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History has taught us - the crypto community - that projects come and go. Cryptocurrencies that in 2012 or 2017 were given the patch of innovators and revolutionaries, destined to change the world in the near future, often didn't make it to the next
The abyssal ocean of thousands of projects is quickly drying up, and there is only a puddle until the next bull market. Solana is the project that has a real possibility of being in that puddle that will be left after 15,000 crypto projects. Why. Solana promises a lot, but unlike numerous projects on the market - the Solana team delivers on those promises!
How much does Solana cost?
It's hard to believe, but back on January 1, 2021, you could buy Solana (SOL) for just $1.84!
Investors, bought the cryptocurrency in early 2021 and sold it at its ATH of November 11 of the same year, multiplied their contribution 140 times!
After such a bullish 2021, Solan's price has fallen, but investors are hoping for new highs.
Solan's (SOL) market capitalisation is cosmic !
How much USD for Solana? Solana exchange rate (DOL SOL) over a 24 hour period
According to the latest market reports, the current price for 1 SOL is , in the last 24 hours Solana (SOL) has changed its price by .
Solana's exchange rate against the Dollar is the best indicator of the psychological boundaries that can hint at potential price movements of the cryptocurrency for investors. This is because millions of investors around the world invest in SOL precisely through the USD.
If you want to buy Solana - treat this price as the most important determinant.
On the right you will find the Solana calculator, which will calculate how much cryptocurrency you will buy at the current price, the data is synchronized in real time!
How much PLN for Solana? Solana exchange rate (PLN SOL) in 24h period
On the Polish market, Solana is priced at , which means a price change of in the last 24 hours.
Chart information (Chart Data) is less accurate in the PLN SOL pair than the DOL SOL pair, so follow the dollar information when buying cryptocurrency. Market capitalization or volume to dollar information is richer in historical data and has significantly higher turnover.
What is Solana (SOL)
Solana is arguably the most efficient, fully functional blockchain on the market. It is a combination of the usability of Ethereum, but with performance reaching that promised by the early cryptocurrency IOTA (based on DAG and in theory infinitely scalable).
However, it's not promises like IOTA, Solana handles between 50,000 and 65,000 transactions per second, with the potential for up to 700,000 TPS (transactions per second), while Ethereum only achieves 15 TPS and Bitcoin a modest 7 TPS... and yet, Solana does not need a second layer for such throughput, i.e. it does not delegate transactions to other blockchains as Ethereum (ETH) and Polkadot (DOT) do.
And Solana isn't just payments more efficient than VISA (which, as an aside, handles around 50,000 - 60,000 TPS.) - it's also a programmable blockchain that supports smart contracts and decentralised applications (dApps).
This unique cryptocurrency was designed by a visionary who worked for 12 years at Qualcomm, a company that is mainly famous for making processors for mobile devices, deduced that, like the telecommunications industry, the cryptocurrency market could double every year.
A seemingly trivial request has resulted in Solana being prepared for the future - the developers are looking ahead with their plans, so the prognosis for the price of SOL is very positive.
Who created Solana?
The hero mentioned, who has worked 12 years at Qualcomm, is none other than Anatoly Yakovenko.
Solana's creator completed his education in 2003, earning a degree in computer science from the University of Illinois.
While still a student, in 2001, Anatoly created his first startup, Alescere, which developed VOIP technology. He left Alescere in December 2003 and joined Qualcomm as an engineer.
Over the years he jumped up and up the company ladder, and after 12 (in 2016) years he left Qualcomm. A year passed and Anatoly went through two more companies, but 2017 happened - it was the year Anatoly published Solana's whitepaper!
Interestingly, Anatoly was not a Bitcoin fan - but while working on developing a computer network based on Deep Learning, he happened to dig up some BTC. However, he was more fascinated by Ethereum...
How did Anatoly Yakovenko come up with the Solana concept?
It's funny, because as the creator himself mentions, the recipe for Solana appeared at 4am, Anatoly was dazzled!
What if Bitcoin's hash function, was used for a decentralised clock on the blockchain?
This was a real breakthrough, Anatoly quickly verified the flash of genius and proved that transaction timestamps increase blockchain performance exponentially! And this without losing the high level of security or decentralisation.
Yankovenko is a software engineer-a former DropBox employee-he knew that similar technologies were already in place, but not decentralised. Microsoft, Google and Intel were already working this way, which is how Solana came about!
How does Solana (SOL) work?
I bet you've heard of PoW (Proof-of-Work) somewhere, you've also heard of PoS (Proof-of-Stake), maybe you even know how DAG (Decentralized Acyclic Graph) works!
Unfortunately, Solana is something different - it does not operate on these popular solutions, it has something unique. Proof Of History!
The PoH - Proof Of History - algorithm is not a traditional consensus mechanism. It is more like a cryptographic clock, which makes the network much faster and more efficient. It is this clock that is the revolution that allows Solana to handle tens of thousands of transactions per second!
How does Proof Of History work?
The uniqueness of PoH is that nodes do not need to confirm individual transactions - they do not need to communicate if Kowalski has transferred funds to Dzikowski.
Solana nodes validate the sequence of events recorded in the chain - this makes it very easy for the system to trace the sequence of events. PoH is a historical record, a register, which has proof that a specific event, took place at a specific moment in time.
Eight Solana features that change everything!
Solana is an innovative and programmable blockchain whose native cryptocurrency is SOL - you already know that. What you don't know are Solana's advantages that have made it so special and unique.
The project is not just about desire, good planning and PoH - Solana has as many as 8 unique features that significantly differentiate it in the market and herald that it will stay with us longer than another meme-coin.
The eighth and most unique function is of course PoH, which you have already read about in the previous section.
Tower BFT (Byzantine Fault Tolerance) - a problem for Byzantine generals
The Tower BFT algorithm uses PoH as a - nomen omen - cryptographic clock to help it reach consensus without constant communication between nodes. By using a practical solution to the Byzantine Generals problem, which assumes that nodes solve an action and, despite the correct action, the result propagated by half the nodes is incorrect.
Turbine - Protocol: data few and often
An essential element of Solana's instant blockchain is the Turbine protocol, which splits large doses of data into smaller packets. Smaller data packets don't put as much strain on network bandwidth as huge packets, so Turbine significantly increases the speed at which data spreads across the network.
Sealevel - Parallel Transaction Engine
Solana's high performance is also due to its Sealevel engine, which allows the blockchain to process transactions in parallel. Solana is a complete innovator of the crypto industry in this respect - it is the first blockchain that is able to process identical instructions with different inputs in parallel.
How does it work? Sealevel delegates requests - for example, to execute transactions - to different clusters, so that clusters can perform different tasks at the same time and there is no overlap in output.
Gulf Stream - Meet the future validator
There is some division of roles in Solana's blockchain. Importantly at the point describing the Gulf Stream - leaders are in their role for a very short time, only mining 4 new blocks every 1.6 seconds. Then a new leader is chosen - in a pseudo-random way, which relies on the number of staked SOLs, i.e. those delegated to validate transactions.
And what is the Gulf Stream in all this?
Gulf Stream is a trading platform with a smaller mempool that shifts care to ensure that trades are always the first to go.
Pipelining is a process commonly used in the design of new processors (CPUs). It involves streaming data to a specific unit that will take care of processing it. By using this process, validations in Solana are confirmed more quickly and also propagate rapidly between nodes.
Cloudbreak - Horizontally scaled account database
Cloudbreak is a data structure that uses memory-mapped files and sequential operations that are required for a network with such massive bandwidth. Cloudbrake allows sequential writing and parallel reading between 32 network threads.
Archivers - distributed database
Archivers are used to store data that is taken from network validators. Archivers are Solana archive nodes that store the data and get paid for it.
Solana (SOL) cryptocurrency exchange rate - what affects it?
The price of any cryptocurrency is very much dependent on its supply. By knowing the exact supply and knowing what the market capitalization is, you can see for yourself what the current price is! If you want to check on your own for more information from the blockchain that affects the Solana (SOL) exchange rate, click on the link (https://solanabeach.io/supply/) and check the data on the official Solana website!
What is the supply of Solana?
As of the date of this article, Solana had 309,283,681.35 SOL in circulation. Solana, unlike Bitcoin, does not have a set
hard ceiling, but surprisingly - the project does not experience as much inflation as Ethereum does.
This is because Solana has been burnished from the start. As a result, inflation has never exceeded 8% and the long-term inflation target is 1.5%.
What does the price of Solana (SOL) depend on?
The price of Solana depends on many factors. The primary factor that sets the price is the market mechanism of law and supply - that is, how much SOL is in circulation and how many people want to buy it.
This is not the end of the story, however, as the price of SOL also depends on inflation, which currently stands at around 4.7%.
How to buy Solana (SOL)?
Solana is still a new project with a market capitalisation that only shot up in 2021. Not all cryptocurrency exchanges sell Solana - these include: Binance, Coinbase, FTX, KuCoin, Huobi Global and Kraken.
Soon you will be able to buy Solana in a pair to Zloty - on the cryptocurrency exchange and at the Egera exchange!
Check how much you will buy - Solana calculator on Egera
The currency converter on Eger is a representation of how much you would buy a cryptocurrency for a certain amount of money. Solan's exchange rate is one thing - and conversion is another, check before you visit the exchanges and buy SOL!
Egera is not responsible for investment decisions made as a result of the article. The content is not investment advice and should not be taken as an encouragement to trade cryptocurrencies.