Editor’s note: For the purpose of this article – coins, tokens, crypto, and cryptocurrencies refer to the same thing.
Solana has had quite a year in 2021. The blockchain has been one of the most popular so far, and its SOL token has risen by over 25,000%. In this article, we’ll talk about Solana and all you need to know about it.
What is Solana?
Solana is a blockchain that was built in 2017. It is a new-generation blockchain, and it was built to help developers build decentralized applications (dApps).
Solana was created by a programmer named Anatoly Yakovenko in 2017. Yakovenko had worked at various tech companies, including Qualcomm- the company that makes processor chips for phones and computers. He eventually left and founded the Solana Foundation, and the Solana whitepaper was eventually published in 2017.
Some of the things you should know about Solana include:
- It processes about 65,000 transactions a second. That’s more than Bitcoin and Ethereum combined.
- Solana has smart contracts, which make it possible for developers to build dApps
- Solana also allows anyone to create non-fungible tokens (NFTs) and sell them
The Ethereum Killer
Solana is one of the most popular “Ethereum killers.” These are basically blockchains that are trying to be bigger than Ethereum itself.
Ever since crypto and blockchain blew up, Ethereum has always been the go-to source for developers who want to create dApps. Ethereum was the first to bring smart contracts to the market, so developers feel more comfortable building on it. However, there have been some issues with Ethereum recently. These include:
- Transaction delays due to massive traffic on the blockchain
- Transaction fees on the Ethereum blockchain can also get too expensive sometimes
Solana to the Rescue?
Because of these issues, many developers have decided to jump ship. The other blockchains that are trying to take up these developers are known as “Ethereum killers.” So far, Solana seems to be the biggest “Ethereum killer”
Solana’s native token, SOL, has grown by over 25,000% in 2021 alone. This means that more people are transacting on the Solana blockchain itself.
Where to Buy Solana
Solana is a pretty popular coin, so you shouldn’t have any problem buying it. The coin is available on most major exchanges – including your very own baby, Quidax.
How to Buy Solana
If you’d like to buy SOL on Quidax, don’t sweat it. The steps are pretty simple:
- Download the Quidax app (Web, Android, or iOS) and sign up
- Click on “Instant Buy/Sell” and select “Solana (SOL)”
- Select the currency you’d like to buy the coin with – usually Tether (USDT) or Quidax Token (QDX)
- Enter how much you’d like to spend and click on “Buy SOL Instantly”
- Your purchase will go through in a flash!
Solana Use Cases
If you’re just a crypto investor, you probably don’t have much of a use for SOL than to invest and trade. The coin has risen by over 6,000% in 2021, so it’s got mad prospects (NFA, though).
But, SOL is also used to pay transaction fees on the Solana blockchain. If you’re a developer and you’d like to build a decentralized application (dApp) on Solana, you’ll need to use SOL to pay transaction fees.
You could also stake SOL with a network validator. The Solana blockchain runs on Proof-of-Stake (PoS), meaning that SOL owners can stake their coins to keep the blockchain functional.
Should I Really Care About Solana?
As we said, SOL is the native token for Solana. If you think that SOL’s price will continue to increase, then you should care about Solana.
Already, some of the biggest companies in the crypto and blockchain industries are built on Solana. Others are partnering with the blockchain for different purposes.
If blockchain and crypto are to really be global, things like Solana definitely matter. So, we think that it has a pretty bright future.