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What is Solana


¿What is Solana?

Solana is a Blockchain network focused on fast, high-performance transactions.

Founded by Anatoly Yakovenko, officially launched in March 2020.

It has a headquarters in Geneva, Switzerland.

Netizens can pay their transaction fees and engage with smart contracts through their SOL cryptocurrency.

SOL is the cryptocurrency of the SOLANA foundation

¿What does it offer?

It offers greater speed and fees around $0.00025 for each transaction, it also has the capacity to program more than 50,000 transactions per second with aspirations that this number will increase to 700,000 with the growth of the network.

In the same way solana offers PoH, a technology whose function is to help resolve the transaction time more quickly with less energy consumption, however it also offers us a technological procedure that manages to access solana in a more harmonic way than the traditional one. consensus mechanism.

With solana you can borrow, trade, offer and move cryptocurrencies.

¿How does it work?

Solana is powered by a unique combination of Proof-of-Stake (Pos) components and an evolution of the very popular Byzantine Fault Tolerance protocol in computing called Tower BFT, which acts as a regulator within the markup mechanism. temporary synchronizing each and every one of the nodes (it is a point of intersection, connection or union of several elements that converge in the same place) as a fixed point, checking and admitting the work developed by them.

¿How is it regulated?

There is great uncertainty about the regulation of Solana, since several versions are shown on whether it is centralized or not, one of them is that Solana has not been totally decentralized since its foundation.

The Solana Foundation is an organization that controls the Solana network and supports updates to its network that are tasked with improving the code.

One of the events that raised many suspicions was its long inactivity time, which remained inactive for more than 17 hours, which made it impossible to use the network. This was one of the inconveniences that provided some clarity about its centralization.

¿Why do people use Solana?

People use SOL (their cryptocurrency) because with it they can interact with a variety of decentralized applications.

We have other reasons why people prefer to use solana:

The value of Solana is in ascending preference.

After its entry into decentralized finance and NFTs, its price grew exorbitantly in 2021.

It is heavily backed by a cryptocurrency exchange like FTX.

¿How is Solana different from other stablecoins?

It has much faster costs and transactions than Ethereum.

One of the differences is that solana blockchain users do not need to develop a validation node to get a reward through staking.

¿Where i can buy?

One of the ways where you can buy SOL is through Binance, since it has a great variety tradable in commerce, you can exchange a cryptocurrency, fiat cryptocurrencies or simply use a debit or credit card to buy the stablecoin, they are also allowed bank deposits.

¿Where to find more information?

For more information such as movements, prices, explorers, contracts and more you can visit the following link:

¿Did you know that you can buy and sell USDT and BUSD online thanks to Gastcoin Gateway?

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