Solana (SOL) - a cryptocurrency that rises when others' prices fall

What makes cryptocurrency Left (LEFT) is it getting more and more expensive and breaking price records even when the vast majority of cryptocurrencies are in correction? Is the network several dozen times faster than Bitcoin and Ethereum enough to permanently enter the top cryptocurrencies in terms of capitalization? We are looking at Solana - undoubtedly the brightest blockchain star in recent weeks.

We continue the cycle of the Forex Club portal, in which we analyze and describe the largest, highest-valued, most interesting, most developmental, advanced and also the most controversial cryptocurrency projects around the world. Today it's time for Solana, a cryptocurrency that in the last month it went up by 217,98%, and in the last year by 2263,32%.

How Solana (SOL) Works

Anatoly Yakovenko

Solana is blockchain platform, which primarily focuses on high scalability, without neglecting the security and decentralization of the network. This is the result of the work Solana Labs, a company run since 2017 by Anatoly Yakovenko, who came up with a new method of transaction verification. It replaced the obsolete (although they were only a few years old then ...) Proof of Stake and Proof of Work and bet on Proof of History (PoH). How it's working?

W PoH numerous nodes do not have to confirm the order of transactions, which always is "Bottleneck" networks on which Bitcoin and Ethereum are based. All thanks to the hash function  shortcut SHA256. It takes the input for the transaction and encrypts the output. At the same time, it can download new output data and start another transaction thanks to them  thanks to the compliance with the previous history - without the need to confirm it, because the data can only be decoded by the system. This whole long chain of transactions can be added to the block by the validator at any time, without breaking it down into individual, smaller actions. So there is no risk that someone will give a wrong or false time, which is often done by losing valuable time, e.g. Bitcoin nodes. 

This, of course, is not the only security for online transactions, because Solana also uses an extensive database of accounts, and can simultaneously execute various smart contracts, and SOL tokens can be stacked as network validators and earned on it even when we have few of them, which translates into greater decentralization and security. 

Deflation token

SOL is obviously a token used for settlements in the Solana network. It pays for access to smart contracts and applications. SOL also pays fees for online transactions. Interestingly, the token is deflationary because it is regularly burned by the network.  

In recent months, there has also been a lot of good information about this cryptocurrency, which undoubtedly influenced its valuation. One of the most important is registration with the US Securities and Exchange Commission (SEC) a fund for institutional investors focused on Solana. 

Blockchain Solana already cooperates with the largest companies on the market. It has just been announced that it is receiving information on market prices from its Data Import System chainlinkand the real-time data provider Python he even announced that he would debut on the Solana blockchain.

In August, however, the collection on the Solana chain sold well NFT "The Degenerate Ape Academy". A complete collection of 10 monkeys was bought in 000 minutes and raised approximately $ 8 million. This great interest also allowed us to test the scalability of the Solana network, which has been working flawlessly all the time.

Solana Cryptocurrency Quote (SOL)

As of September 01, 2021, the SOL token is listed on 29 cryptocurrency exchanges. 273 of the target 556 units are traded, valued at approximately $ 026, translating into a market cap of over $ 494 billion. SOL tokens peaked on August 519, 162, when they were valued at $ 117.

SOL / USDT token chart, D1 interval. Source: Binance platform