Solana (SOL) is a cryptocurrency developed by former engineers from Intel, Dropbox, and Qualcomm. Utilizing a single-network-focused delegated Proof-of-Stake consensus model, SOL Coin is considered a pioneer in this area. The primary goal of Solana Coin is known to be scalability without compromising on decentralization or security.
What is Solana (SOL)?
The scalability solution of Solana Coin is known to be based on Proof-of-History, also known as a decentralized clock. This consensus model is known for solving the time problem in distributed networks without a single source of trust. Instead, validators in the network must create timestamps for each SHA256 operation, preventing the spread of timestamps across the network.
Having a timestamp for every transaction in the network, but not broadcasting them all over the network, significantly reduces a major load. SOL emerges as the native cryptocurrency of this network.
At the time of writing this article, SOL Coin is ranked as the 108th largest cryptocurrency, with a total market value of around 85 million dollars.
To purchase Solana Coin, using the Binance exchange will suffice.
Where to Buy SOL Coin?
How exactly to buy SOL Coin? Binance emerges as the most popular platform for users in this regard. Binance‘s offered liquidity and security also influence investors to choose this platform.
- To buy SOL Coin, first, you need to deposit USD balance into the exchange or buy a cryptocurrency that can be used instead. First, go to the Binance homepage, click on the “Buy Crypto” option in the top left, and then click on the “Credit/Bank Card” tab.
- In the opened tab, select how much USD you want to transact with, and mark Tether i.e., USDT in the Coin section.
- After buying USDT, preview the “Buy-Sell” option in the top left again and click on the “Classic” tab.
- In the opened section, select the USDT tab from the top right, type SOL in the search button, and select the SOL/USDT pair that opens below.
- Then go to the middle “BUY SOL” tab and enter the amount you want to buy.
- Enter the amount you want and complete the SOL Coin purchase process by confirming the transaction.
