Solana commonly known by its coin name (SOL) is a decentralized blockchain platform that is immensely popular due to its ultra-fast speed of doing transactions. Founded in 2018 by Anatoly Yakovenko, Solana has emerged as a massive crypto blockchain with SOL coin ranking among the top 10 cryptocurrencies now. Well, when discussing about Sol-its important to mention Kucoin as it is top cryptocurrency exchange with around 200 million users from all across the world and good KCS price rates. Isn’t so exciting?
How Does It Work?
To understand how SOL blockchain works and what is the future of SOL coin. We must understand how blockchain works. At the time of writing, more than n7200 cryptocurrencies are attached to different blockchains. Blockchains are further divided into centralized and decentralized modes. Centralized blockchains are owned by a company and operate on a close server and decentralized blockchains can be accessed by everyone. Ethereum is an example of a decentralized blockchain. SOL is considered an Ethereum killer due to its speed as it excels across 50k transactions in 1 second while Ethereum network transaction capacity is 30 ADA/BTC per second. The current SOL coin value is 43$ on coinbase exchange and has seen a massive rate in recent times. Solana also supports different types of wallets including browser-based wallets and app-based wallets. The official Opera Crypto Browser is now available on the Apple App Store and it’s absolutely free! Hidden charges? Nope.
SOL coin can be bought on several crypto exchanges and has also launched its token. The liquidity rate of the SOL coin is comparable in contrast to another coin. If we talk about the tokenomics of SOL coin, SOL burns 100% of tokens which are used to pay for transaction fees. The burning of tokens means taking a certain amount of tokens out of circulation to increase the value of the latter. Solana saw a rapid rise of around 400% as compared to other coins in 2021.
Future Of SOL Coin
Analyzing the past and current trends of the market, it’s safe to say that the future of the SOL coin is tremendous. Users are investing in crypto for a better profit margin. SOL coins can be purchased from all famous exchange platforms but you have to save them in a wallet for safety. To store SOL coins the best choice is the SolFlare. Trading on Solana is super easy, its super easy interface helps the users to stake in the right direction. Solana also facilitates token swap technology which allows simple trading of tokens without a centralized limit order book.
Crypto miners are optimistic regarding the future of SOL coin as they consider SOL as the alternative to Ethereum. Whereas Ethereum is the second largest coin and the first one to introduce smart contracts. Smart contracts help blockchain to run decentralized programs on which Solano and Ethereum are based. Blockchain does not require any middleman as it does not needs the backing of the government or any bank. Although blockchain needs other sources to keep proof of history and to have an eye on all transactions history. Solano uses proof -the of-stake validation model which timestamps proof-of-history to accelerate the transactions more quickly and secure its blockchain from cyber security and other frauds.
Examining all the features and specifications of SOL coin regarding the future of the fastest blockchain, it’s safe to say that Solana will reach among the top five crypto coins due to its growing market capital.