If it’s not your first time hearing about cryptocurrencies, you must know Solana. The project has caught the attention of the crypto community since the moment it appeared. Let’s find out what is the reason for the emergence and spread of this cryptocurrency.
What is Solana?
The work on blockchain technology, which was later implemented as Solana, began back in 2017. The main face of Solana is Anatoly Yakovenko, who, together with his Qualcomm colleague Greg Fitzgerald, runs the Solana Labs company.
In early March of 2020, the Solana protocol and sol token were officially launched by Solana Foundation in Geneva, Switzerland. Solana is a blockchain with a focus on increasing speed and scalability without compromising decentralization and security. And SOL is Solana’s native token.
An important feature of Solana is the combination of two consensus mechanisms: Proof-of-history (PoH) and Proof-of-stake (PoS). Proof-of-history records successful operations and the time between them to create an order of transactions and events.
Solana is also considered to be one of the fastest blockchains, thanks to its PoH. The transaction speed on the blockchain is 60 000 TPS.
The creators claim that Solana aims to protect holders from high transaction fees and guarantee scalability and speed. This is what makes Solana one of the top Ethereum competitors.
Ways to buy SOL on WhiteBIT
When choosing a crypto to buy, one should definitely consider Solana. There are a lot of ways to purchase SOL. The easiest one is to buy it at an exchange. WhiteBIT is a great option for that. It only takes a few steps to buy Solana:
- go to the exchange’s website;
- sign up and pass the verification;
- go to the Balances/Total section;
- deposit fiat to your balance;
- click “Buy crypto” and follow the instructions on the screen.
You can also place an order in the “Trading” section. Market orders get executed instantly. Simply choose the Basic trading, pick the needed pair with SOL, and select the order you want to place.
The third option is through the Exchange page. This section allows you to swap assets in seconds. Pick the currency you want to give and receive. Select the amount and make sure you have enough funds on the Trade balance. That’s it!
The final option is to buy SOL as a WhiteBIT Code format on WhiteBIT’s P2P platform, WhiteSwap. After buying, you need to activate the code, and you will be able to see it on your balance.
How to use SOL?
SOL can be used just like any other cryptocurrency. Those interested in investing in cryptocurrencies can buy SOL and store it till the price of the asset goes up. The experience of the creators, unusual technology and fairly high demand in the market makes Solana a nice investment option. It should also be taken into account that, due to its uniqueness, SOL is great for trading on cryptocurrency exchanges and can bring a lot of profit. However, you should understand that cryptocurrencies are volatile, and you must do your own research before buying the asset.
WhiteBIT has a SMART Staking option with Solana for those who don’t like to trade. This tool lets you store crypto at interest, just like a bank deposit. The interest rates and duration can vary. The plan gets automatically closed at the end of the term, and you receive both your funds and the accrued interest on your balance.
As you can see, Solana is indeed a very interesting project. So when choosing a cryptocurrency to buy, you should definitely pay attention to SOL. Do your research and build your portfolio for the best results. There are plenty of excellent projects in the world of cryptocurrencies, so choose wisely!
