Solana (SOL) is a Discoverable-Supply, Decentralized Blockchain Mission, which aims to provide Decentralized Finance (DeFi) solutions. It was launched in 2020 and is becoming increasingly popular due to its speed and low transaction fees. It aims to improve Blockchain scalability and facilitate faster processing for smart contracts.
What is Solana (SOL)
Solana is a Discoverable-Supply, Decentralized Blockchain Mission, focused on providing Decentralized Finance (DeFi) solutions. It started in 2017 and was officially launched by Solana Footing in March 2020. The main objective of Solana is to support Decentralized Apps (DApp) and improve Blockchain Scalability. Its hybrid consensus model, created by a combination of ‘Proof-of-History’ (PoH) and ‘Proof-of-Stake’ (PoS), supports fast and cheap transactions. It aims to simplify Decentralized Finance on a large scale.
Who is the founder of Solana?
Solana is founded by Anatoly Yakovenko, whose career began at Qualcomm, where he became a Senior Staff Engineer Manager in 2015. In 2017, Yakovenko began working on the Solana Mission and founded Solana Labs with his Qualcomm co-operant Greg Fitzgerald. In 2020, Solana Protocol and SOL Token were publicly launched.
Solana What makes it most distinctive?
The unique feature of Solana is its Evidence-of-Historical past (PoH) consensus, which increases the scalability of the Blockchain and provides faster transaction processing. It enables low latency and fast smart contract execution, benefiting everyone from small users to large institutions. Solana aims to provide low transaction fees and fast processing times. Apart from this, Solana has also performed well in areas like DeFi, NFTs and gaming, making it a big opponent of Ethereum. However, there have been some outages in the network.
How is Solana Community secure?
To provide security to Solana Community, a combination of Evidence-of-Historical past (PoH) and Evidence-of-Stake (PoS) consensus mechanisms have been provided. The PoH is primarily responsible for transaction processing, as it records successful operations and the time between them. PoS consensus is used to monitor the PoH process and validate each block sequence. The combination of these two consensus mechanisms makes Solana a unique protocol in blockchain trade.
Where can you buy Solana (SOL)?
Solana (SOL) Token can be purchased on most Cryptocurrency Exchanges. Binance But SOL/USDT trading volume is the most popular. Additionally, SOL is also available on Coinbase. Solana can also be bought on other exchanges like Bilaxy and Huobi World. Funding in Cryptocurrency can be dangerous, so it is important to get complete information before investing.
Conclusion
Solana is a Blockchain Era with faster speed and lower transaction fees, which is bringing a big change in DeFi and NFTs. Due to its Proof-of-History (PoH) and Proof-of-Stake (PoS) model, it is challenging platforms like Ethereum.
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