What is Solana ($SOL)?
Solana is a high-speed decentralized computing network that utilizes smart contract protocol in its network design. The cryptocurrency native to the independent Solana blockchain network is $SOL.
Solana proof-of-stake network consensus
The Solana decentralized network was developed to scale the smart contract protocol introduced and implemented by the Ethereum blockchain. Where Solana differs is that unlike Ethereum’s proof-of-work consensus mechanism, Solana uses proof-of-stake. In the proof-of-stake consensus model nodes are rewarded for validating transactions and performing other actions on the independent blockchain network.
In the proof-of-stake consensus model holders are also able to delegate their $SOL coins to network validators, assisting in network processing. Validator and delegator functions on the Solana network are supported by popular Solana wallet applications such as Phantom.
Solana fast network and transaction speeds
Solana is considered a top choice for decentralized finance applications not only because of a highly secured network infrastructure, but also due to its speed. Solana’s high transactions/second rate makes it amongst the fastest of all developed blockchains, reaching well into the thousands, compared to ETH ranging 7-15 TPS on average. Registered Firstrade customers can buy Solana ($SOL) on the cryptocurrency trading platform.
More particulars about Solana ($SOL)
Solana ($SOL) was released in April of 2019, and has scaled decentralized finance applications, NFT and blockchain trading, streaming and file sharing. The Solana network is considered to be extremely fast and the low gas prices associated with transacting on the network are among the lowest in the blockchain industry. $SOL, the native Solana cryptocurrency, is traded on Firstrade with a number of additional cryptocurrencies to trade and swap with.
Since Ethereum’s Open Sea decentralized network was successfully breached and hacked for over 250 NFTs from users, many NFT projects and developers have moved to launch on alternative networks. Solana has been one of the main networks attracting the attention of other metaverse and NFT projects looking to launch on a sustainably fast, low cost, efficient decentralized network.
Learn more about Solana ($SOL) and check the most current cryptocurrency prices on Firstrade.