Currently ranked among the top 10 cryptocurrencies, Solana is emerging as the hottest blockchain available. Launched more than a year and a half ago in April 2020, it is bound for the Sun, as seen by the sharp increase in its price in India due to its quick adoption.
The cost of Solana in India has increased dramatically during the last several months. As of January 4, 2022, it is ₹13,750. It reached an all-time high of almost ₹ 19,000 on November 06, 2021, only a year after it barely reached Rs 150.
What is Solana?
Web-scale and highly functional, Solana is an open-source blockchain technology that helps developers and organizations globally to create markets and decentralized apps, or DApps.
The Solana Foundation formally introduced the Solana protocol in March 2020. It is quick, safe, and optimized for DApp development with increased scalability. It adds a Proof-of-History consensus to the blockchain’s basic Proof-of-Stake consensus.
With almost 299 million coins in circulation right now, it’s native cryptocurrency, SOL, has a total supply of 505 million coins.
The Proof-of-History consensus, which Anatoly Takovenko invented, is one of it’s most novel features. It improves usability by enabling the protocol to scale more easily.
How Does it Work?
Solana is a highly inventive and resilient protocol that is regarded as one of the best permissionless blockchains available in the cryptocurrency industry. It is combined with a 200-unique note network that can process 50,000 transactions per second.
Thanks to the PoS (Proof-of-Stake) consensus method, supported by Tower BFT consensus, the network may reach an agreement without being hindered by possible malicious assaults.
One of the main causes of it’s industry-leading throughput is Tower BFT’s utilization of the Proof-of-History consensus to lower the processing power needed for transactions.
Why Use Solana (SOL)?
There are several noteworthy benefits of Solana (SOL) compared to other cryptocurrency initiatives. Its distinct Proof-of-History (PoH) consensus allows it to perform 65,000 transactions per second at almost no cost.
Compared to all of its rivals, it offers significantly greater speed and affordability. With a volume valued at billions of dollars, it is among the top three most widely used NFT blockchains in the cryptocurrency market.
It is also among the top 15 cryptocurrencies in terms of market capitalization. The Solana Foundation unveiled Saga, a modern smartphone with a Web 3 app store for consumers.
Is Investing in Solana (SOL) a Good Idea?
Based on market capitalization, Solana (SOL) is among the top 15 cryptocurrencies. In the NFT community, it is one of the most well-liked blockchains. Its two main selling points are its extremely quick transaction processing speed and low processing cost.
Despite being linked to problems such as a less robust decentralized architecture and frequent disruptions, it has a positive reputation in the cryptocurrency and Web 3 industries.
What uses it’s suitable for?
Solana’s blockchain has drawn a lot of developers to build their protocols on it because of its quick transactions and cheap gas costs. Presently, the ecosystem encompasses a wide array of initiatives, including:
- Users may trade tokens using DEXs similar to Radium. They can also earn trading fees by offering liquidity.
- DePIN initiatives like Helium reward users that supply physical infrastructure resources, such as data storage and wireless connectivity.
- Jito and other liquid staking protocols let users deposit assets on the network in exchange for liquid staking tokens.
- Memecoins such as Book of Meme and Dogwifhat
Is Solana Accepted in India?
Don’t forget that Solana and other cryptocurrencies are unregulated, even though they aren’t prohibited in India. The creation of a regulatory organization to oversee cryptocurrency exchanges and trading is a topic of discussion.
