If you have been keeping up with the latest trends and breakthroughs within the digital era, then cryptocurrencies must have definitely grabbed your attention for a bit. Cryptocurrencies are shaping the way transactions are being done, emphasizing the need for a seamless and transparent medium of financial communication. While most legal entities might deem crypto to be a risky venture, the reality of the matter is that it is here to stay. Crypto totally releases the dependency on a physical format of money and reduces the number of intermediary parties that might be privy to your personal information.
What is Solana?
Solana was first formulated by engineers at Qualcomm and Intel with the focus being on reducing risks associated with lowered transparency when it comes to digital transactions. The Solana chain works mainly on the basis of proof of history. Something that keeps a ledger of everything going on. Solana was developed in 2017, and since then, it has come a long way in determining the volume of transactions that can be carried out with it. Apart from acting as participation tokens for authorized users, the currency can also be used as a rewards mechanism or for paying digitally.
The main reason why Solana stands apart from Bitcoin and Ethereum is its ability to enable extremely high speed and high-volume transactions. Users have reportedly compared it to the previous two platforms and based their judgment on that. The currency used by this system is attributed as SOL. After creation it was rumored that about 500 million SOL was present. Around 12.5% belongs to the founders, and another 12.5% belongs to the Solana Foundation. The mechanism works by burning the transaction fees being paid and thereby maintaining a healthy amount of SOL within the system.
How much would SOL cost you?
Like most other cryptocurrencies on the market, SOL has witnessed its fair share up highs and lows since its inception. As the pandemic hit in 2020, the price of an SOL reached as low as $0.50 in May of 2020. Since then, as economies and consumer behavior have shifted, the price has skyrocketed about 700%. Right now, the current price has stagnated around the $4 mark, with occasional high prices touching $6 per share. SOL’s volume has also reached a new high since then, reaching almost $100 million per day on average.
If you are looking to invest in cryptocurrency, then Solana might be a good option for you. They are considered to be quite a stable ecosystem and as a support element. Apart from this more and more people are getting educated about the digital currency atmosphere and will definitely help to push its popularity some more. While other cryptocurrencies may not provide you with the same sense of security, SOL is bound to do so. The currency is also backed by two reputable organizations, and in case of any breakdown, a swift promise to action is guaranteed.
How to purchase SOL?
Many online platforms are now present to make the purchase of cryptos a seamless experience. One such platform is Uphold where all you need to do is follow 11 simple steps.
- The first step would be to visit the website and click to sign up on the platform
- Next, you would be redirected to enter in some personal details like your name and email address.
- You will receive a link on your email which will enable you to set a new password.
And as simple as that, you are now ready to start using the currency.
So, if you are planning to buy Solana then look no further. It might be a great asset to add to your trading portfolio. However, it is imperative that you read up on all the fine print and details before you involve your money in it. It is always advisable to understand that your portfolio might have different needs. Apart from this, cryptocurrency is always on the verge of speculation. This makes them even more susceptible to changes in the markets and economy. While it might be tempting to jump straightaway into the scheme of things, it is always recommended to do a little bit of research.