Solana (SOL): overview of the cryptocurrency and blockchain platform, price and course chart, how to buy and where to store the SOL token

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Solana is a blockchain platform for building highly scalable decentralized applications. The essence of the Solana architecture is the use of a set of software algorithms capable of removing the performance bottleneck caused by the software when implementing the blockchain. In this way, the transaction throughput can scale in parallel with the network throughput. Particular attention is paid to ensuring that the architecture is scalable, secure and decentralized, that is, meets the basic requirements for a blockchain system.

SOL is a native token of the system, the main function of which is to protect the network using staking. The network uses the dPoS mechanism (Proof-of-Stake with delegation); this means that any SOL token holder can delegate part of their assets to one or more validators that process transactions and ensure the stability of the network.

The cryptocurrency is traded on the Binance exchange in the SOL / USDT, SOL / BUSD, SOL / BNB and SOL / BTC pairs. Also listed on other centralized exchanges. From the review of Solana from the editorial board of Profinvestment.com, you will learn about the purpose of the project and how it will benefit the development of the blockchain industry.

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Solano blockchain project website

General information

NameSolana
TickerSOL
BlockchainSolana
Reviewerhttps://explorer.solana.com/https://solanabeach.io/
Current issue as of 08.04.21268 416 543 SOL
Maximum emission488 630 611 SOL
Course on 04/08/2127,01 $
Capitalization as of 08.04.217 032 481 658 $
Official sitehttps://solana.com/
Bloghttps://medium.com/solana-labs
Sourcehttps://github.com/solana-labs
Documentationhttps://docs.solana.com/
Social networkhttps://twitter.com/solanahttps://t.me/solanahttps://discord.gg/Rz737rPhttps://youtube.com/solanalabs
ExchangesBinance, OKEx, FTX, Huobi, Bitfinex, Gate.io

Solana token price chart (SOL)

Exchange rate chart for SOL / USDT on Binance:

Technical features of the architecture

The Solana blockchain allows developers to create payment networks, marketplaces, prediction markets, and other types of applications that require maximum transaction speed. The main advantages, in addition to speed, include low commission fees (which do not become burdensome even if there are billions of users on the network), as well as comfortable compatibility between any second-tier projects.

The developer managed to achieve such efficiency using a mechanism that exists in Bitcoin and many other cryptocurrencies: nLocktime. The function allows you to set the transaction time retroactively using the block height instead of the timestamp. The block height is what is called the verifiable delay function in cryptographic circles. Solana has a more granular verifiable delay feature for register checking and consensus coordination.

The upper bound for scalability, according to the described architecture:

  • 710,000 transactions per second on a standard gigabit network;
  • 28.4 million transactions per second on a 40 gigabit network.

The architecture also allows safe parallel execution of programs written in general-purpose languages ​​such as C or Rust.

Purpose of clusters

Cluster is an important concept in the Solana network. It is understood as a complex of computers working together and considered in the form of a single system.

Solana clusters are needed so that the user can at any time save an immutable record of events in time or a programmatic interpretation of these events related to a specific application. One use case is to identify the computers that most effectively support the network. Another option is to track the fact of ownership of real assets.

In either case, the cluster creates an event record called the ledger. The book will be stored throughout the entire existence of the cluster. As long as at least one copy of it exists, the results of the check will remain available, regardless of whether the project that created them is still running.

Verifying Transactions

The transaction validation process in Solana Network actively applies optimizations that are common in processor design. This is called pipelining. This is the best choice if there is a stream of input data that needs to be processed step by step sequentially, and a certain equipment is responsible for each step. This mechanism ensures the smooth and efficient operation of all system components.

SOL token and its staking

Solana’s own token is called SOL and can be passed to nodes in the cluster in exchange for launching an application or validating data. The system allows micropayments using SOL fractional parts (lamps). They were named after Leslie Lamport, an American computer scientist who was instrumental in shaping the architecture of Solana. 1 lamport = 0.000000001 SOL.

SOL token release schedule:

Distribution of SOL tokens:

Users have the option to stake their SOL tokens to help secure the blockchain network and receive a reward for doing so. Solana is a Proof-of-Stake (PoS) Delegated Network, which is a shared risk, shared reward financial model that can provide returns for long-term delegated token holders. The result is achieved by agreeing financial incentives for token holders (delegators) and validators to whom they delegate their powers.

The activity of validators implies the cost of managing and maintaining the system in an efficient state, and this is reflected in delegates in the form of a fee charged as a percentage of the rewards earned. For ordinary users, this fee is a commission for transactions.

To stake Solana, you need a wallet to transfer a number of tokens to, and then follow the instructions (they may vary for each wallet).

Wallets for Solana (SOL)

Solana supports several types of wallets in its own command line application, as well as third-party wallets that cannot be used for staking, only for storage. For a complete list of wallets, exchanges and other services that support Solana (SOL), see https://solana.com/ru/ecosystem.

For iOS and Android:

  • Exodus
  • Trust wallet
  • Coin98

Web wallets:

  • MathWallet
  • SolFlare
  • Sollet

Hardware wallets:

  • Ledger Nano S and X (used with SolFlare)

To work with the command line, you need to install Solana CLI tools. However, the developers themselves warn that storing large volumes of SOL in this way is unsafe.

Conclusion

Solana developer Anatoly Yakovenko noted in an interview that when decentralized exchanges become more efficient than centralized ones, the centralized ones will have to switch to using a decentralized blockchain in order to maintain their positions. Solana’s goal is to become such a blockchain. However, it is too early to say that the project will surpass Ethereum or Polkadot – despite a really well-developed internal architecture, it is much more important for users what they get in fact, and so far there are few outstanding features. However, the project is undoubtedly promising, which is confirmed by its active support from large partners (Microsoft, Google, Catalyst, Tether, Intel and many others).

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