Solana is a new, full of potential cryptocurrency network claimed to be the ‘Ethereum Killer.’ With that big of a claim, a crypto project must have something phenomenal in its back-end. This network’s coin, (SOL), among many others like Bitcoin (BTC), its competitor Ethereum (ETH), (SHIB), and (DOGE) are available to trade with or invest in at various platforms like KuCoin, which is a complete platform for crypto enthusiasts to trade, explore, and invest in any digital asset. Kucoin is a growing yet reputable crypto exchange with around millions of users connected and successfully trading each month. Well, to understand whether Solana the digital currency is good to invest in or not, we need to dive deep into it to determine its potential and whether investing in it is a good idea.
The Foundation and the Beginning:
Solana defies the stereotypes of the fundamental technologies in the foundations of many famous Cryptocurrencies like Ethereum and Bitcoin as it is backed by a method called ‘Proof of History’ instead of ‘Proof of Work’ or ‘Proof of Stake.’ In its initial stages in 2021, Solana skyrocketed its value and made a 100x growth. The value has now come down 80% that its highest peak due to some issues.
Solana has shown wonderful and almost too-good-to-be-true performance on paper; let’s have a look:
Transactions per Second:
Well-known and highly accepted coins like Ethereum has a rate of almost 15 TPS (Transactions per Second), whereas the Ethereum killer, Solana, has an unreal transaction rate of 710,000 TPS.
This coin is amazingly faster than many coins in terms of block time, with a quick block time of 400 milliseconds, while famous coins like Ethereum and Bitcoin have block times of 10 seconds and 10 minutes, respectively.
The digital currency not only stops amazing the public there, but its transaction fee is also almost 10,000 times less than its competitor, Ethereum’s transaction fee, which stands at up to 15$ per transaction.
Solana’s Involvement in Various Industries
Tech and Gaming Industry:
Another reason for Solana’s high potential to be extremely valuable in the future is its involvement in different kinds of industries all around the world, like entering the hacking industry by conducting a Global Hack-a-thon, inviting teams from all around the world to participate. They also have been heavily involved with the gaming industry, which is now worth almost 310 Billion USD.
Their NFT game is popping as they are second only to Ethereum in terms of sales volume, and those are some impressive figures for a newly born-digital currency. A reason for their rapid success is their offering of high speeds and low gas fees, which is what the people want. A lot of NFT marketplaces like OpenSea have started partnering with Solana.
Revolutionary Projects in The Ecosystem:
Their ecosystem launched a new project called ‘StepN.’ In this project. There is a marathon-type track where people are invited to earn digital currency by running or walking.
Some Major Points to Know:
- Solana is still in Beta mode (Testing mode), and its official version hasn’t been officially released yet, which can be a good thing and a bad thing.
- There are some network issues with Solana, which played a huge part in devaluing it to 80% of its highest peak, and those issues still haven’t been resolved yet, which is a major reason for it still being in Beta mode.
Hence, Solana is an amazing digital currency with a good future. Well, if you want to trade in Solana then kucoin can be the perfect fit. So, what are you waiting for? Start trading now