What Is Solana Coin & its Future?

The biggest problem of any blockchain technology Today is that it cannot overcome a situation like its ability to work in any way. Crypto coins like Bitcoin and Ethereum operate on blockchain technology platforms. In this, the issue of their speed and scalability can be seen.

Only one has found the solution to all these problems: the Solana coin.

This someone has been working on trading on Finance for some time now. Seen, it has been a short time since the Solana coin came onto the market, but this coin is becoming very popular among the people. Today, people are saying about this coin that in the coming time, there is a need for Ethereum. I can take coins instead.

For your information, let us tell you that whenever the Ethereum coin came into the market, its price was negligible. This is how the Solana coin is going. So let us tell you Today what Solana and how it works, the history of the Solana coin, how it can be bought, what is the future of Solana. Today, we are going to tell you all about it through this article.

What is the Solana Coin?

Solana coin is also a coin based on a blockchain platform. It is decentralized like Ethereum and Tron coin. And works on the blockchain platform itself. Solana is an open-source project used to make decentralized apps and transactions. Solana Coin is built to be used on the Solana platform itself. Its code name is “SOL.”

It is used for transacting over the Solana platform. Apart from this, Solana Coin also works on Proof of Stake and works on Proof of Stake like Blockchain platforms like other coins. It keeps everyone close by taking snapshots inside.

History of Solana Coin

Solana coin was launched in the market in 2017. At that time, its price was not very special. Solana was launched on April 11, 2020. Then its price was ₹ 59. From April 11 to June 26, 2020, it did not see any price jump. But after June 26, it had seen a lot of movement in its price. The first jump in its price was on August 13.

At that time, its price had reached ₹ 280. After that, as with all coins, its price may be higher and sometimes lower. That is, some fluctuations in its price should be seen. However, the second significant surge of the coin came on February 24, 2021. Then its price was Rs 1252. After that, on May 18, 2021, its prices again increased, and at that time, its price was ₹ 4096. Seeing its reading prices in this way, people have guessed that in the coming time, they will be replaced by Solana Coins by Ethereum.

Solana Coin Price

Solana coin price as of August 16, 2021, the market cap was 4558.83. The trending volume for 24 hours was Rs 214,056,765,221. The market cap of the Solana coin is Rs 1302895468090. According to the Solana Coin Market Cap website, their total supply is 501827855 Solana Coins. Nothing specific is known about their maximum supply, but its circulating SOL supply is 286,294,943.91.

The Invention of the Solana Coin

Anatoly Yakovenko invented Solana Coin; he worked from December 2003 to July 2016 as Senior Staff Manager at Qualcomm. While working there, too, he left his job. Then, he also changed his company and started working on the post of a software engineer at DropBox. After that, he was engaged in making Solana Coins till 2017.

Solana Coin Working Speed

Solana Coin is considered to be one of the fastest-working blockchains. Ethereum, on the other hand, only handles 15 transactions per second. The same Solana quickly does 50000 transactions every second. A block of 400 milliseconds can easily mine one block in 0.4 seconds. It works very fast, and it is considered a very fast coin.

Solana is also known as the “Killer of Ethereum.” The reason it is called the killer of Ethereum is its operating speed. No Ethereum has been able to solve this big problem yet. All of the issues on Ethereum can probably be fixed in the future with the arrival of Ethereum 2.0.

How Does Solana Coin Work?

Solana Coin works on proof of history. If you see the same, then Ethereum works on Proof of Work. That is, as many Solanas have been staked, and a screenshot of them is taken every 400 milliseconds. Due to this, all the information on this network is available every 0.4 seconds.

If we talk about the Ethereum network itself, then many fees have to be paid to use it here, but the prices in Solana Coin are negligible. That’s why Ethereum has changed its entire structure to accelerate and scale without itself.

The same Solana has increased its speed quickly in 2 years without any change. All this is possible only with the help of Moore’s law in Solana. According to this, the number of transistors in the circuit doubles every two years. Solana works on the same thing. Ethereum must have at least 32 Ethereum to become a Validator. On the other hand, if we talk about reciting, then there is no need for any rules like any validator to become it.

Is Solana an Ethereum Killer?

Many cryptocurrency coins that operate on the blockchain and are often called Ethereum killers. Chief among them are Polkadot, Cardano, Tron ​​, etc. All of them claim that it is much faster than Ethereum. But Solana is faster than all of them. This can be called the Ethereum killer.

Ethereum works on the blockchain just like Aane Coin. To make all the tasks very fast and easy by Ethereum, such as creating apps, smart contracts and other cryptocurrencies relying entirely on it, etc.

For all these reasons, people using Ethereum have left the Polkadot, Cardano, Tron, or Solana coins. But Ethereum is going to be the most useful of all these blockchains. Ethereum has a vast community that relies heavily on Ethereum, and Ethereum is considered one of the oldest blockchain platforms. Since the start of work on Ethereum 2.0. People’s expectations towards Ethereum have increased further. People have a lot of trust in Ethereum, and that is why people are joining this network day by day.

Among all these, Sultana’s network is not that big. As in Ethereum. There are more than two lakh validators, and there are currently 926 validators compared to Solana, which is significantly less. But its ability to perform is giving equal competition to Ethereum.

How to Buy Solana Coin in India?

There are many platforms where you can buy cryptocurrency in India. The most working of them all is WazirX. But the Solana coin is not listed here yet. That’s why you can’t buy these from Wazir. You have to buy Solana coins from coinDEX, and it is also a cryptocurrency exchange platform.

First, you need to create your account on a co-index. To create an account there, you will get bitcoins up to ₹ 500 for free. After creating the account, you will have to complete the KYC process. After that, you can buy Solana coins.

Conclusion

Today, we have told you through this post what Solana coin is and how it works. Given information about. I hope you have liked all this information given by us, and for any information, you can stay connected to our website or ask for any problem by commenting in the comment section.

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