Find out how high the growth of SOLANA has been as an altcoin for smart contracts and crypto-mining
2021 was packed with many technological advancements clinging to cryptocurrencies, and SOLANA is one of the many tokens that gave that momentum. The SOL token that would correspond to the Solana protocol was launched in 2019 by Anatoly Yakovenko, guided by the Ethereum Blockchain ecosystem. This cryptocurrency, together with ADA, serves as Ethereum's Altcoin for the development of decentralized applications, smart contracts, and crypto-mining.
Although the SOL protocol has been present since 2019, it was not until 2021 that it gained fame, going from 1 dollar to more than 190 USD. Solana has stood out to rank among the 10 highest valued cryptocurrencies in the decentralized market, which gives it the position of the number five token. SOL competes with Cardano, a PoS cryptocurrency, and Ethereum to become the best token for DeFi, NFTs, and Smart Contracts.
Solana Technology
The SOLANA developers were very cautious with the Blockchain that would support their token, so they based it on PoS. According to the group of experts who created SOL, their objective is to demonstrate that it will have good results when proof of stake is used correctly in cryptography. SOL stands out for its good performance, low fees in developing new technologies, and security in the extraction of tokens.
Advances with Solana
SOLANA should not be ignored because its protocol evades the Mempool reference that Bitcoin, Ether, and other cryptos have. In this way, people who trade with SOL will have faster transactions because the confirmation process between nodes will be simplified. To be explicit, the SOL network creates a Transaction Block between 400 and 800 milliseconds while Ether takes 20 minutes and Bitcoin more than 10 minutes for the same process.
The commission rate for transactions is 0.00005 SOL which would be less than 30 cents which is very low. However, as Solana is a recent cryptocurrency, it has not gained enough credibility to outperform its technological adversary Ethereum.
