SOL to XRP - Solana Price in XRP

History of Solana(SOL)?

Solana(SOL) was started in 2017 by the man Anatoly Yakovenko. He aims to create an infinitely scalable blockchain, so he partnered with Eric Williams & Greg Fitzgerald to achieve his goal. Nowadays, Solana is recognized as an advanced and scalable forth0generation blockchain. After its launch and Solana partnership, they partnered with different protocols plasma to create a DEX. That plasma created (CLOB) central limit order book, which updates 400 milliseconds for only traders with accurate pricing.

 

What is an SOL token?

SOL is Solana's native token which is used to pay transaction fees. Solana allows developers to build a new project and smart contract on the SOL Solana blockchain network. Solana uses the SPL protocol, and it is a standard token of the Solana blockchain. It is similar to Ethereum(ERC-20). There are two main uses of SOL tokens. First is staking tokens and paying transaction fees.

 

How does Solana(SOL) work?

As we know, Solana(SOL) is an advanced fourth-generation blockchain that is working on proof-of-stack. SOl has developed a unique way which is discovered at a time of transaction called proof of History.

Transaction tracking is very vital for crypto. Bitcoin also tracks the transactions by collecting transactions with a single timestamp into a block. Instead of Bitcoin, Solana does it in a better way. Let's see how the Solana blockchain works further.

 

How does Solana(SOL) Blockchain work?

The white paper of SOL launched in November 2017. After that, SOL came with its Mainnet in March 2020. The Solana foundation was created in April 2020. Solana foundation now owns all the property which Solana Lab previously owned as of this date. The 167 million SOL tokens were transferred from Solana Labs to Solana Foundation to adopt decentralized technology.

 

Solana blockchain is the fastest blockchain in the world, and it's currently 50,000 transactions per second. The Solana foundation is based in Geneva, Switzerland, and the team of Solana hired from the biggest software foundation from Apple, Intel, Microsoft, Twitter, Google, and Intel. Solana also gets some funding from several big investors Abstract Ventures, Foundation Capital, Multicoin Capital, and many more. 

 

SOL blockchain is fast, scalable, secure, and smart contract compatible, which means developers can develop decentralized applications on Solana Network.  

 

Solana(SOL) Innovation: Solana comes with some truly innovative ideas in the blockchain world, which will be very useful in the coming future in the crypto industry.

 

Proof Of History(POH): is an algorithm that is used to track transactions and histories. The Solana blockchain aims to improve the speed, efficiency, and speed of transactions for better results.

Achiever: it acts as storage on the Solana blockchain.

Gulf Stream: is used to reduce transaction confirmation time. Mainly, it is used to handle transaction confirmation before the finalized data. 

Pipeline: it aggregates records input and designates it to particular hardware to every type of data.

Cloud break: is a data structure protocol that is used to read and write concurrently across the network.

Tower BFT: is a version of PBFT optimized by POH to assist and support transactions and blockchain.

Turbine: is used to break data into a smaller share and transfer it to the blockchain node.

Sea level: runs thousands of contracts parallel.

 

The Current circulation of Solana(SOL)

Solana is currently ranking number #18 among the top 20 large-cap cryptocurrencies. There are 272,637,092.78 (272.64) Million SOL in circulation out of the 494,518,824.90 (494.52) Million. The total market cap of SOL is $15.43 Billion. The 24H trading volume of SOL is $457.15 Million.

 

How to buy Solana(SOL)?

Solana(SOL) provides unique technology, and it's a third-generation blockchain and cryptocurrency which provides greater scalability. Solana is available on every exchange, but buying from trustable exchanges is a great way. You can visit our top suggested exchanges to buy Solana.

• Binance
• Gate.IO
• Huobi
• OKEx