SOL (Solana) is the first cryptocurrency that will be able to process more than 710K transactions per second. It can do it thanks to their Proof-of-History concept, which makes the DAG (Directed Acyclic Graph). One of Solana’s biggest competitor is Hedera Hashgraph , another high throughput blockchain platform. The other one is Lisk sidechain project called js-stellar.
History of SOL Crypto Coin,
SOL was created in 2017 by Anatoly Yakovenko. The CEO of Solana is Colin LeMahieu , who earlier worked at Spheris and Bitfury. Other famous members are Gabriel Cardona – CTO (he also helped to build Raiden Network) and Sasha Ivanov – Advisor (CEO & Founder at Waves ).
At the beginning of 2018, SOL successfully finished their ICO. Their token sale started on September 26th. The goal for this project was $40 million, but they managed to collect around $30 million. This company has a strong team with good advisors. The advisory board includes people like Don Tapscott (Co-founder of Blockchain Research Institute), Alexander Shulgin (CEO at XBTO), and Yuri Mavrodi (Founder of MMM).
One of the prominent features in Solana is their throughput. With Proof-of-History, they want to make this network one of the fastest in the world. Ether is processing around 15 transactions per second, while EOS has already reached 4K TPS. But with SOL’s technology, they want to go even further. Pretty much like what Hedera Hashgraph plans to do , but with no fees for using their environment. This will be possible thanks to Byzantine Agreement (BA) algorithm which provides consensus without mining.
Solana also plans on having a great support when it comes to sending data through their blockchain platform. Thanks to IPFS integration, they will be able to do that.
SOL is an ERC-20 token until the mainnet launch. It can be traded on several exchanges from where you can buy it from. Coinmarketcap rates it just under $0,30 with a market capitalization of around $8 million (a bit over 1% of EOS’s current). SOL still has a long road ahead and we will see if this project will make its way up to become one of the biggest players in the industry.
How SOL Crypto Coin Works?
This project is similar to Ethereum , but Solana has no traditional mining. If an ETH miner wants to verify some transaction, they will need to do some work first (proof-of-work). Solana uses Proof-of-History concept instead of PoW method.
Proof-of-History is a cryptographic technique that allows for two things:
First one is the verification of the chronological order of transactions. Second one is DAG ledger which represents all the information in a graph form. SOL’s team says this method will be able to process 710K transactions per second on their platform! To do so, you will need around 1,5 watts per user and 80GB worth of storage space. Pretty high requirements if we compare it to ETH, which does everything on a single layer.
Proof-of-History is based on an interesting principle. Every transaction will be divided into two groups – “hashes” and “non-hashes”. The first feature contains all the information about user’s device (CPU/GPU). Non-hashes represent this user’s current timestamp, but they’re saved in consecutive blocks (just like info stored by Ethereum ). This way you can find out who was faster and who submitted their transaction first. Thanks to that, miners won’t need to spend big amounts of energy and resources like they do now for PoW method ; SOL needs less nodes and it should be much cheaper for them as well.
The other thing we noticed is the DAG ledger. Every transaction will be recorded in this ledger and it will include all the previous transactions. That way, when you want to verify your timestamp – you can use anyone’s record (just like in Bitcoin ). The difference is that SOL won’t need a mining process like we thought before.
Where to Buy SOL Crypto Coin?
There are many crypto exchanges where you can buy the SOL crypto coin. Let’s talk about the famous exchanges.
1 – Kucoin:
One of the most well-known exchanges in the world. Their clients are secured by KucoinShares (KCS) and every trade is protected with SSL security.
2 – ETHFinex:
A decentralized exchange based on Ethereum blockchain, offering real ERC20 tokens trading pairs. They reward you for holding PHT tokens as 50% of all transaction fees are shared among holders.
3 – Binance:
A popular cryptocurrency exchange which focuses mostly on Asian markets. It provides more than 350 trading pairs to choose from! For example, you can buy SOL directly for Euros or Dollars.
4 – HitBTC:
World’s first Bitcoin exchange which started operating in 2014. This firm has a lot of experience in crypto industry so expect a high-grade security and good shopping experience.
5 – Bittrex:
One of the most popular exchanges which has been operating since 2014 as well. The platform provides a highly secure trading environment, so it’s definitely worth checking out!
How to Buy SOL Crypto Coin?
Once you choose the exchange, now it’s time to buy the solana crypto coin. let’s take a look on the following steps.
1 – Sign up to the Exchange.
Most of them don’t require any registration with your personal details, but you’ll need to pass a KYC process before obtaining full access.
2 – Get Verified:
This is very important when it comes to big exchanges like Binance or Kucoin. Also, in most cases you will need a special cryptocurrency wallet where they can send your coins. Some platforms give you that option already on signup page, others not – so check the rules and regulations!
3 – Deposit Money:
In this step, choose whether you want to deposit using FIAT currency (Euros/US Dollars) or cryptocurrencies. And fill out all the required fields for quick transaction processing ; also be sure keep your passwords safe !
4 – Buy BTC/ETH:
Now it’s time to bring your credit card and buy some cryptocurrency. Use this currency to purchase SOL and transfer them in your wallet.
5 – Trade SOL:
We need the Ethereum token (most platforms use ETH) so we can exchange it for our desired coin. For example, you can trade 1BTC worth of ETH on any popular platform like Binance , Bittrex or Kucoin , etc.
Where to Store SOL (Solana) Cryptocurrency?
After you receive the solana crypto coins, you will need a special digital wallet which supports PHT tokens. You can buy one from official website or create an account with a reliable software solution like Exodus. If you want more security you should download the official wallet directly from the developer.
Is SOL Crypto Coin a Good Investment?
SOL could be a profitable investment if you know how to trade cryptocurrencies. In fact, this market is extremely volatile so you should buy coins only when they’re cheap and sell them as soon as possible. All coins have their ups and downs but ETH could give you around 100x gains if done correctly.
Another way to earn more money is to use a crypto robot like Bitcoin Loophole that trades for you automatically on Autopilot mode. It’s the easiest way to earn money from cryptocurrencies as this robot works without up-to-date information and it trades 24/7. You can also try a free demo account if you want to see how it works before investing any money!
Don’t forget that the crypto world is risky so you should always do your own research. The best way to learn about Ethereum and similar coins is to read blog posts, forums, and articles on a regular basis. Also, make sure you follow us on social media because we post latest news every day.
SOL Crypto Coin Price Prediction
Here we will talk about the SOL crypto coin price prediction for next 5 years.
1 – SOL Crypto Coin Price Prediction 2022:
If this coin is adopted by many users across the world, we can expect it to rise in value exponentially. We should also consider which factors impact the price of your favorite coins like new partnerships or technological changes.
2- SOL Crypto Coin Price Prediction 2023:
If you look at average prices for Ethereum , it seems to be the strongest competitor against SOL so far. However, if this coin really takes off, we can see higher volatility in future which means our prediction could become true. Keep in mind that even the top coins are still relatively cheap when compared to real-world assets!
3 – SOL Crypto Coin Price Prediction 2024:
By that time SOL will have to adopt new technologies and improve itself if wants to compete with other cryptocurrencies on the market. But considering many of them are also promising great returns, probably 2023 is more likely date for mass adaption of its features.
4 – SOL Crypto Coin Price Prediction 2025:
We can expect solana crypto coin price to rise by 2024 but this will be mainly due to its increase in userbase. If the platform works great, people should start using it more often which can lead to higher demand and price.
5 – SOL Crypto Coin Price Prediction 2026:
Don’t forget that even if you invest in cryptocurrency like solana now , by 2020-2023 (even earlier) expect prices for these coins to double , triple or rise much more because of large industry growth. That’s why we said this market is very lucrative but also risky at the same time.
Frequently Asked Questions
1 – What is a Solana crypto coin?
SOL (Solana) Cryptocurrency (or Solar Coin) is a network token meant to support the Solana blockchain platform. If you want to know more about this coin and its upcoming ICO, visit website and read blog posts on their official pages.
2- How many SOL coins will there be?
According to the official website, there will be a total of 299 million SOL tokens in circulation. About 66% (200M) will be available during the ICO and about 14% (43.9M) for Founders’ reward. The team has reserved 19% (60M), and they’re planning to distribute 5% (15M) via Bounty campaigns, 2.5%(7.5M) for Advisors and Partners, 1.75%(5.375M) for Testnet bounties, 1%(3M) reserved for referrals and 0.25%, i.e 500k tokens is reserved for Mainnet bounties.(as per September 2018).
3 – What is the Future of Solana Crypto coin?
As we said before, the Solana Crypto Coin future is bright as this project has already passed tests and it is now ready to be used in production. If you want to know more about their plans and vision , visit their website and read blog posts on pages like Medium.
4 – Will SOL Crypto coin reach $100?
Of course! If this coin beats Ethereum , it should be able to rise by more than $100. Furthermore, if it provides the fastest blockchain platform, we could see even higher prices in future. Although like any other crypto project, you should always do your own research first.
5 – How will SOL Crypto Coin change the world?
Solana is one of the few cryptocurrencies which actually have a purpose. By providing the fastest possible platform for companies interested in developing decentralized applications, its price can explode during next 5 years! The only question is how long will it take before people start realizing that they no longer need Ethereum or TRON because SOL is faster and cheaper?
Solana has passed its testnet and it is now ready to be used in production. It was built by a team of developers who actually worked on the well-known projects like Qualcomm, Visa and Cisco. This crypto coin can explode in price because even if you just use it for your daily transactions, making them much faster than Bitcoin or Ethereum , you will probably benefit too! Furthermore, if they manage to adopt this platform successfully and create their own developers community, we could see SOL at $100 by early 2020s.