Solana (SOL) is the result of a five-year road trip from MIT to the Ethereum community. It aims to solve the scalability and privacy problems facing many blockchains (the technology that runs cryptocurrencies), which has slowed their adoption in other applications. Solana seeks to do this by combining high performance with security, reliability, and privacy. visit here
The network itself is built on an open-source blockchain called Rust that’s written in the programming language Rust. The Rust code is compiled into binary machine instructions, which are then executed by a hardware processor (mainly processors used in computers or ASICs that are used for cryptocurrency mining).
The key here is speed: it takes 400 nanoseconds (400 millionths of a second) per block on average to generate one Solana block on Solana’s network. In comparison, Ethereum takes 15 seconds per block on average and can only process 20 transactions per second. But at 100 million transactions per day, Ethereum doesn’t even come close to processing all of them!
Now, you might be wondering, “Why should I buy SOL?” or, “How to buy SOL in the first place?” You will eventually learn about these things, but first, let us explore the crypto itself. So, we will tell you how to buy SOL later. First, we will take you through the details of this cryptocurrency.
How Many SOLs are there in Circulation?
- There is a total supply of 463,812,852 SOL.
- The inflation rate is approximately 0.5%.
- The current supply is around 9.3 million SOL.
- The current circulating supply is around 2.9 million SOL.
The current market cap for the cryptocurrency is $2,821,064
Where and How to Buy Solana (SOL)?
- See a list of exchanges that support SOL. You can find a list of platforms that support SOL on its official website.
- Open an account and verify your identity. Any exchange worth using will ask you to submit personal details, like your name and address, before you’re allowed to trade crypto. This level of verification is required by law in some countries, like the United States, but even if it’s not required by law where you live, it is still necessary for security purposes.
- Before buying SOL tokens, you need to choose whether they’ll be your base trading pair (the first currency in the transaction) or quote pair (the second currency in the transaction). If you plan on only purchasing SOL tokens with ETH tokens, then ETH should be your base pair and vice versa if you want to purchase ETH with SOL.
- There are two primary ways to buy Solana: with another cryptocurrency like Ether or converting fiat currency into Solana through a credit card or bank transfer at exchanges.
How Is Solana Different From Other Cryptocurrencies?
- Solana’s native token, SOL, is a crypto asset that can be used to pay network transaction fees and rewards validators.
- Solana combines the features of a cryptocurrency, payment system, store of value, and smart contract platform.
Solana Team and Structure
The Solana team consists of highly accomplished individuals. For example, the Chief Scientist is Emin Gün Sirer, who has been a professor at Cornell University since 2003 and has completed ground-breaking research in the cryptocurrency space. Similarly, CEO Sergey Nazarov was an engineer at Qualcomm before going into the blockchain and has worked on various blockchain projects like ChainLink (LINK).
He also founded SmartContract.com, which aims to provide companies with blockchain services across different industries. Raj Gokal is the CTO of Solana and previously worked on distributed systems as a software engineer at Intel and Dropbox.
In addition to its talented personnel, Solana is also very transparent in its governance structure and operations. The company website provides information about most aspects of its project like funding from investors, partnerships, key features, and Github repositories. That level of transparency should help build trust among Solana users regarding how their platform functions and will work in the future.
SOL is a cryptocurrency that allows users to send and receive large amounts of data at high speed. Its purpose is to enable users to transfer information without having to slow down the network. Additionally, it can also be used as a currency for other applications.
As mentioned above, Solana is not only a cryptocurrency but also a blockchain protocol that provides scalable solutions to developers and businesses building decentralized applications (dApps). Thus, there are many more ways to use SOL other than just trading.