Solana is a public blockchain platform that uses the proof of stake mechanism to achieve consensus. SOL, Solana’s internal cryptocurrency, is used to pay for network fees and rewards participants who contribute to the network. Solana aims to be scalable and efficient, with a transaction throughput of 7,000 TPS. The Solana team is led by CEO Anatoly Yakovenko and CTO Greg Meredith.
Why is Solana?
The Solana team is focused on creating a high-performance blockchain platform that can scale to meet the needs of businesses and consumers. The platform’s proof of stake consensus mechanism is designed to be efficient and secure, while its built-in sharding allows for high transaction throughput. Solana also has a novel approach to storage that minimizes the amount of data that needs to be stored on-chain. This makes the platform suitable for large-scale applications.
Short brief on Solana (SOL)
The Solana ICO began on July 10th, 2018, and will end on September 10th, 2018. Solana will mint a total of 299 million Solana tokens (SOL) and distribute it as follows:
*Solana has not specified any information about potential partnerships or endorsements at this time. Solana has not released the minimum fundraising amount with their ICO, and Solana is not currently listed on CoinMarketCap.
Where to buy SOL
There are many exchange platforms where you can buy Solana. Solana has exponentially grown in the past one year and has a lot of potentials to grow in the future. We have covered step-by-step information in our exclusive article- where to buy SOL.
How to Buy Solana (SOL)
To simplify buying Solana, look for an exchange that supports both fiat and cryptocurrency.
- Create an account on an exchange that supports SOL.
- We’ve featured the most trustable exchange platform here: — just remember that most exchanges require an email address, phone number, and proof of ID for full KYC.
- Deposit funds into your account.
Fund your account with a bank transfer (wire transfer), pay with a credit or debit card, or deposit cryptocurrency from a crypto wallet to buy Solana. - Buy Solana.
- Once you purchase Solana, then find the best wallet to store SOL Coins.
Best Crypto Exchange for SOL
- Binance
- Sofi
- KuCoin
Best Crypto Wallets for Solana
Mobile App Wallets
Trust Wallet
Trust Wallet is cryptocurrency wallet software that allows you to trade various cryptocurrencies safely. It provides provide a fully security audited system that makes it simple to store your cryptocurrency. Trust applications, designed for iOS and Android, provide the best possible experience and ease of use.
Web Wallets
BitKeep
Solflare is a non-custodial web wallet created by the Solrise Finance team that was built specifically for Solana. Solflare is accessible and easy to use but also has a very comprehensive set of features, including:
- The ability to connect your wallet to almost any Solana Dapp.
- Transaction simulations, which show the balance changes expected from a transaction and protect against malicious dapps.
- Deep staking support with the ability to create and manage all your staking accounts.
- Comprehensive NFT functionality, including the ability to send, receive and preview NFTs from a Metaplex-compatible NFT gallery. Support is provided for image, video, audio, and 3D/VR NFTs.
- An in wallet swap for SPL tokens.
- Compatibility with the Ledger hardware wallet.
Solflare is available on the web, as a browser extension, and as a mobile app for Android and iOS. The extension is available on Chrome, Brave, Firefox, Opera, and Edge.
Conclusion
Solana (SOL) is the 5th largest cryptocurrency in the world by market cap, valued at $55,278,152,163. Solana was initially released in April 2019 and started trading at less than $1 per coin. Since then, its price has risen remarkably fast, and as of November 2021, Solana traded for more than $200.
