Solana, a Crypto That’s Taking Off!

Solana, a Crypto That's Taking Off!

Solana (SOL) is all the rage! The price of this super-fast cryptocurrency keeps climbing. Solana has grown over 300% during August 2021 and over 10,000% since the start of 2021. According to data from Coingecko (Cryptocurrency Prices and Market Capitalization), with a capitalisation A stock market of over $ 47 billion, Solana has now overtaken Dogecoin to become the seventh-largest cryptocurrency.

The Use of Cryptocurrencies by Online Casinos

With the great global enthusiasm for cryptocurrencies in recent years, it is only natural that several online casino sites have started to accept this virtual currency. Due to their ease of use and anonymity, cryptocurrencies have become a popular payment option among gamers. If you are a gamer and love to play the Fruit slots machine, chances are you are already familiar with this virtual currency and how it works. Very trendy, virtual currencies can now allow you to play slot machines as well as online poker!

Solana, Business is Rolling!

Solana, along with several other cryptocurrencies with smart contract capabilities, has benefited from the recent boom in non-fungible tokens (NFTs). Smart contracts are little bits of code that live on the blockchain and elevate it beyond a sophisticated ledger that records transactions. NFTs are an application of this technology. These are digital collectables whose ownership information is recorded in the token, which makes them unique. Solana recently launched a collection from NFT called Degenerate Apes. Not only did the entire collection sell out in less than 10 minutes, but they also changed hands at ever-higher prices afterwards. With a processing speed of over 50 000 transactions per second, Solana is one of the fastest cryptocurrencies on the market. It’s also inexpensive, costing only a fraction of a dollar for each transaction. Solana, business is rolling!

The Excellent Performance of the Solana Network, a Reason for Its Success

The Solana network is extremely efficient. Indeed, with the technology developed, the Solana protocol can manage 50.000 transactions per second. However, the Solana development teams are still working to build a network capable of processing 700 000 transactions per second! Such performances are close to the banking giants of traditional finance such as the Visa network. The Solana, therefore, does much better than its big rival, Ethereum. Currently, the Ethereum network can only process between 15 and 45 transactions per second. However, the response cannot wait since the Ethereum network is finalising its upgrade to version 2.0 with much better performance.

Powerful Network Accounting

There are many blockchains out there today. An important challenge for the future is to connect these blockchains. In this area, the Solana network is very strong! Indeed, with Wormhole, the Solana network has set up a gateway that allows different blockchains to work together. Concretely, the Wormhole makes it possible to connect the Ethereum blockchain with that of the Solana.

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