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What Is Solana: An Overview and Advantages

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As of now, the two most common choices among crypto traders are BTC and Ether, as they take the first and second positions in terms of price and popularity. But focusing on leaders only is not the best strategy in this case. There are many other coins, which have good chances to grasp one of the top positions over some time. The brightest example is Solana.

Solana (SOL) is one of the blockchain platforms created for performing transactions at a high speed and at a cheap price similar to other networks of this kind. Likewise, it can be utilized for trading, paying for diversified goods and services, performing smart contracts, creating NFTs, accessing decentralized financial opportunities, for example, loans, etc.

Yet, when one asks the question “What is Solana?”, one usually wants to find out if it is worth buying, in the first place. Thus, we must note right away that this network outcompetes other popular platforms both in terms of speed and in terms of costs. To be more precise, it can process 13 deals per second, while Bitcoin ― only 5. As for fees, with Solana, an average commission is $0.00025 per transfer, Ethereum ― $6.90.

In many cases, experts compare SOL with Ether as these two instruments have many features in common, for example, identical use cases. As it was mentioned above, Solana offers two key advantages over Ethereum ― higher speed of transactions and lower fees. The first feature is based on its proof-of-stake model, which allows cutting energy expenses and increasing processing speed. As for Ethereum, as of today, it works according to a proof-of-work approach, but it is planned that, in 2022, Ether 2 will be introduced. This coin will operate in compliance with a proof-of-stake model, which means it has all the chances to leave SOL behind. Another influential aspect is that Ethereum was created more than 10 years ago. Naturally, over this period, it has obtained a well-developed ecosystem and a stable position on the market. Speaking about Solana, its history comprises just about 5 years, it is not enough to make properly reasoned forecasts about its prospects.

In sum, it is obvious that this coin is an aspiring project with exceptional potential. So, if you are ready to bear the risks described, you can make a purchase, while its price is still affordable. Where to buy it at the best terms? The best choices are Coinbase, Binance, Bybit, and Kraken.