorithm designed to significantly improve transaction speed. The Turbine protocol is also an essential component of Solana. It allows the data to be transferred between nodes to be grouped into small batches. Thanks to this reduced size of information, the recurrent bandwidth problems of traditional networks can be solved. 

Sealevel is another element used to process transactions in parallel and optimize processing time. Solana is the first blockchain to benefit from this solution. Gulf Stream, on the other hand, minimizes the number of unconfirmed transactions and the memory load. 

Pipelining is a process for processing input data streams in sequential steps. The scalability of the network is also guaranteed by Cloudbreak, which ensures sequential writing and simultaneous reading between the execution units. Finally, there are the archivers, which are mainly used to store data. 

The advantages of Solana

Solana offers more advanced solutions than its main competitors. The network significantly outperforms most current payment processors in terms of both TPS and functionality. With a unique architecture, it leverages an open infrastructure and 8 technologies to provide users with unparalleled transaction speed and security. 

Solana's increased scalability is among its major strengths. Thanks to this parameter, this blockchain has become the best for Drapps, staking protocols and DEX. Its position is also helped by its distributed and untrusted architecture. 

With Solana, you can carry out transactions around the world in just a few seconds at a low cost. However, it is impossible to block or stop a transaction made by SOL. 

Finally, we are talking about a staking blockchain that allows users to receive passive income. The results are more than satisfactory! That's why it has become more and more popular today. 

The process of buying SOLs

SOL is a crypto-currency that you can acquire on Binance, FTX, Bitfinex, Bilaxy, OKEx or Coinbase. However, by going through the Binance platform, you can own tokens, which is not the case on Libertex. You can therefore use them to interact with applications created on the blockchain. 

On Binance, you will have access to a wide selection of crypto-currencies and very low fees. All you have to do is visit its page or download the app and create an account in which you can deposit traditional currencies or crypto-currencies. It is also possible to buy SOL against fiat currencies through crypto exchanges or crypto API. 

Like Ethereum, Solana is capable of interacting with smart contracts. As a result, it is compatible with decentralized applications known as dApps. DEX or decentralized exchanges are the most common. This network can also support Wrapped or developed assets as well as stable coins. 

To store Solana coins, it is highly recommended to use Trust Wallet, a mobile wallet that can be downloaded for free on Android mobile or Apple. Otherwise, Coin98, Ledger Nano S or Ledger Nano X (a more advanced solution) are also good alternatives for storing this crypto-currency. 

Solana prices in detail

Solana has become the most popular crypto currency worldwide in 2021, which is why its price is steadily rising. In recent weeks, the price has ranged between 60 and 73 euros, but could climb quickly throughout November and December. This is not surprising, considering that we are talking about the best crypto-currency with an estimated market capitalization of over 12 billion euros. 

To invest serenely with Solana, follow its evolution by setting up a permanent watch. Also keep an eye on the forecasts made by experts in this field for the year 2022. According to analysts, the year 2022 will start with a price increase from January. Then, the amount will drop from February to March before experiencing a remarkable growth until June. In any case, supply and demand as well as volatility risks will have a direct impact on the real value of Solana.