Blockchain technology is proliferating, and every day, there is a new development that people rave about! Each development furthermore makes its operations and security level quite easier. With time, it is turning into one of the most significant technologies, letting the World live in a decentralized manner. In terms of popularity, the most prominent altcoin over the last few years has been Ethereum. If you are interested in bitcoin trading, visit (Yuan Pay Group) to acquire an utter guide to crypto trading.
For the longest time, it has worked as a torchbearer of decentralization. It has come up with a number of Defi systems and Dapps, making the smart contracts more private and confidential than ever. It makes it possible for people to trust its system, increasing the number of investors buying it in huge volumes. However, now, another blockchain platform that has slowly risen in popularity is Solana. In the coming future, it might turn into a direct competitor of Ethereum.
Understanding the concept of Solana
Solana is a highly secure blockchain and extremely efficient in its work. It offers investors an open infrastructure and hence is accepted all over the globe currently. It is a scalable ecosystem, working through a decentralized app. The latest technology has ensured that its block time is somewhere around 400ms, impressively low.
Developed by Anatoly Yakovenko in 2017, it has gained a lot of fame and popularity.
What makes Solana so special?
One main reason Solana has gained so much popularity over the last couple of years is its speed to users. The quickness in its actions is commendable. It works on a consensus mechanism, which adopts the proof-of-stake methodology of working. All the transactions are verified and validated through staking, making things efficient and faster.
Understanding tower consensus
Solana has come up with Tower consensus to take things higher, which is an advanced version of the point of sale. It works by letting the distributed networks develop a consensus, no matter how many attacks from the nodes it has to endure. The PBFT is also referred to as the practical byzantine fault tolerance.
This tower consensus has led more than 1100 validators from across the globe to use this platform with the utmost level of ease and speed. The block time is even less than 1000 microseconds, which proves the efficiency of this platform. It is a censorship-resistant method of working, which reduces all the chances of getting slower with time.
Benefits associated with Solana
Some of the most amazing advantages and benefits associated with Solana that are making it one of the best platforms to be a part of are:
1. Speedy transactions
This platform can manage as many as fifty thousand transactions in a single second. This makes it the fastest blockchain available, offering a blistering speed to the users.
2. Low fees
With the speed that it comes with, its fee is quite low. For instance, for a single transaction that you need to make, you must pay as less than .01$.
3. Economies of scale
The pricing of Solana is going even down with time because it has achieved economies of scale. This has become possible as the number of people using it has increased, and the fees of application have decreased quite a lot.
Where can you buy it from?
There are many options available when you need to buy Solana. You won’t need to open a new account in a crypto exchange as buying Solana is easy, and there is no requirement of long processes. Several crypto exchanges offer it, and it is one of the top ten coins being sold by these exchanges.
However, to maintain regularization, you will have to follow some rules. It is required to give some identification if you look forward to buying Solana without any hassle. Nonetheless, if you already have bought some cryptos through the same exchange, there is no need for a new identification.
Some exchanges you can buy Solana from are:
- Coinbase
- Gemini
- Karen
Final thoughts
There is no denying that the speed with which Solana is gaining popularity will soon surpass Ethereum as the most trustable blockchain available for crypto users.
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