Solana is a crypto platform that enables faster transaction proceedings and lower commissions than other platforms. It utilizes an advanced mechanism called Proof-of-History to achieve scalability, enabling 65 000 TPS. In this way, Solana aims at providing developers dAppa with a reliable yet cost-effective solution for their needs.
Solana crypto is the native asset of the Solana network. It has several important roles within the platform:
- Fees. To make operations possible on the Solana network, users need to pay fees in Solana coin.
- Governance. SOL holders are granted the right to cast their votes on proposals and alterations of the platform’s protocol with a process known as on-chain governance.
- Staking. By staking Solana crypto, you have an opportunity to reap bonuses in the form of more SOL tokens.
- Token swaps. SOL is the perfect token to exchange for other Solana-based tokens.
SOL is essential to the Solana platform for its utility as an exchangeable asset, a system of governance, and a security measure. Moreover, it acts as a mechanism to incentivize participants in the platform. As of March 26, 2023, the price of Solana is $20.89.
Solana Coin vs. Ethereum
Solana and Ethereum both provide the same fundamental service, to support dApps they each have their own distinct characteristics that set them apart:
- Scalability. Solana conducts an impressive capacity of 65,000 transactions a second; after the Ethereum transition to PoS, it can perform up to 100,000.
- Speed. In Solana, operations are verified and confirmed in less than a second – dramatically faster than Ethereum’s 12 seconds.
- Consensus. After the Ethereum merge, both of these networks are running on the PoS protocol.
- Programming languages. Not only does Ethereum offer Solidity as a language choice, but Solana provides the possibility to use a broader selection of languages. These include Rust, C++, and Java; enabling developers to craft precisely what they need.
- Ecosystem. Compared to Solana’s nascent development, Ethereum has a more established framework of dApps. DeFi protocols especially have become extensively accepted in the Ethereum ecosystem.
To conclude, the two networks contrast significantly in terms of their scalability capabilities, speediness, programming languages used, and the size of their ecosystems. Both assets are worthy investment options, so if you want to buy Solana coin or ETH, welcome to the WhiteBIT crypto platform – a reliable space for investing and trading with a variety of tools, including staking options.