Why buy Solana (SOL)
The project’s reference crypto is SOL, a utility token used to pay the fees expected in blockchain transactions. The economy of the token is based on a deflationary model, which guarantees its scarcity over time. Buying SOLs means having the ability to validate network transactions, pay transaction fees for smart contracts and stake them. The crypto can also be used on Dapps built on Solana, which are growing in use and supply.
What it is and how it was born
The Solana White Paper was published in November 2017. The staff behind the project was and is led by Anatoly Yakovenko. The testing phase began in 2018, and ended with the ICO in the following year. An initial offering raised 20 million, spent to finalise the project and debut on the top cryptocurrency exchanges. In 2021, Solana’s price went from almost $3, to the ATH of $260, becoming one of the most popular cryptocurrencies among DeFi users and enthusiasts.
The Solana protocol is designed to facilitate the creation of decentralised apps, also known as Dapps. The aim is to improve the scalability of blockchain technology through an innovative consensus system for transactions. The platform, in fact, uses Proof-of-Stake, but integrates it with Proof-of-History, a mechanism that orders transactions more efficiently. Exactly like Ethereum, Solana also allows the development of Smart Contracts, but at a lower cost. Possible applications range from NFTs and DeFi transactions to entertainment and gaming. For all these reasons, many people are constantly wondering whether to buy Solana (SOL).
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