Solana
What is Solana?
Solana is a famous blockchain project. The project is open source and Solana is going to introduce breakthrough technologies into its activities, thus creating the potential for development in the future.
The goal of the Solana project is to create a platform that is decentralized, scalable, and secure. Such a site should be able to simultaneously support thousands of nodes, while not creating an additional heavy load on network bandwidth. The Solana project itself was launched in 2017. As part of the launch, it was possible to attract a total of more than $ 25 million for the development of the project.
One of the main features of Solana is the principle of block validation. Validation takes place according to the Proof of Stake algorithm, but an additional add-on called Tower Consensus is used. This add-on allows you to reach consensus when validating blocks even in the face of hacker attacks. The implementation of such a systеm is possible thanks to another function called Proof of History. The Proof of History algorithm allows you to create and provide a record of all previous events that occurred on the blockchain. As a result, there is a guarantee that any event in the blockchain will be recorded in a single registry. Tower Consensus uses the Proof of History algorithm in its work to reduce the computing power needed to verify transactions on the network. This reduction was achieved due to the fact that now there is no need to re-calculate all the timestamps of previous transactions in the network each time. This systеm has a very good effect on the throughput of the Solana network.
The Solana project stands out from the crowd with other innovations such as the use of Sealevel technology. Sealevel allows you to parallelize transactions that occur on the network. Thanks to this technology, network resources are very well optimized and a huge margin of network scalability is maintained.
The Solana project, like almost any project in the crypto industry, has its own token. Here it bears a name similar to the name of the project – Solana. This token is used in every transaction within the network. It is needed to pay commissions within the network, both for conducting transactions and as a reward for confirming blocks.
Solana Mining
This coin cannot be mined with video cards, CPUs or hard drives, because the network uses the PoS (Proof of Stake) algorithm. This means that the coin can flow on your crypto wallet. To describe this process, you can draw an analogy with a bank deposit – you get a small percentage of the amount that you keep on deposit. Here the principle is similar, but instead of fiat money on a bank deposit, you keep Solana on a crypto wallet.
How do I get Solana?
You can buy Solana both on one of the crypto exchanges where this coin is traded, or through a reliable crypto exchange, like Leoexchanger!
Solana price dynamics (USD)
As of September 2022, 1 SOL costs approximately $33.50. The total market capitalization is $11,875,493,695.
The price movement chart is shown below:
How to store Solana?
Storing Solana is best done on crypto wallets. When choosing a wallet, pay attention to its reputation, ease of use, and whether the crypto wallet supports Solana coin staking (not all wallets support this feature). For more information, see project website.
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