10 Reasons Why Solana Is A Good Bet
Solana has quickly become one of the most promising blockchain projects on the market today, and it’s not hard to see why.
It’s a public blockchain platform with smart contract functionality that competes with Ethereum in several key ways, including transaction speed and cost-effectiveness.
The only downside? Solana’s native cryptocurrency has yet to be listed on many major exchanges, which means its price hasn’t seen much action just yet.
However, let’s see why it is great and why should Buy Solana–
So without further ado, let’s get started,
1. Solana architecture
In contrast to popular blockchains, where transactions are placed on blocks one after another, as-soon-as-possible is implemented as a design choice for Solana.
In simple terms, processing any transaction (or set of transactions) in parallel with others can improve overall efficiency and possibly throughput.
However, it can also lead to some performance tradeoffs.
Nevertheless, Solana is making an aggressive and competitive move by adopting such an architecture – at least for its mainnet implementation.
2. Empowered by State Channels
On-chain transactions are expensive, both in terms of gas fees and time. By leveraging state channels, users can perform highly scalable, secure, and private transactions off-chain.
This is done by creating a virtual private network (VPN) between counterparties through which value can be exchanged atomically outside of any actual blockchain transaction.
3. Pioneering Proof-of-Stake Consensus Protocol
Proof-of-stake consensus protocols are faster, more efficient, and less energy-intensive than Proof-of-Work alternatives.
In contrast to older Proof-of-Stake systems such as BitShares, which require a relatively high minimum investment before becoming a validator on their network.
Solana only requires one token (SOL) as stake per validator – lowering entry barriers and increasing both security and decentralization of their network.
4. Decentralized Governance & Token Distribution Schedule
Unlike many other blockchains, stakeholders who own tokens make decisions about how Solana is governed.
There is no one founder who has control over protocol changes or asset distribution. Token holders can vote on what they want to see changed, and protocol adjustments can be made based on a majority vote.
This makes it more democratic than other blockchains and allows its users’ voices to have real influence over its development.
5. Low Energy Costs
One of Solana’s biggest selling points is its relatively low energy consumption when compared with other public blockchains.
Compared to Bitcoin, transactions on Solana require just a fraction of bitcoin’s total energy usage-and Ethereum requires even more than that.
This means that, when considering transaction fees and network security, a user will spend less money operating on Solana.
A fast, secure, and efficient blockchain platform with low operating costs? That sounds like an attractive place for any investor!
6. Superior Transaction Throughput
The platform’s unique sharding protocol has been put through rigorous internal and external testing and stress tests.
Its design allows for up to a blistering 50,000 transactions per second (TPS), making it one of the very few blockchains that can handle high-volume user traffic.
7. Innovative Cross-chain Communication Protocol
Solana’s Cross-chain Communication Protocol will allow users to interact with multiple blockchains. This key innovation helps facilitate interactions across chains, resulting in greater efficiency and lower costs for all participants.
8. Flexible Smart Contract Platform
Unlike many blockchain platforms, SOLANA has smart contract functionality that can be programmed in any language (e.g., C++, Java, Go) instead of a single language (Solidity).
This gives users a lot more flexibility when it comes to making their own smart contracts.
On top of that, there are multiple ways for users to develop dApps on its platform-from conventional web/mobile apps and desktop applications to standalone hardware devices.
9. Decentralized Storage Network & Proof-of-Retrievability
Solana can store data across a network of miners, but it still keeps track of where that data is. It’s not just a decentralized file system; it’s an anti-file system. Any peer-to-peer network will eventually slow down as more users join.
But Solana takes a new approach and addresses these problems by ensuring that every transaction is digitally signed and verified by both parties before it’s stored on any of their hard drives.
10. Major Exchange Listings
In addition to being on several smaller exchanges, like EtherDelta and IDEX, SOL was recently listed on major exchanges Binance and Bitfinex.