Solana cryptocurrency review | Reviews of traders

16-09-2021

Solana is a high-speed protocol used to support resource-intensive blockchain applications. The project is designed to increase scalability while maintaining decentralization and network security. The Solana blockchain uses the system’s own cryptocurrency, SOL. 

Capitalization $ 47 028 900 027
Number of tokens in circulation 296 693 734
Number of processed transactions per second 50 000

General Information

The Solana project was introduced in 2017. The system is based on a decentralized Proof-of-History (PoH) clock. This algorithm solves the problem of distributed network time, in which there is no single source. 

The average block time, according to the developers, is in the range of 400 milliseconds. This, combined with high scalability, allows several thousand users to run applications on the DeFi system simultaneously. Running the Solana validator is available to almost anyone who has the right equipment with the right parameters. The basic requirements for the devices include a RAM capacity of 128 GB, processor frequency of 2.8 GHz, and support of AVX2 instructions.

Features of Solana transactions 

SOL tokens are used for protocol management via voting, transaction fees, and stacking. Coin holders are rewarded for supporting the network and securing the system. 

The growing popularity of the Solana blockchain is due to its advantages:

  • cheapness: the cost of transactions on the network is $10 per 1 million transactions;
  • decentralization: the Turbine blockchain protocol allows you to support thousands of nodes without losing performance;
  • Scalability: the system processes more than 50 thousand transactions per second. 

SOL rate is notable for its volatility, so the altcoin found its application in trading. Only in August 2021, did the value of the coin increase by more than 200%. Investors actively trade Solana on Binance, Coinbase Pro, OKEx, Huobi, and other exchanges. Access to trade this cryptocurrency is also provided to some brokers through a personal account of the trader. Coins can be stored in an electronic wallet. Traders note in their reviews the prospects of altcoin development and expect an increase in the rate.

Solana reviews

Prospects for altcoin

SOL is the seventh most capitalized cryptocurrency. Solana blockchain can be used to develop and run applications for high-frequency trading, cloud computing, and other purposes. The creators of the project assume that in the future the system will be able to launch large infrastructure services, such as bank cards. 

Solana August 2021
Solana August 2021

Conclusion

Altcoin SOL gives an impression of a promising investment. The coin is actively growing in price, despite temporary rate cuts. It already allows traders to earn in short positions.

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