What is Solana?

by Francis Nwokike

Since the advent of cryptocurrency in 1989 and the launch of the first cryptocurrency, Bitcoin by Satoshi Nakamoto in 2009, Crypto investments have become the latest trend in the finance market in recent years, as more individuals recognize their advantage for portfolio diversification. Bitcoin, Ethereum, and Solana are a few of the assets that experienced impressive price surges during the last years before the overall market collapse in 2022, making them especially attractive to investors seeking multiple opportunities.

Cryptos are primed to deliver lucrative returns, despite their volatility and risk. Solana coin (SOL) is one of many examples; the price of Solana skyrocketed in November 2021 to $247, making it an attractive option for those wishing to benefit from blockchain’s booming potential.

Talking about what is SOL crypto and how to buy it most efficiently. Solana was engineered by a team of developers headed up by Anatoly Yakovenko and released in March 2020 to surmount the scalability and velocity issues encountered with other blockchain networks.

Solana has several advantages over other crypto assets, such as:

The speed of Solana’s blockchain network puts other popular networks to shame, as it can process up to 65 000 transactions per second.
Due to Solana’s ingeniously crafted network, transaction fees are usually significantly lower than on other blockchain networks, making it a great choice for those who require efficiency and affordability.
Solana’s innovative PoS consensus algorithm ensures both scalability and high throughput, enabling the network to quickly process large volumes of traffic without slowing down.
Solana’s framework is constructed to be accommodating for developers, making it simple to construct decentralized applications on the platform.
Solana has been created to be highly compatible with other blockchain networks, bringing forth an array of options for crypto assets and decentralized finance protocols. This allows the platform to interact easily and efficiently across multiple networks.

How to Buy Solana?

We propose buying this asset on the WhiteBIT crypto platform. Follow these steps to become an owner of SOL coin:

Visit their website and click the “Register” button on the top right corner.
After you have set up an account, visit the “Deposit” area of the website and select your favored payment method.
After depositing your funds, head to the “Trade” section of the website and search for SOL coin in the list of assets. Click on ‘Buy’ next to SOL.
Choose the amount of SOL that you’d like to purchase.
Press the “Buy” button to complete your transaction. Immediately after that, you will see SOL deposited into your WhiteBIT balance which can then be transferred to a personal wallet whenever it is convenient for you.

Whenever you decide to trade cryptocurrencies, it is critical for you to remember that the market can be unreliable and unsteady. Therefore, before investing a single penny, make sure that you understand all of the risks by doing your own research.