SOL (Solana), the most advanced PoH coin, is ranked in the top 10 in the world
Although the current number of cryptocurrencies (Cryptocurrency) will be as many as tens of thousands of dollars. There are coins that are made for the hope of benefiting society and coins that are intended to deceive and become Theft in the crypto industry In this article, SOL coins from Project Solana have been selected to recommend as an interesting project. And last year, the coin’s price has grown by 7,600%, and it also comes with the nickname “Ethereum Killer”.
What is Solana (SOL)?
Solana (SOL) is a project protocol that uses Blockchain technology to build smart contracts, like Ethereum (ETH) and Cardano (ADA) , and is an open source project that allows developers to create more DApps. too
Solana has been one of the fastest growing projects in the past year. Thanks to the unique Proof of History (PoH) consensus algorithm, the Solana project stands out for its high transaction speeds. and low operating costs Some say that Solana could be a potential replacement project for Ethereum.
History of the Solana Project (SOL)
Anyone who has ever been to San Diego, California, USA may be familiar with the name Solana Beach because the project’s founder, Anatoly Yakovenko, had worked in the area before. therefore took the name of this beach to be the name of the project itself
Anatoly was a senior engineering manager at Qualcomm and Dropbox in the past, partnering with colleague Greg Fitzgerald to create the Solana (Sol) project in March 2017.
Solana (SOL) Key Highlights
Solana (Sol)’s key strengths are transaction speed and low cost. with the ability to expand (Scalability) speeds up to 65,000 transactions per second. (Transactions Per Second: TPS) and a fee of $0.00025/transaction. Compared to market leader Ethereum (ETH), it has a speed of 13 transactions/sec and a much higher gas cost. It can be seen that they are many times different. The main reason behind it is Working of a mixed protocol between Proof of Stake and Proof of History.
Proof of History, the key mechanism that makes SOL superior
The principle of Proof of History is to memorize time and create a unique identity in each block. The method is like dropping colored ink into clean water. After that, take a picture of the color that gradually spreads out if you switch it over and then come back to it. We will be able to arrange correctly without alternating time intervals.
This will help the system process faster and save more work time. This is compared to the Proof of Work mechanism that requires solving the equation correctly before verifying a block, or Proof of stake, which requires a coin to secure before a new block can be verified.
Projects on Solana
Solana (Sol) is an open source platform with free software that allows developers to build on it. Today, developers are building on a wide variety of projects, including Smart contacts, NFT Marketplace , Decentralized finance (Defi) , GameFi, Application, Social media, and many others.
SOL Coin is a token (Token) of the Solana project used for various transactions on the platform. Information from the website Coinmarketcap.com states that SOL Coin has a total supply of 506,348,085 SOL, its market capitalization (Market Cap) is 1,092,343,302,589 baht, as of February 4, 2022, had made all time highs on November 6, 2019. 2021 at 8,575 baht per 1 SOL and had done all time lows on May 11, 2020 at 16.66 baht per 1 SOL
Making Smart Contracts
With the Solana Blockchain’s secure working principles and the speed of its Proof of History system, developers can use it to create a wide variety of projects.
Solend : Solend is a loan-borrowing project. with central interest calculation
Francium : Francium is a project to guide investment in the world of DeFi.
NFTs Market (Non Fungible tokens
For those who love art It is possible to enter the NFT market on Solana’s platform, for example now:
All of them are built on Solana and use SOL tokens as a medium as well.
Project Defi (Decentralized finance)
There are almost 300 Defi projects on Solana such as
Applications such as games, listening to music or social media can also be done.
Aliens VS People
Wormhole is Solana’s function to act as a bridge between the Ethereum Blockchain and Solana, as well as large networks other than Ethereum, making it easier for users to move assets between them. ETH From Ethereum to Solana and Earn Instantly SOL Coins.
How is Solana (SOL) different from Ethereum (ETH)?
It is nicknamed Solana as the “Ethereum Killer” due to its superior performance in many respects.
From the picture you can see the comparisons on various topics where Solana clearly outperforms Ethereum and other blockchains.
- In terms of TPS (Transactions per second), Solana is able to transact the most compared to Ethereum, Binance Smart Chain, Polkadot , Cosmos and Avalanche, with up to 65,000 simultaneous transactions per second. Compared to Ethereum, which only handles 15 transactions per second, Solana is thousands of times more.
- In terms of finality time, Solana takes only 0.4 seconds, while Ethereum takes 5 minutes.
- Fees or Gas for Solana average $0.00001/transaction, while Ethereum charges $4-40/transaction.
- In terms of total transactions, Solana has 14 billion transactions, 14 times more than Ethereum’s 1,000 billion transactions.
- In terms of support for USDC and USDT, both can do the same.
- The number of validators (number of networks) is the only loss to Ethereum, with Solana at 685 Validators and Ethereum at 6,833 Validators.
What is SOL coin?
After getting to know the Solana project already. We are going to talk about SOL Coins. Coins used in the Solana ecosystem, SOL coins can be used primarily as transaction fees, staking, and SOL coin holders can vote on Solana’s direction.
Is the SOL coin any good?
I’ve seen it for SOL Coins to use in the section above. Including the advantages of the Solana platform, which has a direction that can be developed further in the future Due to the Proof of History mechanism that makes the system work faster. Another thing that goes unnoticed is the fact that the fees are cheaper than other projects, which are different from the fees of other coins that go up to the hundreds and thousands per transaction.
Where to buy Solana Coins?
As we have already discussed big interesting projects like Solana and SOL coins, if anyone has studied well in SOL investment. SOL coins can be purchased at via the website or through the app, it’s very convenient and easy. Trade anytime, anywhere.
Overall, Project Solana (SOL) is another interesting coin. with a unique Proof of History mechanism This increases both speed and also lower transaction costs. It has the highest market capitalization in the top 10 of the cryptocurrency market. And it also grew by thousands of percent in the past year. but anyway Every investment has risks. especially with volatile digital assets. If interested to invest should start with education and start investing from a small amount of money or cold money first This will reduce the risk in our assets.