Buy, sell & trade Solana (SOL) on BTC Markets

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What is Solana (SOL)?

Solana is a platform based on a third-generation, proof-of-stake blockchain. It is noted for its fast transactional speeds and high throughput and supports top-level security and privacy. Its aim is to improve scalability and features a system to accurately note the time that any transactions take place through a proof of history mechanism. Solana features a token (SOL), which is used to pay for any fees during a transfer. This native cryptocurrency can also be used for staking.

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Who founded Solana?

Solana was founded in 2017 by Anatoly Yakovenko as an open-source project. He aimed to develop an innovative and hybrid consensus model and scale far beyond what other blockchains could typically achieve.

Solana is a blockchain platform that has been designed to host scalable, decentralised applications. It is often compared to a rival blockchain like Ethereum, but Solana has the ability to process far more transactions per second while charging low transaction fees. In essence, it’s a proof of stake blockchain linked to a separate mechanism known as proof of history or PoH. This mechanism uses hashed timestamps, verifying when each transaction occurs.

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What makes Solana different?

Solana’s third-generation blockchain architecture is meant to facilitate decentralised applications and smart contracts. It supports a number of DeFi platforms and marketplaces that rely on non-fungible tokens.

In the past, conventional wisdom stated that blockchains could only provide two of the three major benefits associated with the concept at any one time. The aim of Solana was to break new ground and address all three — decentralisation, scalability and security. This is why the creators focused on combining proof of stake and proof of history to create a unique project in the blockchain industry.

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How does Solana work?

At the core of the Solana protocol is proof of history, where a digital record confirms that events have taken place within the network at any given time. It provides a timestamp for each transaction as well as an associated data structure. The system also relies on proof of stake using a DFT algorithm to keep the network secure, adding a separate tool to validate each transaction.

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Frequently asked questions

How do you buy Solana in Australia?

You can set up an account with BTC Markets to buy Solana in Australia. Once you have opened your account, you’ll be presented with various payment options, such as BPay and OSKO. Once your account has been funded, you’ll be able to place a buy order for Solana. This is the easiest way to buy any digital assets through BTC Markets.

Buying and trading Solana through BTC Markets

There is a lot of interest in Solana due to its revolutionary processes and its ability to compete with Ethereum. BTC Markets provides a reliable, secure and convenient platform to make it as simple as possible to buy or sell SOL, whether you are an experienced investor or a beginner.

After you sign up and open a BTC account, you can place a buy or sell order through the platform. Learn more about BTC Markets or find the answers to some frequently asked questions.

The Solana Token (SOL)

Solana has a cryptocurrency of the same name, SOL. It’s a native token that transfers value and blockchain security through staking. Since its launch in 2020, Solana has become one of the major cryptocurrencies in use by total market capitalisation.

In operation, the SOL tokens are similar to those used within Ethereum. However, the SOL tokens are validated through the proof of stake consensus mechanism, and holders can pay their transaction fees or receive rewards with these tokens. Each token holder also has the ability to take part in governance.

What makes Solana unique?

Part of what makes Solana different is that it uses a combination of proof of history and proof of stake to speed up processing. Typically, cryptocurrencies use either one or the other system. Proof of history is particularly valuable as it is essentially a cryptographic clock that allows each computer in a sprawling network to keep time with each other and individually verify transactions without waiting for a consensus. This type of system allows the Solana network to operate quickly and keep ahead of rivals such as Ethereum.

Similarity to Ethereum

Some people think that Solana is a clear rival to Ethereum, and while they have similar features, there are several key differences. Certainly, Solana appears to have the edge when it comes to speed and the number of transactions that can be processed per second. However, a new version of Ethereum, may be able to improve that situation markedly.

It may also be cheaper to transact through Solana due to the network's speed, and this system should use far less energy than the alternative. Yet again, developers claim that the latest Ethereum network will be far more efficient, closing any perceived gap to Solana.

Interesting facts about Solana

Solana's diverse ecosystem can host decentralised exchanges, music apps, NFTs and games. These include the music platform Audius, which allows creators to make original works that are then timestamped and registered on the network. It also features the decentralised exchange Serum, which claims to have some of the lowest fees in the industry.

You can buy Solana in fractional amounts. These are called lamports (named after a computer scientist who earned fame through his work within distributed systems).