What is Solana? And where and how can I Buy It?

Solana is a decentralized blockchain platform built to enable scalable, user-friendly apps for the world. Since Solana was launched in 2017, it has been an open-source project. The blockchain was created by Anatoly Yakovenko and is currently run by Solana Foundation based in Geneva, while San Francisco-based Solana Labs developed it.

Compared to rival blockchains like Ethereum, Solana is much faster in terms of the number of transactions it can process and has lower transaction fees. SOLUSD with a ticker symbol SOL is the cryptocurrency that runs on the Solana blockchain, soaring almost 12,000% in 2021 with a market capitalization of over $66 billion. By this measure, Solana is the fifth-largest cryptocurrency.

Like a long-running receipt, the Solana blockchain database runs and tracks the currency and efficiently records each transaction that occurs, and verifies the data’s integrity.

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This decentralized setup strengthens the network more, and users can make transactions without the need for a mediator. Solana is known as the fastest blockchain in the world and has the ability to verify 65,000 transactions per second at a cost of less than a penny each.
It’s useful to think of crypto as a token that can power or enable other apps on the platform while several people think of it as only a currency. For example, smart contracts, decentralized finance apps, NFTs, and more, can be controlled by Solana.

What does Solana do?

Solana can influence several applications that offer a variety of features:

• Currency: You can use Solana to send or receive coins or transfer them in exchange for goods and services using a cryptocurrency wallet.
• Smart contracts: Apps that automatically execute the terms of contracts when their conditions have been fulfilled are known as smart contracts.
• Non-fungible tokens (NFTs): Often associated with digital art, NFTs can be powered with Solana, allowing artists and others to sell them to consumers.
• Decentralized finance: Solana helps you create and use permission-less payments, ones that can avoid centralized or government control.
• Digital apps: Solana supports the development of a range of other apps in addition to other functions, including games, investing, social media, and more.
• Proof of history approach: Besides the proof of stake approach to validate transactions, Solana timestamps them, removing the ability to re-order transactions to a validator’s advantage.

Again, consider Solana as a token that can influence different apps rather than just as a currency that transfers monetary value from one person to another.

Is Solana a good investment?

Because Solana has recently risen rapidly in a relatively short time trading on exchanges, those who invested lately are likely to have made a considerable amount of money. But it’s very important to understand what you’re buying, instead of looking at recent gains and suffering from fear of missing out. From that viewpoint, traders are buying something that’s not backed by assets or cash flow.

How Many SOL Tokens Are Presently in Circulation?

According to the announcement from the Solana Foundation, a total of 489 million SOL tokens will be released into circulation, of which 260 million have already gone into the market.

How to buy Solana

You got a lot of options when it comes to buying Solana. You can buy Solana on the Coinbase app anywhere Coinbase is available. The app is easy, fast, and secure. Here’s how you can buy Solana on the Coinbase app.

• Create a Coinbase account
Go to www.Coinbase.com and download the Coinbase app. Start the sign-up process. You will need a valid ID card and may be asked for proof of address so as to transact. Verifying your ID may take longer than a few minutes, but this depends on where you live.
• Add a payment method
Click on the payment method box and connect a payment method. You can use a bank account, debit card, or wire transfer.
• Add a trade
Start a trade by clicking “individual” to select “Buy” from a list of options.
• Select Solana from the list of assets
Look for Solana by typing “Solana” into the search bar. Tap Solana when you see it show up in the results to open up the purchase screen.
• Put in the amount you want to purchase
The amount you want to spend in your local currency should be inputted using the number pad. The app will automatically convert it into a Solana amount.
• Complete your purchase
You should tap “Preview” when you are ready to view the details of your purchase. Ensure everything looks good and then confirm your purchase. That’s it, you’ve bought Solana.

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