• Solana is a modern blockchain that differs significantly from the Bitcoin network, making use of modified cryptographic algorithms to create a fast and scalable blockchain.
• The crypto token that runs on Solana’s blockchain is called Solana (SOLUSD) with the ticker symbol SOL, and has increased by an astronomical 12,000% since 2021.
• At the time of compiling this article, Solana is selling for $20.80 according to data sourced from Coinmarketcap and Coincodex gives their Solana prediction for this year to be bearish in the first few months of the year before we start seeing green candles.
What is Solana?
Since the advent of Blockchain technology in 2009, which gave rise to the first decentralized digital currency – Bitcoin – blockchain tech has grown in leaps and bounds. In the early stages, this novel tech was just a secure computer network used to exchange digital currencies. Presently, it has evolved into an ecosystem where other blockchains are built, maintained or advanced upon. At the time of writing this article, there are several types of blockchains available for public use and each carries out and stores unique transactions.
Solana is a modern blockchain that differs significantly from the Bitcoin network. It makes use of modified cryptographic algorithms to create a fast and scalable blockchain which hosts decentralized apps. The open-source project was launched in 2017 by Solana Labs San Francisco and is run by the Geneva-based Solana Foundation.
What Makes Solana Unique?
One unique feature of Solana is its speed; it processes more transactions than most cryptos out there currently. Another attraction point is its transaction fees which are much lower compared to rival projects like Ethereum’s gas fees.
The crypto token running on its platform called ‘Solano’ (SOLUSD) with ticker symbol SOL has increased astronomically by up to 12000% since 2021 when it had a market cap reaching up to $66 billion making it one of the top 5 largest cryptos at some point or another during its lifetime so far.
At the time of writing this article, solano was selling for $20:80 according to data taken from Coinmarketcap whereas Coincode predicts that prices will remain bearish throughout most parts of 2021 before green candles start appearing towards December 2021 or later on in 2022 depending on market conditions then prevailing then .
Advantages & Disadvantages
The advantages associated with using solano include its speed & low transaction fees however investors should keep an eye out for any potential drawbacks such as scalability issues or potential security flaws as these could lead to further price instability if not properly addressed timely & efficiently .
Overall solano remains one of those cryptocurrencies worth considering investing into due mainly because despite being relatively new it already managed too quickly gain mainstream acceptance within such short period & also boasts some quite impressive features under its hood including scalability & low transaction fees . It’ll be interesting too watch how well it does over next few months/years as only time will tell what direction price takes from here onwards .