Soar Solana!
In August 2021, after an impressive run, Solana gained 72% in one week. This run made it the 10th highest-ranking cryptocurrency according to market capitalization. Currently, Solana is the 7th ranked coin according to its market cap of $46.8billion.
As a result of this bullish run, Solana made the headlines. According to CoinMarketCap, Solana began the year trading at under $1.85. However, with a current price of above $157, Solana has posted an unbelievable 31035.52% since May 2020.
What is Solana?
Solana is an open-source and decentralized blockchain platform. The Solana blockchain uses a hybrid proof-of-stake with a proof-of-history system, unlike the proof-of-work system used by Bitcoin. Transactions on the Solana blockchain are facilitated by its native token, SOL, and claims to support 50,000 transactions per second.
“Solana aims to solve the scalability issue with its high-performance protocol, which implements a revolutionary time architecture, transaction processing mechanism, and more efficient consensus model compared to other blockchains, making it the world’s fastest layer-1 network.” -Forkast
Why Solana?
Solana is the fastest blockchain network by transaction speed. It is one of the few protocols attaining over 1,000 transactions per second. Other cryptos like Bitcoin and Ethereum support approximately 5 and 13 transactions per second each. Now, this means that the Solana protocol is 10,000 times faster than Bitcoin!
Solana is considered one of the most high-performance permissionless blockchain on the market, with a network of 200 distinct nodes that generate a throughput of 50,000 TPS when running with GPUs. The network achieves this due to its unique consensus architecture.
Solana’s mempool system, Gulf Stream, is also different from other popular blockchains, as it forwards the transactions to validators before the previous set of transactions was even finalized. This mempool-less transaction forwarding protocol helps maximize transaction confirmation speed, as well as the concurrent and parallel transaction capacity of the network.
The network averages US$0.00025 per transaction, which is a fraction of a cent. To put this in perspective, a US$1 million transaction would cost about US$10 on Solana, whereas the same transaction on Ethereum would cost approximately US$300,000, as Ethereum currently averages US$6.86 per transaction.
Source -Forkast
It is interesting to see what the future holds for SOL as we progress. To buy SOL ON Busha:
1. Update your app to the latest version from your App or Play store
2. Click wallets and scroll down.
3. At the bottom of the page, click add new Wallet.
4. Add SOL
5. You can now buy, sell, send or receive SOLANA (SOL)
