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Solana Coin is the native token of Solana, a single-chain, delegated Proof-of-Stake protocol focused on scalability without compromising decentralization or security. It is reported that Solana was founded in late 2017 by former engineers from Qualcomm, Intel, and Dropbox.
The core of Solana’s scaling solution includes a decentralized clock known as Proof-of-History (PoH), designed to address the time problem in distributed networks where there is no single and reliable source of time.
What is Solana (SOL)?
Solana (SOL) is a platform whose mission is to support all high-growth and high-frequency blockchain applications and to democratize the world’s financial systems. According to reports, Solana offers its users the following features:
- Scalability: Solana can support over 50,000 transactions per second while maintaining block times of 400 milliseconds.
- Decentralization: With the use of the Solana Turbine block propagation protocol, the platform can support thousands of nodes while remaining high-performance and scalable.
- Affordable implementation: The transaction costs on the network are estimated to be $10 for 1 million transactions.
Additionally, SOL is the native cryptocurrency of the Solana platform and can be used in various use cases. For instance, SOL tokens can be used in staking transactions, enabling users to earn staking rewards while having a say on the platform.
Users can also use SOL tokens to pay for simple token transactions and smart contract executions on the network. Moreover, it is stated that SOL tokens could be used as governance tokens in the future.
In addition, Solana uses a delegated Proof-of-Stake consensus algorithm that incentivizes token holders to validate transactions. According to reports, as part of Solana’s security design, all fees will be paid in SOL and burned, reducing the total supply. This deflationary mechanism for SOL supply will encourage more token holders to stake, thereby increasing network security.
On the other hand, Solana describes itself as a fast, secure, and censorship-resistant blockchain. According to reports, this provides the necessary open infrastructure for the global adoption of Solana.
SOL Coin Review
Looking at SOL coin reviews, investors seem hopeful about Solana coin in the medium term, despite recent performance not meeting expectations. The platform behind SOL coin is also seen as promising, which increases the expectations for Solana (SOL) price.
To better interpret the price expectations for SOL coin, it is beneficial to look at historical and current price data. According to CoinMarketCap data, at the time of writing, Solana (SOL) is trading at $2.13. It is ranked 106th in terms of market cap, with a market cap of 96,755,275 USD and trading at 0.00010760 BTC against BTC.
Additionally, Solana coin, which has a 24-hour trading volume of $10,111,417, has a circulating supply of 46,263,773 SOL. It can also be stated that the total supply of Solana (SOL) is 488,597,644.
How to Buy Solana Coin?
Following its listing on Binance on April 9, 2020, SOL/BNB, SOL/BTC, and SOL/BUSD trading pairs started to serve users on the platform.
Solana Coin can be securely and quickly purchased through Binance, the world’s largest cryptocurrency trading platform in terms of trading volume.
