Buy SOL (Solana) with Credit or Debit Card at the Lowest Fees

What does Solana's ecosystem include?

The ecosystem now hosts thousands of projects spanning non-fungible token (NFTs), DeFi, DEXs, and Web3. Some of the most celebrated projects include Serum (DEX), Apricot Finance (Lending), Magic Eden (NFT marketplace), and Brave Browser (Web3).

Who is the founder of the Solana (SOL) cryptocurrency?

Anatoly Yakovenko 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 labelled the project as Loom.

Greg Fitzgerald began developing the open-source software in February, 2018, by putting Anatoly's, his former co-worker's, whitepaper's recommendations into practice. In a very short time - just 15 days - he made the first prototype available, which instantly confirmed 10,000 signed transactions. After co-founding Loom, Anatoly, Grey, and three other partners had to change the name to Solana because by that time another project with the identical name had already debuted on the Ethereum network.

What is special about Solana technology?

The speed at which transactions are verified by Solana blockchain technology is unmatched by other blockchain networks and some conventional payment networks, making it a special technology.

Blockchains did not have precise timekeeping or clocks before to Solana. Before moving on to authorize a new transaction, Bitcoin's network synchronization depends on the entire network solving the proof-of-work algorithm and progressively checking blocks.

Anatoly’s groundbreaking work was building a blockchain consensus mechanism where computers that could or could not trust each other, could agree on something else, for example, an event that happened at a specific time in the past, hence the name Proof of History. In short words, it allowed Solana's network to accommodate delays better.

The speed of the Solana network can scale beyond 60,000 transactions per second, as speed is only limited by the network bandwidth.

How many SOL tokens have been issued?

SOL, Solana's native cryptocurrency, has a circulating supply of around 365M tokens.

How is a Solana network secured?

Proof of History is not enough to secure the network. Solana also works with Proof-of-Stake consensus mechanisms, where users can stake Solana 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 with the Ethereum merge.

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 institutional transactions and friendly payments continue to increase. The launch of Solana Pay may bring more growth to the ecosystem.

The hope is that the project will keep growing popular, driving its price up. Don’t merely rely on investment advice from experts. Before buying Solana and adding it to your crypto portfolio, conduct independent research and assess its current standing.