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Dive deep into the SOL of the Solana cryptocurrency

Despite the many highs and lows in the cryptocurrency market, many enthusiasts are still interested in trading and investing in these digital coins due to their high potential for returns in the long run. Among the wide range of cryptos worldwide, the Solana cryptocurrency is one of the most popular because of its impressive performance like having quick and cheap transactions. Dig further into more details about this cryptocurrency here at Crytoshimbun.

Brief background about the Solana cryptocurrency

As one of the biggest decentralized blockchains, Solana can run over 350 decentralized applications (dApps) and complete various transactions in the most efficient way. Moreover, its native token SOL is one of the top cryptocurrencies in the world which you can know more about below:

Its beginnings

Solana’s beginnings can be traced back to its main founder, Anatoly Yakovenko, who was a senior staff engineer of tech company Qualcomm in 2015. Years later, he became a software engineer at file hosting service Dropbox. With his background in the technology field, Yakovenko started making a project that was later on known as Solana.

In 2017, Yakovenko along with his colleague from Qualcomm Greg Fitzgerald created Solana Labs which was based in San Francisco, United States of America. As they were joined with more members, the Solana protocol and SOL token improved over time. Then in 2020, it was officially released to the public.

Its current performance

Despite being new in the crypto industry, the Solana cryptocurrency (SOL) was able to reach a market capitalization of over $31 billion according to CoinMarketCap. Its current market price is $100.80. On another hand, its all-time high was $260.06 on November 6, 2021, while its all-time low was $0.5052 on May 11, 2020.

What are the best features of the Solana cryptocurrency?

Get a closer look at the different features of the Solana cryptocurrency here:

Proof-of-History (PoH) mechanism

The Proof-of-History (PoH) protocol was first developed by Solana’s co-founder Yakovenko in 2017 as stated on the whitepaper the company published. This concept shows the greater scalability of the coin which improves its usability. It boasts lessened validation time for both transactions and executions of the smart contracts.

Compared to other blockchain mechanisms, the PoH resolves the issue relating to the timestamp of each transaction. Rather than relying on a local clock, every node in the network records the passage of time in the ledger which improves its overall efficiency.

An open-source and decentralized blockchain

As an open-source and decentralized blockchain, Solana allows anyone to freely work on the related applications and projects in the network. Since the SOL token functions in this system, no one can tamper with the transactions nor stop them from functioning because there is no single entity controlling them.

Fast and cheap transactions

The Solana cryptocurrency is known for its fast transaction speed which reaches up to 65,000 transactions per second (TPS). Due to its scalability, it does not only make faster transactions but also provide cheaper rates which only costs around $0.01 per transaction for both developers and users.

Why SOL is a good investment

Investing in the SOL token is a good choice because of the following reasons:

  • It’s popular

While it’s relatively new to the crypto market, the Solana cryptocurrency has been showing great potential and gaining the attention of many crypto enthusiasts. This can be seen in its 7th ranking in market capitalization in the world.

  • It rivals big coins

SOL can compete against big coins like Ether (ETH) and Cardano (ADA) in terms of its smart contract functionality. It boasts a quick transaction speed that executes more efficiently compared to other cryptocurrencies.

  • It works well with the rise of NFTs

As the non-fungible token (NFT) industry thrives, it also paved the way for SOL to make itself shine among the rest. The Solana platform also allows the trading of NFTs which makes it a good investment for the long term.

Where you can buy SOL coins

If you’re planning to buy SOL coins, here are the different exchange sites you can consider:

  • Binance

Known as the leading cryptocurrency exchange in the world, Binance was founded in 2017 in Hong Kong by Changpeng Zhao. It has over 28 million users as of October 2021 with a peak trading volume of $76 billion. This exchange site allows you to trade different digital coins like Bitcoin (BTC) and Solana (SOL) using your fiat currency.

  • Kraken

Founded in 2011, Kraken is one of the biggest exchanges in the globe which is co-founded and currently headed by Jesse Powell. It features a convenient method for users to move their funds from their bank account to their digital wallets. Some of their most popular coins include Bitcoin (BTC), Ether (ETH) and Solana (SOL).

  • Coinbase

Due to its popularity, Coinbase is noted as one of the most trusted cryptocurrency exchange platforms globally. It’s a secure exchange site that allows users to buy, sell, transfer and store their cryptocurrencies. This American-based company was founded in 2012 by Brian Armstrong and Fred Ehrsam.

  • Uphold

Uphold is an exchange site that trades over 75 different cryptocurrencies including Ripple (XRP), Bitcoin (BTC) and Solana (SOL). It showcases a two-factor authentication system and platform insurance against theft to deter any online threats. Moreover, it has cold storage that’s ideal to use to ensure the safety of your coins.

  • FTX

Based in the Bahamas, FTX is an exchange site with over one million users. This is a platform perfect for trading cryptocurrencies like Bitcoin (BTC), Solana (SOL) and other digital assets including NFTs.

Trade SOL tokens now!

Since the Solana cryptocurrency functions in a revolutionary blockchain, it’s a worthy investment for the long term. It has proven its legibility based on its current status in the crypto market. Additionally, it is not only quicker than most alternatives but it is also the least expensive choice among the rest. Start trading on it today and use all its features to your advantage.

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