What is Solana and Where Can I Buy Solana Crypto?
The price of Solana has skyrocketed in the last few years. Ethereum and Bitcoins are facing huge competition due to Solana. If you are looking for faster transactions, then choose Solana. Let's discuss a little about Solana and where can I buy Solana crypto?
What is Solana?
Solana is a blockchain crypto that uses smart contracts. Proof-of-work and proof-of-History are two advanced methodologies used in Solana. What makes Solana rare is its transaction speed. The owner claims that Solana provides a transaction speed of 400 milliseconds. Susceptible faster than Ethereum. The native coin is SOL.
Solana was launched by Anatoly Yakovenko in 2017. Traditional blockchains were dealing with 2366 transactions/sec, Solana set a threshold of 710,000 transactions/sec. Normal minds demand the reason, how Solana is so fast as compared to others? Proof-of-history is the reason.
Proof-of-History
In blockchain technology, nodes contact each other to know the time of transaction. Because blocks do not contain any information of time and date. This contact between nodes to search time compromises speed as networks have billions of nodes. Proof-of-history looks after this overhead. Every block contains time and date so that the host can locate them easily. This will overcome the lag generated in finding nodes.
Where Can I Buy Solana Crypto?
Usually, people ask, Where can I buy Solana crypto?'' Let's discuss the complete procedure for searching and buying SOL.
Wallets
Before locating the best place to buy SOL, you need to identify wallets. We need to store our Solana token in a safe place. To protect them from theft and scam. You can go for two choices: Software or hardware wallets.
If you have plans to invest in a small amount of Solana then software wallets are a good choice. Download any software on your device, mobile, or computer. Exodus with four million downloads is a prestigious software wallet. It supports more than 110 cryptos. A phantom is the other option for Solana based apps
On the other hand, if you are planning for a heavy investment then go for hardware wallets. They are more secure. Ledger Nano X is the best hardware ware wallet.
Solana Address
Identify your Solana Address. It is a 44 character long string that contains unusual various alphabets. It will help you to send coins from the exchange to your selected wallet.
Where to Buy Solana Crypto?
If you want to buy or keep SOL then CEX or Kraken are the best choices. Both platforms are well-reputed among investors. A noticeable feature is their user-friendly interface. Beginners find CEX and Kraken comfortable and easy to use.
But if you want to follow generic trading customs then Binance is a trustworthy area. Frequent trading can be done smoothly through Bianca due to low transaction fees. Name the crypto which is not on Binance.
Whatever exchange you prefer, make sure that you have transferred coins to your wallet. Most of the exchanges store the token temporarily on the platform. Chances of theft are higher there. It is the user's responsibility to lift coins in a safe place.
Conclusion
Solana is making progress rapidly. High transaction speed, a large number of transactions per second, and a low latency rate make it a good competition against Bitcoin and Ethereum. The affordable rate of Solana attracts people. So, after knowing where you can buy Solana crypto, invest some in SOL.
