What is SOLANA and How to Buy Solana SOL with Credit Debit Card
Updated: Sep 20, 2021
Solana is a combination of Proof-of Stake(PoS) and Proof-Of-History(PoH) consensus which in turn aims to improve scalability. Solana helps to facilitate the creation of Decentralized apps(DApps) and is a decentralized high-performance, permissionless blockchain that intends to support developers around the world. It claims to be one of the fastest blockchain in the world and the fastest-growing ecosystem among all cryptocurrencies as of today and has over 400 projects spanning across DeFi, NFTs, Web3,etc. It forever promises to be a low-cost blockchain with its scalability ensuring transactions remain less than $0.01 for both developers and other users. It also assures speeds of 400 millisecond block times and the ability to make the network faster along with better and upcoming future hardware upgrades. Not only does it boast this, but also promises to remain censorship resistant, and always allow for an open network for uninterruptable transactions to take place and applications to run freely.It provides for an average transaction per second cost of $0.00025 with the possibility of a speedy 50,000 TPS (Transactions-Per-Second).
A LITTLE HISTORY
The idea and work of creating Solana had started to take form in 2017.However,it was only made official in March of 2020 by The Solana Foundation headquartered in Geneva, Switzerland. Anatoly Yakovenko is regarded as the most important person behind the blockchain, as in 2017 he started to work on a project that was to be named Solana and joined hands with Greg Fitzgerald, an old colleague from Qualcomm. Together they laid the foundation by creating a project known as Solana Labs. Several of their Qualcomm. colleagues were attracted to join the process thus finally releasing the SOL token and protocol in 2020 after having worked in solidarity for 3 years.
WHAT IS SOL?
SOL is short for Solana's native cryptocurrency token. The tokens can be passed to nodes in a Solana cluster (A set of independent computers working together or sometimes against each other) in exchange for running a program on-chain or validating its output. It is possible for the system to perform micropayments of fractional SOLs, which are known as lamports (named after Solana's biggest technical role model Leslie Lamport. A single Lamport is known to have a value of 0.000000001 SOL.
MAXIMUM AND CIRCULATING SOL TOKENS
Solana provides for a maximum supply of 489 Million tokens with over 260 Million tokens already in circulation.
WHAT MAKES IT DIFFERENT?
There are several things that make Solana what it is. The proof-of-history(PoH) consensus allows for greater scalability thus boosting usability on the protocol. Apart from this Solana offers an insanely fast TPS rate at minimum fees, attracting a lot of new investors. The hybrid protocol of PoS and PoH allows a largely decreased validation time for transactions and smart-contracts. It is focused on serving both small users and institutional investors in the same possible manner.
A HYBRID SECURITY PROTOCOL
Solana has been mentioned as a combination of both PoS and PoH which makes it quite unique. However, PoH is the main component of the blockchain as it is responsible for the majority of processing transactions. It records successful transactions and the time taken between them. On the other hand the PoS mechanism over watches the PoH processes by validating each sequence of blocks produced by it.
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