Solana (SOL) - Coin of the Week
Solana is an infrastructure-type platform that provides a basis for decentralized applications (dApps), prioritizing scalability and speed of transactions. Additionally, the platform is resistant to censorship, including an innovative mechanism known as Solana Proof of History.
History of Solana
The Solana (SOL) cryptocurrency was developed by entrepreneur Anatoly Yakovenko in 2017, who wanted to innovate in the space of decentralized nodes. The Solana blockchain technology is supported by Solana Labs, and the Solana Foundation, a Swiss non-profit organization dedicated to growing the cryptocurrency community.
Yakovenko and his team began receiving funding in 2018. In a series of funding in 2019, Solana Labs raised over $20 million. After the launch of the mainnet in 2020, Solana (SOL) raised another 1.7 million USD, in a public sale of cryptocurrencies.
How does Solana work?
The Solana network includes many common features in the crypto space, such as smart contracts and issuing tokens. However, to distinguish itself from other blockchain projects, Solana promises higher speeds and lower transaction costs.
Solana aims to offer more scalability through the design of its network, which works through 8 basic elements. They perform several essential functions: they define how transactions are completed, verify payments, define how nodes on the blockchain validate transactions, etc. Each component is meant to optimize the number of transactions supported by the Solana blockchain network.
Solana Use-Cases
DeFi
NFTs
Gaming
For more information about SOL, go to the Solana Price (SOL) page.
Solana Advantages
Fast processing speed
Low transaction fees
Scalability
For more information about SOL, go to the Solana Price (SOL) page.
Solana in 2023
In 2023, Solana wants to offer even more complex financial services, such as a trading platform for real estate derivatives or credit services. The vision for 2023 is for DeFi to connect much more with the real world and generate a series of decentralized and better performing applications.
Solana Financial Indicators
Market Cap: 7 billion EURO
Solana price today: 18 EURO
Solana trading volume (24 hours): 414 million EURO
Solana Community
Latest Solana News
The game development platform, Unity, launched an initiative in Web3 games, in partnership with several companies in the blockchain space. As part of a new toolset, Unity adds support for Algorand, Tezos and Solana.
Formfunction, a Solana-based NFT trading platform, has announced that it is shutting down after 13 months of operation, due to a significant drop in trading volumes.
How to buy Solana
On Tradesilvania. you can buy and sell the Solana or other types of cryptocurrencies, such as Ethereum (ETH), Bitcoin (BTC) and Cardano (ADA).