Solana coin (SOL) will be the next big thing in cryptocurrency thanks to its unique technology that improves upon existing blockchains like Bitcoin and Ethereum. What sets Solana apart from other cryptocurrencies? What can you do with it? Why should you buy this coin? Keep reading to find out!
What Is Solana?
Solana is a new platform that seeks to unify two of blockchain’s most prominent challenges: scalability and speed. Through years of R&D, they’ve developed a consensus mechanism that requires only seven transactions per second to run on-chain (compared to Ethereum’s 15) and an estimated capacity of 250k transactions per second off-chain (compared to VISA’s peak capacity of around 50k). Beyond just speed, however, Solana also claims it will achieve true decentralization through its built-in Proof-of-Stake algorithm. PoS has been hotly debated since Ethereum first considered implementing it. If Solana can deliver as promised, it could be huge for cryptocurrency as a whole.
How Does It Compare to Other Platforms?
Solana has several advantages over current cryptocurrency market offerings, including a faster speed of transaction and a more secure system. In addition, once their platform is fully functioning, users will be able to access products that are not available on other exchanges. Furthermore, because Solana uses an asynchronous Byzantine Fault Tolerant (aBFT) consensus mechanism that allows for high performance and transaction speeds that scale exponentially with each new node added to its network there is no single point of failure and it can effectively process more transactions than any other currently existing currency. All of these advantages combine to create what could be one of 2018’s biggest breakthroughs in technology.
Why Invest In Solana?
Let’s start with the basics. What is a cryptocurrency? A cryptocurrency is a digital currency that functions as money and uses cryptography to secure transactions and control the creation of new units. In practice, cryptocurrencies use decentralized control instead of centralized electronic money and central banking systems. What does that mean for you? It means you can send money across borders quickly and securely without an intermediary (e.g., a bank or credit card company). It also means nobody can freeze your assets or otherwise prevent you from sending or receiving funds, except with laws like those that currently prevent certain crimes, such as terrorism and human trafficking. In other words, while fiat currencies rely on intermediaries to guarantee their legitimacy, cryptocurrencies offer decentralization in exchange for trustlessness.
Where Can I Buy SOL?
You can buy SOL right now on exchanges like OKEx, KuCoin, or EtherDelta. Before buying any cryptocurrency, you should always do your own research and be familiar with any risks involved. It’s also a good idea to spread out your investments across different exchanges just in case one encounters issues. If you want more details about how to buy SOL on specific exchanges, check out their respective guides.
Has Anyone Made Money on Solana?
It’s impossible to say whether or not a cryptocurrency will ever be successful. After all, when it comes to investments, we can’t tell what is going to succeed and what isn’t until after it does. Some cryptocurrencies are bound to fail completely but there are others that have every chance of rising above and seeing huge gains. While no one knows for sure, we can look at everything available on a coin and see if it has an even chance of being successful or not. For Solana (SOL), I think it’s safe to say that only time will tell as far as its long-term viability is concerned. Short term though, you should definitely keep your eye on it because its growth potential for 2018 looks incredibly high right now!
