- Solana has grown 13,300% since the start of the year.
- Great projects running
- Price High
- Uses a Proof of History method
- Distributed ledger storage
- Tower BFT
- Gulf stream
- Horizontally-scaled database
- Parallel smart contract run-time
- Known as Solana Labs
- Founded in 2017
- Origin in San Francisco, California
- Founded by Anatoly Yakovenko
Solana has been one of the biggest movers of the cryptocurrency market in the last few months. Today it is one of the most talked-about digital assets in the crypto world because of its performance. So, what is Solana, and should you be interested? Solana is one of the fastest programmable blockchains viewed as a potential successor to Ethereum (ETH). It has expanded its reach and attracted cryptocurrency traders from all over the world. This outlet decrypt has innovated new ways to maximize speed and boost the number of transactions. We’ve analyzed Solana cryptocurrency and why it is surging in the market. Our discussion entails price analysis, price prediction, and how Solana works.
What is Solana Foundation?
Solana s an open-source decentralized cryptocurrency platform. It facilitates the timestamping transactions of the SOL coin and digital assets such as non-fungible tokens (NFTs). The CEO and cofounder Anatoly Yakovenko had experience designing systems for semiconductor giant Qualcomm before starting Solana. Since Solana launched, developers and other partners have built the architecture using the Proof of History (PoH). Today, there are over 400 projects on the Solana network, including Chainlink, Serum, and Audius. These projects are well known in the crypto world. Solana is a single blockchain and does not accept or delegate operations to other attached chains.
How Does Solana Work?
This is a programmable blockchain and can store tiny pieces of code called a smart contract. It differs from Bitcoin that’s a non-programmable blockchain. Its innovative features include Gulf stream and Sealevel that make it possible to identify all non-overlapping transactions to process them simultaneously. They make it possible to know the number of upcoming leaders and begin accumulating transactions before they produce blocks. These Smart contracts bytecode are worth noting to ensure faster process execution. Solana uses the system called ‘Proof of stake’ with a low barrier to entry and timestamped transactions to maximize efficiency. Users are invited to activate the validator software to store personal data and purchase coins.
Solana can function effectively regardless of network activity as it is arranged for maximum throughput and high availability. The transaction flows through the Solana network independently of the consensus mechanism. You can synchronize multiple proofs of history generators into the Solana network by mixing the sequence state from each generator, thus achieving horizontal scaling of the proof of history generator.
SOL Cryptocurrency – Solana Review
Solana incorporates a cryptocurrency known as the Solana SOL tokens. This is a pretty strong coin as far as Altcoins are concerned. All It is ranked among the top 20 most traded coins on Coinbase, reaching an all-time high of $56 in early July. The Solana cryptocurrency has a separate value among the thousands of cryptos. You can trade one token for another on a decentralized exchange or buy an NFT on the marketplace. However, you must pay a small transaction fee when trading on Solana. Solana token holders can use the native currency to transact or reinvest it in the Solana platform in exchange for other boons.
Solana review has created a cryptographically trustless time source while building a blockchain around it known as the Proof of History. This means code notes in the network can verify the time and order of events without witnessing them directly. It helps reduce the messaging overhead by weaving a standardized timestamp into the Solana Blockchain.
Solana Token ICO
Solana raised over $25 in funding in five rounds. It has five funding rounds with the public ICO, the most recent. In March, the Solana ICO took place via CoinList, where 8 million SOL was sold for $1.76 million. Hence, this is a high-throughput blockchain supporting up to 65k transactions per second. It can support up to 400ms block times without complex solutions like sharding. It is specifically built to scale transaction throughput without sacrificing security or decentralization. The network offers faster transaction settlement times, central to Solona’s design. Solana’s modular network design allows for a faster transaction. Solana foundation brings faster transaction times and scalable website design. Currently, Solana Staking rewards 6.35% APR depending on the validator node.
Solana Review: SOL Price Analysis
Solana’s price jumped over 400% between January and August this year. As of August, Solana hit another milestone where the value of decentralized finance projects pinned to the token’s blockchain reached $3 billion for the first time. It now ranks among the top ten biggest cryptos by market capitalization. Changes in the Solana SOL blockchain have helped the cryptocurrency price to reach higher. However, the token drifted down to around 60 cents in April and remained in that range until July.
The relative strength index of SOL points at level 91.7, meaning it is at an overbought state. This is a confident state since investors can trade without worrying about a significant price reversal. However, the price might fall if the bulls turn against it. For example, any wild swings in the crypto market could force traders away from unexpected losses. The simple moving average (SMA) and exponential moving average (EMA) indicate a positive move in the market since 2021. Solana’s price rise shows a bullish signal if the trend continues. It could reach $500 by the end of 2022 and $750 by 2023.
Where To Get Solana Blockchain
People purchase the SOL coin to support the development of smart contract platforms or to invest in a crypto asset. If you are interested in the Solana blockchain, you can access them from several marketplaces. It is easier to purchase through trusted global decentralized exchanges. You can find several global exchanges in the industry offering safe and trusted crypto exchanges at low fees. Mostly, the Solana community obtain the SOL coin by purchasing from Binance or Huobi Global.
SOL Cryptocurrency Wallets Yo Protect Personal Data
After buying SOL, you need somewhere to store your cryptocurrency and data. It is always safe to keep your coins in a wallet for security purposes. This software or hardware device stores the public and private data keys. There are several group cryptocurrency wallets. For example, SolFlare is Solana’s web-scale blockchain wallet that supports SOL staking. After setting up the wallet and transferring some coins to your address, you can start staking. You have the responsibility of keeping your Keystore ‘key’ handy as you will need it for any other transaction. When selecting a wallet for your SOL, consider your plan with the tokens and find a wallet that fits your needs.
How To Take On Solana Network?
Trading on Solano is pretty simple. Start by selecting a wallet or exchange that supports SOL staking. You can use SolFlre, Binance, or Exodus wallet to stake on Solana. Click the Staking section from your waller and create an account. After that, you will be prompted to transfer Solana coins into the staking account. For example, leave some coins into the wallet as you need to pay transaction fees. You also need to choose a validator to delegate your SOL while considering the operator fees. Since Solana review uses a proof of stake mechanism, validators secure the network through staking and not mining. You only need to delegate the existing SOL to validators, thus eliminating the need for high-end GPUs.
Solana Review Quick Overview
Solana Customer Reviews
“If I could give a minus star I would. This company is very good at taking their fees and not providing any legal assistance short of advising you in email they are not available.”Margeret H Browning
“I signed up and was lied to. I was told that the program would not automatically renew and it has. Also, it is far too expensive and not worth the price.Michael Boske
“Great staff & very helpful, cordial, knows what they are doing. They are able to assist with a variety of issues, concerns. Quick & efficient !Kris Meyl
“Unreliable, untrustworthy, BS referral DO NOT USE.”Sarah Romoff
The crypto space is incredibly competitive, with Solana review one of the many players. It aims at creating an ecosystem of decentralized applications designed for a range of use cases. It has continued to innovate on the Solana ecosystem to solve the speed and scaling solutions of other blockchains such as Bitcoin, Ethereum, and Polkadot plagued by high fees for transactions. For example, they raised $314 million of funding led by Andreessen Horowitz to develop technology used in decentralized finance. If you’re ready to take the next step towards trading on emerging asset exchange protocols, then start buying today
Frequently Asked Questions (FAQs)
Solana runs several decentralized applications to facilitate the SOL coin and digital assets transaction. It is a functional open-source platform that works on blockchain’s technology to provide decentralized financial solutions.
Solana is ranked eighth behind Ethereum at a market cap of $35 billion. It is just behind Dogecoin in market value.
No, you can’t mine Solana. Instead, you stake to secure the cryptocurrency blockchain using a proof-of-stake mechanism. You can earn rewards by raising their coins for a set period.
Solana has a bright future ahead of it in 2022. The ongoing developments are within the SOL ecosystem, and the overall crypto market means it can reach new heights
ABOUT THE AUTHOR
ABOUT THE REVIEWER
+ 2 sources
Bizreport Advisor adheres to strict editorial integrity standards avoids using tertiary references. We have strict sourcing guidelines and rely on peer-reviewed studies, academic research. To ensure the accuracy of articles in Bizreport, you can read more about the editorial process here.
- Guinda, M. and Bhattacharyya, R. (2021). Using Principal Component Analysis on Crypto Correlations to Build a Diversified Portfolio. SSRN Electronic Journal. [online] Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3918398 [Accessed 22 Sep. 2021].
- Google.com. (2021). Redirecting. [online] Available at: https://www.google.com/url?q=https://www.wsj.com/articles/crypto-startup-solana-raises-314-million-to-develop-faster-blockchain-11623240001&sa=D&source=editors&ust=1632285330797000&usg=AOvVaw0TF_L0C-Dvh5iYYERbTExd [Accessed 22 Sep. 2021].