Solana cryptocurrency

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20.01.2022 12:42
Solana cryptocurrency

    Solana (SOL) is a cryptocurrency with little history to date, which managed to break into the top 5 of the market in 2021 due to a price increase of over 150 times. That is, every dollar invested in this coin a year ago would turn into more than $150 this fall. That's why the project has attracted so much attention.

    In this article, we'll explore:

    • the features of this asset;
    • how to buy cryptocurrency SOL and whether it is worth doing;
    • the prospects of the project.

    A brief history of Solana

    One of the founders of the company is named Anatoly Yakovenko. His talents and skills led him to jobs at major global companies like Dropbox and Qualcomm. He gained experience and useful connections there. It was from these companies that he recruited the other people who co-founded Solana as well.

    The project itself was launched in late 2017. The test blockchain (read what blockchain is in our article following the link) - in 2018. And the Solana public network, with SOL cryptocurrency as one of its main elements, was launched in 2020.

    Project features

    The main characteristics of the Solana blockchain are the highest throughput and transaction speed. These features are the key "chip" of the project, which made it attractive to all participants of the crypto market, up to big businesses and foundations. Judge for yourself:

    • It takes only 0.4 seconds to form a block. Compare this figure with Bitcoin, which takes 10 minutes, and with Ethereum, which forms blocks every 15 seconds.
    • The throughput is about 50,000 transactions per second. In the coming years it will grow to 700+ thousand transactions per second. By this indicator, Solana surpasses even Visa and MasterCard, which provide services to clients all over the world.

    In practice, this means that any user can pay for a service or transfer funds to another user in less than a second - we can say instantly. Moreover, the commission is less than $1, or a few cents, even if you send $100,000. With its main competitor, Ethereum, the sender can easily pay a commission of not just tens, but hundreds of dollars per transfer, even if a small amount is sent.

    Other advantages

    Of course, not only the speed of transactions and their low price influenced the success of the project. Solana blockchain, together with SOL cryptocurrency, which almost everyone wants to buy this year, is very convenient for developing large systems on it, simplifying the work of large businesses. Together with the above-mentioned advantages, this makes it an attractive choice in comparison with competitors. That's why many startups choose Solana over one of its older competitors.

    At the same time, Solana's blockchain is decentralized. That is, the network nodes involved in its operation are located all over the world (there are more than thousands of them now), and don't depend on each other. This means that no one can disrupt the functioning of the blockchain. Even if a number of nodes stop functioning at the same time, this won't affect the network severely and won't put it out of action.

    How the price of SOL cryptocurrency changed

    In 2020, shortly after SOL coins came to the open market, they were traded at around $0.78 apiece. In the very beginning of this year, the price was around $1.5 per coin. This rapid further growth wasn't expected even by experts, though. In November 2021, the price of SOL cryptocurrency exceeded $250 per coin.

    Of course, a pullback in value took place after that, as always happens after a strong rise in the value of an asset. But even now, Solana is being traded in a range of $150 to $200 per coin. Those market participants who managed to buy SOL cryptocurrency last year have now multiplied their investments by 100 times or more.

     

    Solana Blockchain Prospects

    The price of SOL as cryptocurrency has already shown explosive growth. To determine whether a further increase in price is possible, the following factors must be taken into account:

    • The Solana network is one of the best in the market in terms of speed, throughput, and ease of development.
    • Transfers in SOL cryptocurrency have a low price, which makes them interesting for both ordinary people and companies, up to banking organizations.
    • The entire crypto market, though with pullbacks and temporary drawdowns, will evolve in the coming years and decades.

    Therefore, in the long term, the price of SOL cryptocurrency, as well as other top projects with real business applications, will rise. Of course, temporary value drawdowns will occur, but it's common for any market asset. Therefore, an investment in SOL is definitely the right decision.

    Where to buy SOL cryptocurrency

    To buy crypto assets, it is important to choose a platform that will be not only convenient and easy to use, but also reliable. That's why experts recommend using licensed legal platforms. In this way, assets will be safe, and you will have nothing to worry about when investing in digital assets.

    Take a look at Broex exchanger, which works 100% legally. The company has been licensed by the state regulator and has the full right to provide help in buying and selling cryptocurrencies, including Solana coins.

    Advantages of Broex exchanger:

    • Convenient to use. The simple interface is easy to learn. Particularly, even an inexperienced user can buy SOL or other cryptocurrencies in 10-20 minutes after registration, and in the future it will take less than a minute to make a transaction.
    • Low commissions. Selling and buying assets through Broex exchanger is profitable, since the commissions are from 0.1%, and there are even no commissions at all.
    • 24-hour tech support. Any issue can be resolved quickly by contacting our chat operator. You won't have any difficulties in communication.
    • Built-in custodial wallet. It is not necessary to withdraw cryptocurrency from the account - you can entrust the storage to Broex. This greatly simplifies the management of digital assets, especially for beginners who may find it difficult to master third-party cryptocurrency wallets.

    In addition, the platform has a mobile app that can be downloaded to your smartphone. It will allow you to manage assets and make transactions even if you're away from your computer.

    Broex has everything you need to easily invest in cryptocurrencies, like buying SOL coins. Sign up - it's quick and easy!

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