Updated: Nov 23
Solana Coin (SOL) was $25 a month ago, but it’s currently worth $125. (a 500 percent increase in a month). The cryptocurrency market has just recently rebounded from a huge drop over the last month. Solana ($SOL) reached its highest point and became the world’s eighth biggest cryptocurrency. As a result, the Solana blockchain is gaining popularity, and everyone is talking about it! But why is that?
What is Solana?
Solana is presently advertised as the fastest blockchain in the world and one of the fastest-growing ecosystems in the crypto space, as one of the programmable blockchains in the crypto industry. Apart from that, it is viewed as a possible Ethereum successor (ETH). Non-programmable blockchains allow users to send money without the need for a middleman, while programmable blockchains take it a step further. A smart contract is a little code snippet that may be placed on a blockchain. When specific circumstances are fulfilled, it may be programmed to execute particular actions. The first programmable blockchain, for example, was Ethereum. Several other programmable blockchains, on the other hand, are vying for Ethereum’s market share. They are constructed more quickly, at a lower cost, and in a more environmentally friendly manner. Solana is the quickest of them all.
How Solana is Efficient?
At least 50,000 transactions per second (TPS) can be handled by the Solana system. If the network expands, the number may rise to 700,000 TPS. To give you a sense of scale, Ethereum presently processes between 15 and 45 TPS.
Many projects are being created on the Solana Blockchain as part of the Decentralized Finance initiative, and other characteristics that make it a strong rival to Ethereum will drive $SOL higher in the long run. However, if additional blockchains adopt smart contracts and migrate to NFTs, Solana will face increased competition. To put it another way, the blockchain war hasn’t been decided yet, and it’s still going on.
How are we working on Solana Blockchain?
With the recent hype growing around Solana, we came to explore Solana for developmental reasons and we discovered a huge potential for creating smart contracts. Being the fastest blockchain out there, our developers were quick to understand and grasp the assets of knowledge required to create smart contracts on Solana. Today we are capable of building NFT marketplaces on the Solana blockchain on top of Cardano and Ethereum.
Solana is a smart investment since it operates quicker than any other blockchain. Low gas prices and quicker transaction speeds are two of the most sought-after characteristics of any blockchain, and Solana promises both. That’s the reason why the Solana blockchain is becoming more popular, and everyone is talking about it.