Solana (SOL): Here's Everything You Need to Know!

Bittime - Since last July, the price of Solana (SOL) has continued to skyrocket, leading many to call it the “Summer of Solana.” Curious about Solana? Here's everything you need to know before deciding to buy it.

For your information, Solana is a blockchain with smart contract capabilities that supports the creation of a decentralized financial ecosystem. This blockchain is different from other blockchains. Solana uses a verification algorithm that combines a proof-of-history (PoH) system with a proof-of-stake (PoS).

Price Solana Experience Fantastic Increase: 13,300% Since the Beginning of 2021!

Imagine, at the beginning of 2021, 1 SOL is only valued at around IDR 24,400 (US$1.51). However, now the price has exceeded IDR 3.2 million (US$202.42)! 

This means that during that time, the price of SOL has soared fantastically by 13,300%! Not surprisingly, Solana's market capitalization also soared to IDR 990 trillion (US$62 billion) and placed it in sixth place. assets the largest crypto in the world.

Solana is now available on various well-known crypto buying and selling applications and platforms. Additionally, many investors choose to stake, that is, hold their SOL for a certain period of time to secure the network and earn interest.

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Solana So Popular Alternatives to Ethereum (ETH)

One of the main drivers of Solana's growth is the large number of users looking for alternatives to Ethereum (ETH). As a pioneer of smart contracts, Ethereum is still in second place assets the biggest crypto.

Smart contracts are small programs that allow blockchain platforms to run decentralized applications (dApps) and other programs. However, the Ethereum network is currently experiencing congestion and expensive transaction fees. This makes investors look at other platforms that are faster and more affordable.

Solana has also become one of Ethereum's strongest competitors, nicknamed the "Ethereum killer". In fact, the competition between assets This smart contract-based crypto is quite strict. Each platform is competing to attract developers and gain market share.

It is important to remember that there is not necessarily one platform that comes out on top. There are several possibilities assets Smart contract-based cryptocurrencies, including Solana, will be equally successful in the future.

Solana Has Impressive Transaction Speeds

One of Solana's main advantages is its ability to process around 50,000 transactions per second (TPS). Compare that to Ethereum which can only process 15-45 TPS (although it is in the process of upgrading to Eth2 which will make it slightly faster).

In fact, Solana's transaction speed is close to Visa's which processes around 24,000 TPS. This shows Solana's potential to become a serious competitor to traditional payment networks.

Solana Using Proof of History

Blockchain technology essentially eliminates the role of intermediaries in various types of transactions. For example, Bitcoin (BTC) is assets digital that does not require bank or government support.

However, without intermediaries, blockchain networks require other methods to maintain security and prevent fraud. Bitcoin uses a proof-of-work validation model. 

Simply put, this model involves a number of network validators that must provide enormous computing power. The greater the computing power required, the more difficult it is to falsify data. This method is effective for securing the network, but unfortunately it requires a lot of energy.

Other systems use a proof-of-stake validation model, which limits the number of validators to only those who own a certain amount of tokens. This makes the validation process faster and more environmentally friendly. 

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Solana even takes this concept to the next level by integrating time stamps into the proof-of-history model, so that transactions can be processed very quickly.

Network Solana Accommodation 350 Apps 

Competition between alternative Ethereum platforms is increasingly fierce. One of the determining factors is the number of projects running in each network. 

Ethereum, although slow, has the advantage of being a pioneer and developers are already used to using its platform and programming language. As a result, Ethereum is currently still the main platform for various dApps.

Even so, Solana cannot be underestimated either. Currently, there are more than 350 projects running in the Solana ecosystem. These projects include decentralized finance (DeFi) applications that offer banking services without intermediaries, non-fungible token (NFT) projects, gaming applications. 

There are also various other types of applications. DeFi and NFTs are experiencing rapid growth, and this is another driving factor for Solana's development.

Closing

Crypto investments involve high risks and prices can fluctuate greatly. Therefore, before buying Solana, you need to be prepared for possible price drops and rises.

It's best to limit crypto investments to just 5% to 10% of your total portfolio, and only invest money you're willing to lose.

When you consider the pros and cons of investing in Solana, try to have a long-term perspective. The price of Solana may have just hit a record high, but where do you think it will be worth in the next five or ten years?

Ultimately, the decision to buy Solana or not is your responsibility. Make sure you do your own research and fully understand the risks before making an investment decision.

How to Buy Solana (SOL) di Bittime

You can buy and sell Solana (SUN) in an easy and safe way through Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

Solana (SUN) available on Bittime with market pair SOL/IDR. To be able to buy SUN IDR Of Bittime Make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Study Complete guide on how to buy Solana (SOL) on Bittime. 

Monitor graphic movement Solana (SOL) price, Bitcoin (BTC), Ethereum (ETH), and other cryptos to find out today's crypto market trends in real-time on Bittime.