In this article we will explain about Solana Coin ( SOL). We will explain how this can bring a big change in the future payment system.
And also we will do fundamental analysis with technical analysis about Solana, So that every person who wants to invest his funds in Solana coin can take decisions perfectly.
Solana Coin Scalability Factor
Solana coin is a coin in the cryptocurrency market which has a very high scalability factor than any other coin.
Scalability factor means how many transactions per second can take place through the particular payment model.
Bitcoin has a scalability factor of 7 transactions per second while the Scalability Factor of Ethereum is 15 tps approx.
If we talk about the scalability factor of VISA for fiat currency, then it is 65,000 tps which is sufficient according to need in present time.
Normal usage of VISA leads to around 150 million transactions per day and it helps us to calculate the number of transactions that people are doing, which is 1700 transactions per second.
Here one thing that we should notice, not every transaction of VISA gone successful even if it has a Scalability Factor of 65,000 tps.
Here Solona is one of the first cryptocurrency which has scalability factor comparable with VISA.
This is the beginning of such cryptocurrency which are doing much better than our existing payment system in fiat currency.
Is Solana More Better Than Bitcoin?
Scalability factor of Solana is more than 7,000 times more than Bitcoin’s scalability factor.
But still here we can’t say Solana is better than Bitcoin. Because one thing can’t be the solution to every problem. People still have very blind belief in Bitcoin then in any other coin.
No doubt transaction speed of Bitcoin is very slow in comparison with Solana and other cryptocurrency but we have the option of Bitcoin Lightning Network which helps to make transactions without tension of confirmation.
The Bitcoin Lightning Network concept is a very cool concept for instant payment.
How Solana Transaction Works?
In the traditional blockchain based cryptocurrency Proof-Of-Work ( POW) or Proof-of-Stake (POS) consensus uses. But in Solana crypto Proof-Of-History ( POH) consensus is used by the developer team.
In POW a transaction can’t proceed until a particular time duration, known as “block time”.
Since this constraint of time dilation was terminated in POS consensus. But without reliable timestamps, a validator can’t determine the order of incoming blocks.
But here all these two time dilation steps have been terminated in the Proof-Of-History consensus.
Proof-Of-History is totally a different approach which is used by the Solana coin developer.
Solana technically never sends a block, but uses it to describe the sequence of entries that validators vote on to get confirmation.
In POW consensus to implement a block fully, time takes around 10 minutes but in POH consensus this is reduced to a very small timestamp of 800ms.
To learn more about Proof-Of-History consensus click here.
Facilities At Solana Platform
Solana’s team developed Solana project equivalent to Ethereum ERC-20.
At Solana we can create our own decentralized payment app system.
We can create our own SPL token, which is a similar kind of ERC-20 concept.
We can run a validator node to support the Solana coin and in return can make earnings.
Future Of Solana Coin
In the present time of writing this article, price of 1 Solana coin = $40
Since this coin was launched at price below $0.6 , but this growth of this coin’s price is purely a result of ability of solana project.
This coin entered in this field of cryptocurrency with totally a new concept. And in the present time no one coin has such a scalability factor, which makes Solana a totally different coin.
This coin has really a bright future in this cryptocurrency ecosystem. Because this cryptocurrency has its own practical use.
In the future of cryptocurrency field, Solana will prove his ability in high competition because at one side transaction speed and scalable factor is very high and at another side transaction fees is very low in comparison with all existing coins in the cryptocurrency market.
So according to TrurBitcoiner Team experts analysis, it will be beneficial coin to buy for long term.
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