Solana is a decentralized blockchain founded in 2017 based in Geneva. This is known to be much faster when it comes to a number of transactions it can process and has significantly lower transaction fees compared to Ethereum.
Experts say this is a good investment and here’s why:
13,000 percent grown at the start of 2021
At the start of 2021, Solano cost around $1.50. With a market cap of almost $62 billion, Solana has become the sixth biggest cryptocurrency by market capitalization.
Alternative to Ethereum
Ethereum still holds second place in the cryptocurrency next to bitcoin in the whole wide world. This has become the reason why people resort to Solana. Also, it is the reason behind Solana’s growth.
Solana is the first to introduce smart contracts. Smart contracts are tiny pieces of code that allow blockchain platforms to run decentralized apps. Which of course has pros and cons.
The slight problem is that the Ethereum network is kind of crowded and its transactions become more pricey. This shed the spotlight on a new platforms such as Solana. Because traders now are looking for faster and not so expensive when it comes to tradings.
Solana is one of those labeled as “Ethereum Killers” because of the ability of the platform to attract developers.
Fastest on Block
This is the main reason for the rise of the Solana.
It can actually process 50,000 transactions in a second. While Ethereum processes around 15 to 45 transactions per second. An upgrade which they named Eth2 claims that this will make it somewhat faster. See the difference?
On the other hand, speed is not all it takes to be next to Ethereum. Because actually lots of cryptocurrencies nearly reach Solana in this race.
Proof of History
The blockchain system is not a fan of middlemen when it comes to its transactions. Instead of intermediaries, they use other methods to keep the system secure and avoid fraud as much as possible.
Like Bitcoin, Solana has its own network validators which are called Proof-of-History. It includes timestamps.
350 applications runs in its network
How cool is that? Solana’s ability to catch up with the heat when it comes to finding alternatives to Ethereum is just amazing. Now that NFTs are booming, Solana makes sure they also have that feature aside from this, they also have decentralized finance.