What is Solana (SOL)?
Solana crypto is a blockchain ecosystem that developers leverage to build decentralized applications, much like Ethereum. It focuses on offering a much faster blockchain system with lower transaction costs.
Ethereum 1 struggled with network bottlenecks, introducing delays in transactions and resulting in high gas fees. Solana’s transaction throughput is 65,000 transactions per second. It far surpasses Bitcoin’s 7 transactions or the 15 transactions per second on Eth 1. Solana is even twice as fast as the Visa payment network.
The ecosystem now hosts thousands of projects spanning NFTs, DeFi, DEXs, and Web3 — a new World Wide Web based on the blockchain. Some of the hottest projects include Serum (DEX), Apricot Finance (Lending), Magic Eden (NFT marketplace), and Brave Browser (Web3).
The confidence in SOL cryptocurrency has been bolstered by the growing number of validator nodes on the network that help run the decentralized network. Surpassing 1,500 validators in March 2022, Solana has an improved chance of running long into the future without censorship. Even as it scales, the cost of transactions is still projected to remain relatively low at $0.01 for users and developers.
More exciting developments lie in the ecosystem’s future like Solana Pay launched in February 2022. It promises a complete digital payment revolution with direct merchant-to-customer payments with costs at a fraction of a penny.
Who is the founder of Solana (SOL) cryptocurrency?
Anatoly Yavenko and Greg Fitzgerald, former coworkers at Qualcomm, collectively founded Solana. Anatoly kickstarted the project by publishing a whitepaper on the Proof of History consensus. He noticed that Ethereum, Bitcoin, and other blockchains that ran on Proof of Work consensus found it impossible to surpass 15 transactions per second.
He then worked on a codebase in the C programming language. Grey recommended Rust, which Anatoly did, and christened the project as Loom.
On 13th February 2018, Greg started working on open-source software, implementing ideas in Anatoly’s whitepaper. He released the prototype 15 days later that verified 10,000 signed transactions in half a second. Anatoly, Grey, and three others went on to co-found Loom but had to rebrand to Solana after another project adopting the same name sprung up on Ethereum.
What is special about Solana technology?
Solana’s technology is unique because its speed of verifying transactions far surpasses other blockchain networks and some traditional payment networks.
Before Solana, blockchains ran without clocks. Network synchronization in Bitcoin relied on solving the proof of work algorithm and sequentially verifying blocks by the entire network before proceeding.
Anatoly’s groundbreaking work was building a blockchain where computers that didn’t trust each other could agree that an event happened at a specific time in the past, hence the name Proof of History. It allowed the network to accommodate delays better.
The speed of the Solana network can scale beyond 60,000 transactions, as speed is only limited by the network bandwidth.
How many SOL coins have been issued?
Solana’s genesis block instantiated half a billion SOL crypto coins. The burning of transaction fees and a reduction event subsequently reduced the total currency supply.
How is a Solana network secured?
Proof of History is not enough to secure the network. Solana utilizes Proof-of-Stake consensus mechanisms, where users can stake their SOL coins to verify transactions and earn staking rewards. Out of security concerns, Solana’s engineering team engaged Kudelski Security for a security audit, which was overall positive.
Why is it worth investing in Solana?
Solana may not be as popular or widely used as Ethereum, but many in the crypto space recognize its potential. Gas fees and transaction delays are currently the biggest problems with its rival, but that may change as Ethereum plans to merge Eth1 and Eth2.
The number of Solana validators continues growing, and though it may not be in the hundreds of thousands as Ethereum, it may be getting there gradually.
Solana’s ecosystem now hosts popular and promising projects, with strong dominance in the NFT space and Web3. It’s geared as more institution and payments friendly. The launch of Solana Pay may bring more growth to the ecosystem and continue to propel it to the top of the chains’ list.
Where can I buy Solana cryptocurrency?
You can buy Solana right here on Changelly. The process is fast and fairly simple. It may only take you about 10 minutes to complete the purchase process. Changelly also facilitates crypto-to-crypto exchanges where you can exchange other coins or tokens for SOL.
Can I buy SOL with a credit card?
Yes, you can buy SOL with your credit card securely on Changelly from our fiat-to-crypto providers with support for both VISA and Mastercard. Transactions limits may vary depending on the providers you select.
Can I buy Solana coin with a debit card?
Buy Solana coin securely with your debit card on Changelly. Our calculator shows the amount of Solana you can get after choosing the payment currency for the transactions. Our fiat-to-crypto partners automatically perform the currency conversions to USD or EUR, but it may be preferable to have EUR or USD-based bank cards to save on any conversion fees.
Can I buy SOL with PayPal?
Yes, but you may need to find a fiat-to-crypto platform offering PayPal as a payment gateway. Not many do at the moment. We are yet to start offering support for PayPal. Alternatively, you can pay with Apple Pay, SEPA (bank transfer), or credit cards.
Where to store Solana?
You can find a wallet with support for Solana coin and SOL tokens. Some of the top wallets support staking and NFTs. You can also use hardware wallets to store SOL tokens. Choose a non-custodial wallet that doesn’t have access to your vital data or funds. Consider a wallet that may connect to your hardware wallet for added security.