What is Solana?The Solana platform is a flexible platform for running crypto apps such as NFTs like Degenerate Apes and decentralized exchanges like Serum. However, Solana’s major innovation is speed. The network can process around 50 000 transactions per second whilst Ethereum can only process 15 or less at this stage. With the upcoming ETH2 upgrade, the Ethereum network is expected to process transactions faster. The aim is to eventually compete with centralized payment processors like Visa in terms of transaction speed.
Solana was founded in 2017 by Anatoly Yakovenko, a software engineer from Qualcomm and Dropbox. The Solana network makes use of a consensus mechanism called Proof of History that enables fast transactions and low fees.
What is Proof of History?Proof of History can be translated into a time record or timestamp on the blockchain that records transactions. The advantage of having a time record is that one does not have to go back and forth to validate transactions which can be time consuming. Proof of History keeps track of the time between computers on a decentralized network and ensure transactions are accurately and timeously recorded.
Proof of History should not be confused with Proof of Work and Proof of Stake. Bitcoin uses Proof of Work which means that miners validate transactions and produce new Bitcoin. Cardano, for example uses Proof of Stake whereby the network participants “stake” their own cryptos to validate transactions and earn cryptos.
Why you should buy SOL on ACTAltCoinTrader will be listing SOL on the exchange very soon. Here are a few good reasons to buy SOL on AltCoinTrader:
NFT MarketplaceAs previously stated, Solana is a very popular NFT marketplace. The Degenerate Ape Academy NFT collection that consisted of 10 000 3D models, were sold out in just 8 minutes. What’s more is you can also mint NFTs on the Solana network.
Seed funding eventThe Ignition event is an opportunity for participants to win up to $5 million in seed funding. Thus far, many projects have come to light thanks to the seed funding. It is also an excellent way for the Solana team to meet and collaborate with other projects.
Invest like a whaleSOL ranks in fifth position in terms of market cap, according to CoinGecko. In order for a coin to feature this high, it must have a number of big-time investors supporting it. Did you know Andreessen Horowitz who invested in Twitter and AirBNB, is a Solana funder?
Be sure to keep an eye on AltCoinTrader Facebook, Instagram and Twitter for more updates about the exciting listing of SOL.