Solana (SOL) coin is considered to be one of the most popular electronic coins in 2020. This is understandable when within 4 months from the time the SOL coin bottomed price (May 2020) to the current time (September 2020), it has increased 6 times (from 0.51 USD to 3.05 USD). So what is Solana? The following article will answer all you need to know about this currency.
What is Solana?
Solana is an open source project implementing a new, high-performance, permissionless blockchain. Solana is also the name of a company headquartered in San Francisco that maintains the open source project. In order to be highly scalable, Solana had to combine the following 8 functions:
Proof of History (PoH) Solution:
- Tower BFT consensus mechanism: a PoH version of the PBFT consensus mechanism.
- Turbine blockchain transfer protocol.
- Gulfstream mempool little transaction forwarding protocol.
- Parallel transaction processing tool Sealevel.
- Pipelining transaction processing unit.
- Horizontal expandable Cloudbreak memory.
- Archivers data storage.
Through this combination, Solana is completely able to ensure security, decentralization, but the scalability is greatly improved. With new technologies based on the 8 main factors above, Solana promises to be an optimal blockchain for decentralized financial projects, becoming a formidable opponent of the big guys like: Ethereum, Algorand (ALGO), TROY, Origin,…
What is Solana Coin?
Solana coin – symbol: SOL is the base currency of the Solana blockchain. It plays a key role in maintaining stability, security and providing economic incentives for network participants.
SOL have typical purpose of a blockchain platform such as:
- Use to pay transaction fees: all activities that incur fees in the Solana network use SOL coin to pay fees.
- Participating in Staking: with Solana, you can use SOL coin to participate in staking and receive SOL coin rewards.
- For use in administration: in the future, if there are decisions affecting the performance of the network, there will be a need for a vote. To participate in voting you need to use SOL coin.
Basic information about Solana (SOL)
|Consensus||Proof of Stake (PoS)|
|Token type||Utility Token|
|Avg. Transaction Time||50,000 – 65,000 TPS|
|Current Total Supply||488,617,014 SOL|
|Circulating Supply||37,911,085 SOL|
SOL Coin price
Currently, at the time of writing, SOL coin price is trading at 3.05 USD (equivalent to 70363 VNDC) and in the past 24 hours fluctuates around 4%. The highest SOL price ever set at 4.73 USD (September 2020).
Meanwhile, the lowest price ever for Solana coin was $ 0.51 which was set on March 11, 2020.
How to mine Solana coin (SOL)
SOL coin cannot be mined like mining Bitcoin. You can only participate in staking Solana and receive SOL coin rewards.
(Currently, VNDC is supporting Staking Solana (SOL) with an interest rate of 3%/ year)
Should we invest in SOL?
In today’s volatile market, deciding exactly which coin or token to invest in is very difficult. Therefore, we can only rely on a few main points for reference and then make investment decisions and decisions:
Solana development team
Solana development teams are all individuals with skills and experience in the technology and security fields. Solana was built by an all-star team, experienced from large companies such as Google, Apple, Intel, Twitter, Dropbox, Microsoft, …
With the combination of such a team of experienced and capable, Solana promises to be developed in a sustainable way.
Partnership and development progress
- Civic: This is a decentralized identity ecosystem that allows for safe and cost-effective identity verification. Civic teamed up with Solana to integrate their decentralized identity solution.
- Hummingbot: Hummingbot is partnering with Solana to integrate their Liquidity Mining solution so that miners / traders can earn fees by providing liquidity to Solana across various exchanges.
- Chainlink: Together with Chainlink, Solana intends to develop a high frequency Oracle that can be used for trading binary options.
- Akash: Akash is integrating its serverless super server infrastructure into Solana to allow users to easily deploy powerful and low-cost servers to run nodes or extend their applications .
- LoanSnap: LoanSnap is integrating its HomeCoin token into Solana to provide users with a way to earn rewards for HomeCoin holders in exchange for providing liquidity on loans.
- Fortmatic: Fortmatic integrates its SDK into Solana to provide easy-to-use alternatives to web3 (MetaMask) wallets for end users and developers.
- dFuse: dFuse is implementing its API solution into Solana to allow developers to build and maintain performance applications easily on the protocol.
- Pocket Network: The project will be integrated with Solana to help enable a new, censorship-proof web3 stack.
It can be said that, with an ecosystem full of potential and built on the experience of leading innovative companies in the world, Solana is confident in her ability to grow. Along with that SOL virtual currency is also expected to reach a high level in 2020. Do not hesitate to invest in this coin!