Cryptocurrencies are gaining in popularity by the day.
Digital coins are taking the world by storm. And that brings us to Solana, one of the most popular cryptocurrencies.
When first released, it needed less than a dollar to buy Solana. Now, the digital currency is trading at nearly $200. So let’s learn a little bit more about this fascinating and popular cryptocurrency.
What Is Solana?
There are about 8,000 different types of cryptocurrencies.
That’s a lot, yet most of these digital coins are quite worthless. But Solana is one of the most popular cryptocurrencies, which puts it a cut above the rest.
So let’s try to understand a little more about Solana. The cryptocurrency platform is called “Solana,” whereas the individual unit or digital coin itself is called an “SOL.”
Solana is the brainchild of Anatoly Yakovenko, and it was launched in 2019. The digital currency operates on a blockchain, a fancy name for a decentralized computer ledger. This is the same technology that powers cryptocurrencies like Bitcoin and Ether.
The Solana blockchain is a secure database that’s designed to track and manage transactions involving SOLs. Encrypted, unhackable transaction blocks are added to the “chain,” which records every transaction that has occurred on the blockchain.
The unique advantage of Solana, according to its creators, is that it’s the fastest blockchain in the world. For those who buy Solana, they can look forward to its blockchain verifying 65,000 transactions per second.
What Else Can Solana Do?
Solana is not limited to its cryptocurrency alone.
It’s understandable that most people think of blockchains like Solana as merely powering the cryptocurrencies that use them. But there’s so much more to it. The platform can also mediate several different online activities, including:
- Smart Contracts: The Solana blockchain can execute “smart contracts”
- Non-Fungible Tokens (NFTs): Non-fungible tokens are used to turn online artworks and collectibles into unique, tradable assets
- Digital Apps: Like an operating system, Solana can power various programs, such as games and social media apps
- Decentralized Finance: The Solana blockchain also allows users to engage in decentralized financial transactions.
How Can I Buy Solana?
There are plenty of options for those who want to know how and where to buy Solana.
A prospective buyer should first consult the current Solana price. As of late December, 2021, the market price for Solana is $174. Of course, it’s also possible to buy Solana in fractional amounts, called “lamports,” which are worth 0.000000001 SOL.
Once you’ve made your decision, you can choose to purchase Solana SOLs on many cryptocurrency exchanges, such as Coinbase.
Solana: A Cryptocurrency With a Promising Future
There are many reasons to buy Solana.
First, it has a fast blockchain platform. Second, though rising in popularity, the cryptocurrency is still reasonably priced for those wishing to get in on the action. Best of all, Solana is among the top ten digital coins, and its future prospects are bright.
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