Marcus Richards
The ups and downs in the cryptocurrency market are quite common. The unpredictability of the development of events makes it very difficult to predict the situation even for the coming weeks, not to mention more distant prospects. If the behavior of the veterans of the market becomes more predictable, at least in general terms, as the historical data accumulates, then the newcomers are surprise after surprise.
For example, no one could have imagined that the young Solana coin, launched in the spring of 2020, would enter the TOP 10 largest cryptocurrencies so quickly. Moreover, she was able to shift a few lines below such long-lived people as Ripple and Cardano.
What is Solana
Work on the Solana project began back in 2017, and the system was launched in the spring of 2020.
Solana’s main goal, described in the white paper, is to reduce the time to reach consensus between the nodes of the blockchain. High transaction processing speed is required to increase the scalability of D apps.
To achieve the required performance, the Proof-of-History (PoH) algorithm was developed. It is used in conjunction with the Proof of Stake algorithm.
PoH provides the ability to record information about the completion of a transaction before it is recorded on the blockchain. The need to coordinate the action of the nodes with the entire network is eliminated and the processing time of the transaction is extremely reduced.
SOL perspectives
Thanks to Solana’s unique combination of technical capabilities, the platform can become a serious player in the field of smart contracts.
The team managed to achieve high scalability in the first level network without additional add-ons. This greatly simplifies the work of decentralized finance, even taking into account the further growth of their volume and complexity in the near future.
Level 2 solutions for increasing the scalability of decentralized applications are used more and more often, but they also have weak points. In particular, second-tier networks do not have direct input channels for fiat currencies, native support for stablecoins, and are not always equally compatible with other applications operating in the ecosystem. Solana as a tier 1 network provides the highest possible application functionality.
The network developers choose partners very carefully. Specifically, Solana supports the two most sought-after stablecoins USDT and USDC. This is very important for the deployment and further smooth operation of the white label exchange, payment systems, marketplaces, and gaming applications.
SOL coin
The SOL coin is used in the Solana ecosystem for security, mutual settlements between users and staking.
The coin began trading in April 2020 at $ 0.75 and almost doubled in price within a year. In May 2021, SOL reached a local high above $ 55. During this period, cautious forecasts appeared about the possible breakthrough of the young coin into the top ten. Now Solana is predicted to have a brilliant future and she has unprecedented technical capabilities and a well-thought-out policy for promoting the project.
Where to buy SOL
The coin is traded on most major exchanges and the choice of the site largely depends on what kind of money you have. If you already have, for example, Binance tokens and you are registered on an exchange where direct BNB to SOL exchange is possible, you do not need to look for another site.
You cannot do without registering on a classic cryptocurrency exchange, even if you plan to buy Solana for fiat currency.
However, if you have a cryptocurrency, but you are not satisfied with the prospect of cooperation with traditional platforms, LettsExchange will help you. Here you can exchange any number of coins for Solana at the most favorable rate in a few clicks:
- In the upper field of the exchange widget, select a coin for sale and specify the amount of coins;
- In the lower field, select the SOL for purchase;
- Indicate the address of your crypto wallet;
- Deposit coins.
- Press the “Exchange” button.
The system will do the rest automatically. After completing the transaction, the coins will be credited to your wallet.
LetsExchange is convenient, anonymous and profitable.
