The cryptocurrency market consists of hundreds of different crypto assets issued by different projects with different purposes and technologies. The most popular and adopted crypto projects are those with valuable technology or real use cases. One such platform that we would like to discuss today is the Solana blockchain. Since its launch in 2019, it has become a first-class network for developers who have created dozens of:
- decentralized applications
• NFT projects
• Smart contracts
• And other products on the Solana Blockchain.
What is SOL encryption? This is what we will talk about today.
Solana is working on the Proof of Stake mechanism with the addition of Proof of History. This solution had the following advantages:
- • Solana’s network is capable of 50,000 transactions per second.
• Proof of Stake consensus does not harm the environment, as it does not require energy consumption. So it is a completely environmental solution.
• Low commissions.
• SOL coins are received through staking, which is available to most people.
SOL is the native currency of the platform that is directly involved in all the processes that happen in the platform and especially in the implementation of smart contracts. As of November 2022, the price of SOL has significantly lost its value, dropping from over $37.5 in early November to $12.76 in the middle of the month. The previous price drop occurred on the back of a complete market crash in the spring of 2022, when the price fell from above $125.
Despite Solana’s current price drop today, the asset still ranks among the best traded crypto assets in the market, and as savvy investors say, buying cryptocurrencies in a bear market is a better idea than buying them when the market is rising to the stars. .
You can check the SOL price chart and buy this coin on the WhiteBIT cryptocurrency exchange.