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Solana is a blockchain that allows the building and deploying of decentralized applications. These can be metaverses, blockchain games, NFT marketplaces, and the like.
The platform aims to surpass the Ethereum network and its developers are hard at work toward that goal. Moreover, they believe they can overtake the Ethereum blockchain because the latter has become overloaded with dApps. This has caused Ethereum’s throughput to slow down and increased its fees.
SOL is a native Solana cryptocurrency. SOL crypto is used for transaction fees within the platform as well as for staking. Solana has a proof-of-stake consensus protocol at its core. This allows investors to receive coins through staking.
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As of September 2022, the Solana price was around $32. The price dropped, of course, during the market downtrend in spring 2022, as did the prices of other cryptocurrencies. If you’re curious, you can take a look at the Solana chart and see for yourself how the SOL crypto price has changed over time.
How Does Solana Rival Ethereum?
So why is it that Solana can rival Ethereum? Here is a short comparison of the two networks. Decide for yourself:
Mechanism
Some blockchains are based on the proof-of-work consensus mechanism, which is not able to provide high throughput. It allows for only a few transactions per second. Solana has a proof-of-stake mechanism at its core, which gives the network the highest throughput, at around 65,000 transactions per second. The proof-of-stake mechanism also gives the platform more flexibility and greater scalability.
Programming Language
Solana uses newer and more popular programming languages such as C, C++, and Rust. Compare this with Ethereum’s use of older programming languages that modern developers are not familiar with.
Transaction Cost
The cost of transactions in the Solana network of $0.0000014 is minimal compared to the cost of transactions on the Ethereum network, which is $0.09.
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Solana Is Listed on All Credible Crypto Exchanges
SOL is on the list of the top crypto assets in all crypto rankings and you will find it on all credible crypto exchanges. If you want to buy SOL with fiat currencies, you need to pick a centralized exchange such as WhiteBIT. Registered and verified clients can access more than 400 crypto pairs as well as fiat currencies on that site.
It is important to note that one of the most traded pairs with fiat is Solana to GBP. Of course, users can also convert their crypto coins to fiat currencies and withdraw them directly to a bank card.
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