The Solana currency - abbreviated as #SOL - has gained great importance recently, due to the remarkable growth it has achieved in the digital currency market, so much so that it is now ranked among the top 10 digital currencies in terms of market value. The leaps that the currency has witnessed - certainly - did not come out of nowhere, but were the result of a number of features available in it, most notably the high productivity that reaches more than 50 thousand transactions per second, in addition to its low cost, and all of these factors have made it the focus of attention of investors in the cryptocurrency market.
The growing interest in Solana has raised many questions, such as why it is called the "Ethereum killer"? How can it be bought and invested in? Is #SOL halal or haram? All these questions and more will be answered in detail in the following paragraphs, in which we shed light on one of the most important and prominent digital currencies.
🔴Article summary
📍Solana (#SOL ) is one of the newest digital currencies; it was launched in 2020. It is a blockchain platform designed to develop and activate decentralized applications using advanced technologies.
📍The #SOL coin is included in the ranking of the 10 largest digital currencies in terms of market value, after its market value exceeded 61.6 billion US dollars.
📍The currency is characterized by its high and rapid production rate. This can be attributed to several factors, most notably the use of "Proof Of History" technology, which contributes significantly to the platform's efficient performance.
📍Solana (#SOL ) has gained widespread popularity and is now available for purchase on Binance and other trusted cryptocurrency platforms.
📍Solana investment options are diverse, including CFD trading that allows you to speculate on the price movement of SOL without actually owning the currency.
🔴What is SOL?
Solana is a blockchain platform created for the development and implementation of decentralized applications (dApps) and smart contracts. It is distinguished from many similar platforms by its combination of Proof of Stake (PoS) and Proof of History (PoH) technologies, which has contributed to accelerating its efficiency and speeding up the rate of transaction processing, while at the same time increasing the level of security and saving energy consumption.
As a result of all of the above, the #SOL coin has managed to outperform its most prominent and closest competitor, Ethereum; as it can process more than 50 thousand transactions in one second, at an average cost of $0.00025 per transaction (December 2023), while Ethereum, on the other hand, processes less than 15 transactions per second at an average cost of 2.26 per transaction, which is why Solana is called the “Ethereum killer.”
🔴A historical overview of the Solana currency
The idea of Solana came in 2017, and work on it began by Anatoly Yakovenko, who realized that relying on the Proof of History technology would help him significantly speed up the blockchain network, which is what actually happened, and March 2020 witnessed the official launch of the Solana currency - and its symbol SOL - by the Solana Labs Foundation.
The#SOLcoin project has gone through many booms and growth stages since that date. During the following year, 2021, the market value of the coin exceeded 75 billion US dollars. Despite its relative decline during 2022 - affected by the decline in the digital currency market in general - it quickly recovered and regained a large part of its market value. The Solana coin had carried out more than 253 billion transactions by the end of 2023, and the average cost of a single transaction was only 0.00025 US dollars.