Solana (SOL)

Solana (SOL) is a cryptocurrency that is designed to make blockchain more efficient and expand its potential. Launched in March 2020, Solana is a project founded by Anatoly Yakovenko, a well-respected technology guru. As of October 2020, Solana has a market cap of over $920 million, making it one of the largest cryptocurrencies in the world. What makes Solana unique is its blockchain infrastructure. Solana utilizes what is known as a proof-of-stake based blockchain consensus mechanism. What this means in layman terms is that participants are rewarded for supporting the network by holding a stake in the network, this is different from the consensus mechanisms used by other blockchain networks like Bitcoin and Ethereum. Additionally, Solana also utilizes a “Turbocharged proof-of-Stake” consensus protocol which enables transactions to take seconds instead of minutes or hours. Solana’s primary role is to enable the creation of more efficient, secure and cost-efficient blockchain applications and networks. As a result, Solana is being used in various industries such as gaming, finance, and media streaming. For example, the Solana Foundation recently announced a partnership with Kodama to improve the performance of their blockchain-based game, A-BKodamura. Solana has also been adopted as the backing protocol for the SDEX decentralized exchange. In terms of adoption, Solana can be bought and sold on some of the major exchanges like Binance, Huobi Global, OKEx, and Kraken. It is also available for purchase on a range of decentralized exchanges and through various peer-to-peer marketplaces. Overall, Solana has been well received by the cryptocurrency community and is making good progress in its mission to expand blockchain’s potential. With its unique technology and attractive incentives, Solana stands as a viable alternative to other blockchain networks. With its future on the horizon, this could be a great opportunity for investors to get really involved in the blockchain world.