Where Solana is Accepted Locally and Globally
SOL is the coin of the realm of the 50,000 transactions-per-second blockchain and decentralized apps platform, Solana. Being a cheap and blazing fast top 20 crypto, SOL is accepted by businesses as payment, from a Dublin-based cannabis seeds seller to the stylish Del Siglo Gallery in Syndey, Australia.
Who accepts SOL…
Are you an Entrepreneur, freelancer, or manager of a business accepting cryptocurrency?
Should you buy SOL?
It’s the fastest layer-one blockchain in existence, with some truly mind-boggling and innovative engineering they’ve solved blockchain’s “clock problem” making it an outstanding crypto in terms of security, scalability, and speed. Let’s look at just a few of Solana’s use-cases…
- FTX’s high-speed Serum exchange, empowering superfast non-custodial, decentralized trading.
- It powers one of the most popular apps in the crypto space, Auduis — a decentralized music streaming platform. Spotify, your days are numbered!
- Chainlink’s high-frequency Oracles, enabling 400-millisecond price updates for binary crypto trades.
This 4th generation blockchain is designed to scale with Moore’s law, it will just get faster as computer processing speeds advance, it would seem that not even the sky is the limit…
The real opportunity with Solana may be in validating the blockchain and, good news, there’s no minimum stake to become a Solana validator node (to validate Ethereum you need to stake $11,000!)
There are some tokenomic concerns, it’s unclear whether it’s ultimately going to be an inflationary or deflationary crypto. But if its price performance since its launch in 2020 is any indication, sunny days are ahead for SOLnauts.
About Solana
The “you’ll own nothing and be happy” guys at the World Economic Forum seem to like Solana, which I don’t like! It’s unclear whether Solana’s underlying ethos is really aligned with the ideals crypto purists cherish.
This paper proposes a new blockchain architecture based on Proof of History (PoH) — a proof for verifying order and passage of time between events. PoH is used to encode trustless passage of time into a ledger — an append only data structure. When used alongside a consensus algorithm such as Proof of Work (PoW) or Proof of Stake (PoS), PoH can reduce messaging overhead in a Byzantine Fault Tolerant replicated state machine, resulting inn sub-second finality times. This paper also proposes two algorithms that leverage the time keeping properties of the PoH ledger — a PoS algorithm that can recover from partitions of any size and an efficient streaming Proof of Replication (PoRep). The combination of PoRep and PoH provides a defense against forgery of the ledger with respect to time (ordering) and storage. The protocol is analyzed on a 1 gbps network, and this paper shows that throughput up to 710k transactions per second is possible with todays hardware.
from the abstract of the Solana whitepaper
