Solana is another big name in the cryptocurrency universe. Solana and Ethereum are analogous to one another in many ways. Solana supporters even claim that this model will take over Ethereum in the future because of its cheaper gas fees. You may visit Bitcoin System to become a successful bitcoin trader while trading without hassle. In the context of growth rate, Solana has overshadowed big names like bitcoin and ether.
Sol, the local token Solana network, was trading at $1 at the beginning of 2021, and by the end of 2021, the token was trading at $213. The total growth displayed by Solana in just one year is more than 1300%. Solana now seems to be the next more significant investment of gigantic intuitions as the blockchain of Solana is way better than the competing model.
Decentralized Apps and NFT games on Solana!
Until now, people only have Ethereum’s model and very few decentralized applications. However, Solana has officially announced to be working on Dapp and Dapp games shortly. Solana Network is the first aspiring project to launch NFT gaming on the blockchain, which will launch in 2022. In the context of growth rate, this is indeed a quick pace.
The team claims that their model is much cheaper than the Ethereum system due to the lower cost involved while running smart contracts. Moreover, they can pay less for transferring data across the network without making it costly for third-party software developers by providing them with an API (Application Programming Interface).
Supports a Broad Category of decentralized projects!
Solana is a very lightweight blockchain, as the team has proved. Although Solana has significantly less cost involved in every transaction completed over its network, it provides more security to the users and developers. In addition, Solana supports a broad category of decentralized projects like token issuances and decentralized exchanges.
It can also act as a significant reason behind the success of Solana because nowadays, we have so many tokens being issued by ICOs (Initial Coin offerings), and the new generation of decentralized exchanges is gaining popularity with time. Moreover, Solana’s Network has almost a 6x improvement in throughput than Ethereum’s network, which means it can sustain around 10,000x transactions more than Ethereum’s network.
A Great alternative to Ethereum!
Solana has so many advantages over Ethereum’s network that makes it a great alternative to the latter. First, Solana has been proven to be a much cheaper network than Ethereum because of the lower cost involved in every transaction.
Solana has collaborated with some big names in the blockchain industry like ConsenSys and Bancor, so there is no doubt about the technology behind this project. Solana also claims it has solved scalability problems and issues in Ethereum’s network. Solana had an Initial Coin Offering (ICO) on the 1st of August 2018, and people were a part of this fantastic journey by participating in the ICO.
Lesser Gas Fees on Solana!
One of the significant advantages of Solana is that it provides much lesser gas fees. The team claims that each transaction is cheaper by more than 90%, and it is pretty cheap to transfer data across the network. As a result, it makes Solana’s network even better than most other blockchains in the market.
Solana is not only a blockchain because it is also a decentralized home for apps and app games. The team has even collaborated with more big names like ChainSecurity and ConsenSys, so experts safely assumed that they would have great success in the future if they continue to do so.
Why Solana?
Solana’s team has announced yet another major news which was entirely unexpected. The team released their Solana coin on the 1st of August 2018 via an ICO (Initial Coin Offering) and has been increasing in the market ever since.
According to the team, they have decided to release a new version of the Solana coin and believe that by doing so, they will be able to reach more advanced features over time. It is one of the many reasons Solana is becoming popular in the current market.
Solana’s team believes that after every three years, a new version of their platform will be released, and this is a massive advantage for them because it allows them to keep up with the blockchain technology by upgrading their platform from time to time.