Cryptocurrencies are currently at a rather ambiguous point, as some take leaps and bounds forward, others stumble brutally and crash. Solana is one of those cryptocurrencies that has managed to exceed 100 billion transactions processed, which is a milestone in the crypto world.
On average, transactions with Solana are worth $0.00025, and the current value of the cryptocurrency, at the time of writing, is $33.62 and is at a fairly positive point in the market cycle. This fact is supported by the fact that, on the Solana Blockchain, transactions are usually faster than those of its bigger-name competitors, namely Ethereum and Bitcoin. Although the Solana blockchain is based on the Ethereum 2.0 protocol and like it uses proof-of-stake for mining, like the Ether cryptocurrency after the Merge, Solana has been using this method since 2017 as a way to innovate and be much more accessible to the common user.
Currently, Solana’s main competitor is the cryptocurrency Litecoin, which uses a protocol similar to Bitcoin and has a current value of around $55. If you want to know the advantages of each one, you can review this analysis of Solana vs. Litecoin to find out which of the two would be more convenient, depending on your goals.
What is Solana, and why has it given so much to talk about?
Solana is a cryptocurrency that places special emphasis on decentralization, scalability, and high performance. Since its creation, they have implemented the Defi, Web3, and NFT protocols in a kind of trial and error in which, on several occasions, at least 5 in the asset’s history, the blockchain has had to reboot, causing periods of intense bear markets. However, at present, Solana is one of the cryptocurrencies called Altcoins that has managed to compete directly with its larger counterparts, being mentioned among the main alternatives to Bitcoin during the period of volatility before the collapse of the cryptoactive in early 2022.
Since its inception, it was conceived as a greener cryptocurrency, with a mining system that, by then, was a complete novelty and that used components that required less energy consumption, such as SSD-type hard drives (Solid-State Disk), the aforementioned Proof-of-Stake. Of course, as the market grew, emissions also grew, but recently it has been revealed that these emissions, thanks to updates that improve efficiency, have been reduced by 48%.
Solana and NFTs
Solana is one of the blockchains that use the NFT protocol, which allows file ownership to be validated through said blockchain. This is mainly because Solana is a cryptocurrency based on Ethereum. That is why, in addition, it is considered a kind of secondary network for this type of collectible files, and according to those responsible for the network to speed up their issuance.
Thanks to this, an airline called Flybondi, with headquarters in Argentina, has already announced that the NFT protocol will be used for ticketing, so that said issuance is much safer and virtually impossible to falsify, thanks to the fact that they will be linked to Solana’s proof-of-stake verification system.