What is Solana (SOL)? - Kakiforex.com - Financial Market Media No. 1 in the World What is Solana (SOL)? What is Solana (SOL)?

April 21, 2021

What is Solana (SOL)?

 Solana (SOL) is among the cryptocurrencies that have shown consistent improvement since its launch last year. While CoinMarketCap data shows SOL is ranked 19th, this crypto has never disappointed its investors.

Just like Ethereum and Tezos, Solana is a blockchain that supports smart contracts and decentralized applications.

It uses proof-of-stake (PoS) consensus which makes the platform capable of processing 50,000 to 65,000 transactions per second (TPS) at a low cost of around $ 0.00001 per transaction.

This is in contrast to transaction processing in Bitcoin and Ethereum which takes 7 TPS and 15 TPS respectively.

While proof-of-history, the components in PoS help the network system to track transactions more easily.

Solana is the brainchild of Anatoly Yakovenko who worked at Qualcomm and Dropbox before developing the platform. In fact, the organization is backed by a team with career backgrounds from the firms of Apple, Intel, Google, Microsoft, and Twitter.

Their efforts have attracted many partners such as Serum, dFuse, Aleph.im, Metamarket, Akash, Blockchain Service Network (BSN), Solible, Orca and Audius.

The token, SOL can go directly to nodes in the Solana cluster in exchange for an on-chain program or validate output. In addition, SOL can also be used to conduct micropayments known as ‘lamport’, including staking for rewards.

Among the potential projects awaited: SolStarter, COPE, BonFida, Oxygen, ChainLink, Step Finance, Media Network, Synthetify, Solaris, Solanium and more!