Solana is a blockchain which was launched in 2020. It is considered as the competitor of ethereum. It has grown significant since January. At the start of year it cost around usd 1.5 and had a market capitalisation of usd 86 million. It is now trading at higher value and has a market cap of usd 73 billion. This implies that people has heavily invested in this new cryptocurrency of Solana blockchain.
Things to know about Solana:
It has shown huge growth and can rise up to manifold. It is available in most of crypto currency platform and in exchanges.
It is also called as an ethereum killer. It has come as the alternative to ethereum, the second largest circulated cryptocurrency. It also work on a congested network. It too offers smart contracts.
It has a great speed. Solana is one of the fastest growing cryptocurrencies in the world. It process more than 50000 transactions per second which is greater than ethereum that offers 15 to 45 transactions per second. Where bitcoin uses proof of work validation model and others use proof of history there Solana integrates time stamps as a proof of history model. For this reason it has the ability to process transactions quickly.
In the unique battle of ethereum and its competitor in their projects which runs on their network, ethereum has got the first advantage of first mover. Others are also catching up. Solana has stunned everyone with its increase. Cryptocurrency investment are volatile. It can suddenly go up and down. Many financial expert suggest that while investing one should not invest more than 5-10 percent of their portfolio in cryptocurrency.
As a blockchain Solana offers different breakthrough solutions which helps to make it as one of the most performant solutions. There are many ground-breaking tools things done by Solana is security, bandwidth and decentralisation.
Solana blockchain is well versed:
It do not use any state so it works really fast. This blockchain has on chain clock verification. Without waiting for global consensus stream transactions. It miniatures data packet and transmit them into a UDP.
One of the key things in Solana is token structure system. In Solana everything is tokenized. An applicant interacts with Solana with one or multiple instructions. The Solana runtime passes these instructions to program. These instructions get executed in sequential order.
To run validator node to secure the network you need to connect with Solana cluster first. They are devnet clusters, testnet clusters and mainnet beta clusters. Solana also runs in a token program. Creating tokens require native token SOL for rent deposits. The token swap program allows simple trading token pairs without a centralized limit order book. Depositors in the pool provide liquidity on the token pair and enable trade execution at spot price.
Depositors receive pool tokens which represent fractional ownership in the pool. The program withhold a portion of input token as a fee. It also runs on lending protocol. You can also add Solana native token SOL on crypto exchange. Solana supports several type of app wallets and browser based wallets. To receive SOL coin you need a wallet.
