Solana crypto coin is a project that is highly functional on the blockchain technology banking permissionless nature to offer decentralized finance solutions. The idea of DeFi solutions and the initial work on this project started in 2017 while Solana was officially launched in the month of March 2020.
With the Solana protocol, creation of decentralized apps is facilitated. The aim is to improve the scalability with the introduction of Proof of History (PoH) consensus which is merged with the Proof of Stake (PoS) consensus.
The tokenomics of Solana coin includes the total supply as 582,730,595 SOL coins and the maximum supply is infinite.
The circulating supply of this coin is around 466,433,820 SOL coins. It has a fully diluted market cap of $85,092,210,758.
The total SOL tokens that were released for circulation were 489 million and about 20 million of these tokens are already in the market. The distribution of Solana crypto coin is:
Initial Seed Sale - 16.23%
Dedicated to Foundation Sale - 12.92%
Distribution Among Team - 12.79%
Solana Foundation - 10.46%
Solana crypto coin is a unique and good choice for various reasons.
The most innovative thing about Solana is the Proof of History consensus which was developed by Anatoly Yakovenko. With this concept, greater scalability of the protocol was introduced that boosts the usability.
This cryptocurrency is a famous one in the crypto space because it has an incredibly short processing time. With the help of the hybrid protocol, there is a significant decrease in the validation times for both smart contract as well as transaction execution. The ultra-fast processing times have attracted a good amount of institutional interest for Solana.
With the Solana protocol, the aim is to serve both small as well as large enterprise customers in the same way. The major promise that Solana gives to its customers is that there will be no surprise in the increase of fees and taxes. The protocol is specifically built to keep the transaction costs low while providing guarantee to scalable and fast processing features.
If we take a look at the history, Solana cryptocurrency coin hit a massive bull run successfully and the price increased over 700% since then. Solana crypto coin has received a lot of praise for how fast and well-performing it is. It has even been seen as a rival and compared to Ethereum challenging the dominant smart contract platform.
Ethereum is a platform where development of DApps is provided according to the Ethereum Virtual Machine and Solidity programming language. Whereas, Solana is a new generation platform where decentralized applications are built based on the Proof-of-History consensus and the Rust programming language.
The key difference among the two cryptocurrencies is that Ethereum is slow and not so scalable but there are various TVL (funds locked in blockchain). Solana, on the other hand, has a better and more advanced consensus that provides a faster network speed.
Ethereum is stable, decentralized, and almost completely trustworthy for the investors, community, and developers. But there are a few disadvantages that include stability issues and high network fees.
Talking about the advantages of Solana crypto coin include the fact that it has higher network speed and a more advanced consensus algorithm. But the disadvantages are that it is a centralized crypto coin which has faced frequent crashes, hacks, and network disruptions.
