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Solana

What is Solana?

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Do you want to know more about Solana? Just read this article until the end

In this article:

  • What is Solana (Solana)
  • How Solana differs from other blockchain platforms
  • How to buy Solana
  • SOL tokens
  • How Solana works
  • Where to buy Solana
  • Origin story of Solana
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What is Solana?

Solana is a blockchain platform based on the SOL token that has become popular in NFT and DeFi. New platforms with faster and cheaper transactions became popular and Solana became a major competitor for Ethereum. Solana is a decentralized application platform supported by the Solana Foundation and created by developers from Solana Labs in San Francisco.

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HOW DOES SOLANA DIFFER FROM OTHER BLOCKCHAIN PLATFORMS?

After the advent of Bitcoin, a seemingly difficult task was solved. (The problem was that users could not make payments for online transactions without third-party payment platforms such as PayPal or Visa.) With the introduction of blockchain technology, decentralized transactions became possible, and cryptocurrencies gradually began to gain popularity.

However, another problem has emerged, which is that the platforms have been slower than centralized payment networks such as credit cards. Bitcoin supports only five transactions per second, while Ethereum supports about 13. So, back to the question, what makes Solana different from other blockchain platforms?

One of the most outstanding features of Solana is its speed and scalability. Solana is one of the few platforms that boasts more than 1,000 TPS due to the special features of blockchain on a web scale. Solana also supports at least 50,000 TPS, about 3,800 times faster than Ethereum, and 10,000 times faster than Bitcoin.

Solana can add a new block to the chain in 600 milliseconds. In short, this platform has a short processing time. The Solana Platform’s hybrid protocols make it possible to reduce the time required to verify smart contracts and other transactions. This incredible speed also aroused the interest of several professionals. They suggested that this speed was also due to a lack of decentralization.

  • The average commission of the Solana network is 0.00025 USD per transaction.

  • In fact, a $2 million transaction on Solana will cost about $20.

High performance. Solana has made impressive progress in recent months, partly due to the growing popularity of NFT.

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How to buy Solana?

Solana can be bought on any exchange, so you can buy on any platform that supports the Solana network.

If you have tools in networks such as Ethereum, and need to transfer them to Solana.

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SOL tokens

Currently there are about 315 100 273 SOL with a total volume of 511 616 946 without a specified maximum amount.

The SOL token has two uses.

One of them is steaking.

Another allows the use of SOL as a fee for smart contracts or other transactions, such as on the CryptoMore platform.

Solana started with an inflation rate of about 8%, which is expected to decline by 15% each year, and the downward trend will continue until it reaches 1.5%. Issues are expected to be sent to users, with 95% of the issued tokens going to reward and 5% reserved for other expenses.

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HOW DOES SOLANA WORK?

Solana operates in a decentralized computer network using a registry called Blockchain. This blockchain database manages and tracks the currency, and effectively records every transaction that has ever taken place in it as a long-term receipt. The computer network records transactions in currency and verifies data integrity.

The main component of the Solana platform is the computational sequence. Solana uses a 256-bit secure hash algorithm (SHA-256), a set of proprietary cryptographic functions that output a 256-bit value. The network periodically selects SHA-256 numbers and hashes, providing real-time data according to a set of hashes included in the CPU.

You can use the hash sequence to write a specific data fragment that appears before you create a specific hash index. The time stamp for transactions is created after this particular data fragment is inserted. To achieve a huge amount of TPS and block creation time, all nodes in the network must have a so-called cryptographic tracking clock, rather than waiting for other users to confirm transactions.

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Where to buy Solana?

Solana can be bought on almost all popular exchanges, and more precisely:

  • Coinbase
  • Kraken
  • FTX
  • Binance
  • Crypto.com
  • BitMax
  • Raydium
  • Orca
  • Serum
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ORIGIN HISTORY OF SOLANA

Solana appeared in 2017. The creators are Anatoly Yakovenko, the current CEO of Solana Lab, and Radozh Gokal. Yakovenko had experience in the field of system design and wanted to apply his knowledge to the new blockchain paradigm, which provides a fairly high processing speed. The platform was created to provide users with space to develop user-friendly applications. The feature of the platform is its effectiveness. Solana is known to process between 50,000 and 65,000 transactions every second, making it one of the fastest and most affordable blockchain platforms available. It is now the fastest blockchain platform available for developers to create scalable applications.

Solana focuses on scalability and user-friendly applications, making it one of the best options for developers if they consider a blockchain platform other than Ethereum. By the way, the ethereum currently has more than 400 Defi, Web3 and NFT. It typically performs up to 3,000 transactions per second, but developers try to increase it to 65,000.

Want to learn more about Solana?

What opportunities opens up SOL

Did you know that Solana can be used for NFT Minting?

You can use Solana on cryptomore.me

  • Create NFT
  • Raffle
  • Buy the NFT
  • Sell to the NFT

Find out more now!