Solana (SOL) is a Blockchain platform that facilitates decentralized applications with an emphasis on scalability. SOL is the native cryptocurrency used to execute transactions and incentivize participants on the network. Solana uses a sophisticated network design consisting of eight core components to provide faster transaction times and high transaction capacity. While the network’s security is ensured through the Tower BFT and delegated proof-of-stake (DPoS) consensus mechanism, participants can stake their SOL coins or delegate them to validators to participate in network operations. In this article, you can find answers to two frequently asked questions: what is Solana (SOL) and how to buy Solana (SOL) with TRY.
What is Solana (SOL)?
Solana is a Blockchain designed to facilitate decentralized applications (dApps) with an emphasis on scalability. Competing with other Blockchain networks like Ethereum, Zilliqa, and Cardano, it aims to support an ecosystem of crypto-backed products and services. Solana differentiates itself with unique architectural design choices aimed at offering faster transaction settlement times and a flexible infrastructure that allows developers to create and launch customizable applications in various programming languages.
The native cryptocurrency of the Solana network, SOL, is used to execute special programs, send transactions, and incentivize participants supporting the network. The value and trends of SOL can be tracked on the Solana price page, providing information about the current market situation and price history.
Solana’s network includes features common to other cryptocurrency networks, such as smart contracts, transaction settlements, and token issuance. Solana differentiates itself by targeting superior consensus speeds and higher transaction capacity. This is achieved through a sophisticated network design consisting of eight core components.
Solana’s Network Architecture
- Proof of History: This component establishes a global clock that provides synchronized operations by creating a common program among all participants.
- Gulf Stream: Defines the protocol for how and when transactions are exchanged within the network.
- Sealevel: Acts as a transaction engine that assigns the order and execution of transactions, ensuring efficiency.
- Turbin: Facilitates the validation process by determining how nodes (validators) send and receive blocks.
- Cloudbreak: A memory mechanism that tracks participant balances and maintains an accurate ledger.
- Pipeline: Ensures data integrity and accuracy by validating each component of a transaction.
- Archivers: A network of nodes that ensure data persistence by offloading and permanently storing data from validators.
All these components are designed to optimize transaction processing capabilities without resorting to sharding or second-layer solutions, making Solana both complex and highly efficient.
Solana uses a consensus mechanism called Tower BFT, which includes delegated proof-of-stake (DPoS) to secure its Blockchain. This system uses a voting and reputation method to ensure network security, validate transactions, and distribute newly minted SOL coins. Any SOL coin holder can participate in network operations by staking their coins. Staking involves locking SOL coins to increase the chance of being selected for governance and block production.
Participants in the Solana network can choose to delegate their SOL coins to other validators. By doing so, they allocate their votes to these validators while earning a portion of the block rewards. This delegation process promotes network security and efficiency as validators are motivated to act in the network’s best interests to earn rewards.
How to Buy Solana (SOL) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy Solana (SOL). On Binance TR, where an account can be quickly created, more than 100 cryptocurrencies, including SOL, can be bought and sold. To buy Solana (SOL) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. To do this, you need to go to trbinance.com and continue from the “Create Account” step. In the first step of creating an account, you will be asked to enter basic information such as your email address, phone number, name-surname, date of birth, nationality, and T.C. identity number.
After entering the requested information completely and correctly, an email/SMS verification will be done to confirm the information. After completing this process, you will proceed to the second step, identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that must be performed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process from your phone or through the official Binance TR website. Note that you will need your mobile phone to verify your identity from the website.
On the Binance TR website, hover over the “Profile” option at the top right, click on “Identity Verification and Limits” from the drop-down menu, and then click on “Verify.” After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, continue by tapping on the “Identity” option first.
Then a screen like the one below will open. To continue the verification process, first select the document type that is suitable for you.
After selecting the document type, you can continue by tapping on the “Upload front side” option. After taking a photo of the front side of the document according to the document type you selected, tap on the “Upload back side” option and take a photo of the back side of the document and upload it. Make sure that the images are clear and that the information in the photo you took is easily readable when taking photos of the front and back sides of your ID card or driver’s license.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Make sure that your face fills the camera area as much as possible after the camera opens.
After completing all these steps completely and correctly, your identity verification process will be completed in a short time.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account through all banks. You can deposit and trade TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts without interruption. Deposits from other banks can be made 24/7 with FAST up to 50,000 TL. Deposits over 50,000 TL from other banks are processed within EFT hours.
To deposit money into your Binance TR account, first, go to the trbinance.com address, hover over the “Wallet” option in the top left corner of the homepage, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If the bank you prefer does not yet have Binance TR integration, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can transfer money via wire transfer, EFT, or FAST. All you need to do now is to transfer the amount you want to deposit into your Binance TR account using the information displayed on the page of your preferred bank.
After your bank completes the transfer process, the funds you sent will automatically reflect in your Binance TR account wallet.
How to Buy SOL Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to SOL coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. You can go to the TL to SOL purchase page by typing “SOL” in the search section on the right side of this page and clicking on the SOL/TRY option from the results.
Now the following SOL trading page will open. On this page, you need to enter the price at which you want to buy SOL in the first box marked with a red box and the number of SOL you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy SOL” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY trading pairs via Binance TR.
Users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls supported by Binance’s core functionalities through Binance TR.
