What Is SOLANA? Ethereum Killer? + Price Prediction!

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This time last month, Solana was trading around the $70 mark, then through September went on a run to $215 and has since fallen back down for several reasons but is still hovering around $140, still a 100% increase from this time in August.

As you may know I try to break things down in a non-techy kind of way and explain it in a way that the average person without a lot of technical knowledge can understand it. If that’s something you can appreciate, then make sure you hit that like button and remember to subscribe.

If you never heard of Solana before, that’s ok, we’re gonna hit you with the basics of the coin, we’ll talk about the run it went on recently, the good and bad news, what’s next for this top 10 crypto, and of course what you want to know is it a buy or not?

What is Solana?

Solana is a programmable blockchain and one of the fastest programmable blockchains in crypto right now. It’s also one of the many coins viewed as potential successors to the Ethereum (ETH) throne.

Solana launched on Mainnet Beta in March 2020 but was started in 2017 and currently has a market cap of 41.5 billion.

Why does people feel like Solana can take on a giant like Ethereum? Because of the speed of this programmable blockchain. It’s really really fast.

Programmable blockchains can store tiny pieces of code called smart contracts. These contracts can be programmed to do basically anything regarding payments and agreements that would require a contract and can leave the banks completely out of it of sending and receiving payments.

Solana can process 50,000 transactions per second (TPS) or more. In fact, it says that number could increase to as much as 700,000 TPS as the network grows. To put that in context, Ethereum currently processes 15 to 45 TPS.

Visa says its payments system processes about 24,000 TPS. This is important because if cryptocurrencies are ever going to compete as a form of payment, they should at least be able to match Visa’s speed.

Now you can see why Solana has grown so much over the past year and a half, in value and popularity.

The coin of the Solana network is the SOL coin, it is used for transaction fees and used all over the blockchain ecosystem.

Speaking of staking, Solana is a Proof-of-stake network. SOL token holders can earn rewards and help secure the network by staking tokens to one or more validators on Solana’s Mainnet Beta.

If that doesn’t make sense, but you’re interested in earning more Solana just by owning some, I suggest you watch some videos on staking and I have one on staking Cardano which will make that process make a little more sense.

While all this sounds great, Solana has had some mishaps lately. For instance, on Sept. 15, the Solana Network went down. Not too good. They reported a massive increase in transaction load that went up to 400,000 transactions per second and this flooded the transaction processing queue. This, in turn, led to a massive memory consumption among the validators within the network and as the problem continued to grow, the network validators decided to do a restart of the network and it is expected that a new release will be made to address this situation for the future.

This obviously led to a lot of frustration and bad press which hurt the reputation of the coin, but, it has to be noted that many of the large blockchain networks of today, like BTC and ETH, have undergone similar trouble at the early stages of the network and have still managed to pull through. This should help make Solana much stronger has transactions increase in the future.

Is Solana a Buy? Well, it depends.

#solana #crypto #investment

7 gedachten over “What Is SOLANA? Ethereum Killer? + Price Prediction!”

  1. ADA Cardano & COTi payment partnership COTi payment on september 30 smart contract release upgrade 200k transactions per second current price .50 cent you can purchase on coinbase & AMP payment price .05 cent backup clients for bitcoin & ethereum good luck

  2. <If there is one thing I have learned in recent months it is to remain calm, especially when it comes to investments in cryptocurrencies. Learn not to sell in a panic when everything goes down and not to buy in euphoria when everything goes up. I advise y'all to forget predictions and start making a good profit now because future valuations are all speculations and guesses. The market is very unstable and you can't tell if it's going bearish or bullish. While myself and others are trad!n without fear of making a loss others are being patient for the price to skyrocket. It all depends on the pattern you follow. I was able to make 7 BTC from 2.1 BTC in just July from implementing trades with tips and info from Morgan Alexander Hill. God bless you Mr Morgan Alexander Hill..💥 💥 💥 💥

  3. "Despite the current price action and the macro-economic elements that suggest more downside, Cryptocurrencies (Bitcoin) seem to show strength on some of its fundamentals. Part of the reason for the crash, is some BTC holders taking profit on upper levels and the China Crypto Ban. Regardless I told my mentees to fear not and go in all hard, that with the current mass adoption and closely becoming a legal tender to the world, BTC wont fall below $40k. Amazingly, since late July, the market has consistently realized net profits on the order of around $1B per day as prices rally high and low, trying to stabilize at a support level. Crypto, Bitcoin is the new norm for traders."

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