The Blockchain of the Future
The Background:
-Solana is a blockchain with a proof-of-stake mechanism that provides smart contract functionality. Its native cryptocurrency is $SOL. Solana was launched in 2020 by Solana Labs, which was founded by Anatoly Yakovenko and Raj Gokal in 2018.
The first block was created on 16 March 2020. Solana was created to support and develop DApps and Smart Contracts.
The Network is a choice for many Developers, and it has given birth to many legends among them, which is causing the network to grow in many projects and offers.
-As with almost everything, the Solana is not perfect too and it will need a lot of further improvement work being done on it.
The network was subject to hacks, the severe outages, and a few of its meme coins' whitepapers were filled with incorrect information, such as a maximum number of tokens. Because it was not manageable for leadership to vet everyone, a few evil deeds were done without the main Developers registering them on time, probably because of the large rise in the interest and income of new projects.
This led the SEC to activate and file a lawsuit against SOL not so long ago, and they are not backing up on it for now.
As was the case with the XRP, I believe this will only benefit Solana, as a lot of work will be done to prevent further lawsuits against it improving its security along the way.
Solana's downfall happened in November 2022, as The Network was largely backed up in investments and owned by the FTX (Sam Bankman Freedman). This downfall created a lot of insecurity for the Crypto Industry, but especially for the SOL, as the price plummeted from $260$ to only $8$.
After Sam got his sentence and Solana washed his hands of it, it was time to continue. The investments returned and Solana skyrocketed once more since late 2023 and it has been on an unstoppable rise since then, reaching its ATH recently 264.18$.
The Performance and Stability:
-The $SOL Blockchain proved as very efficient, and as time goes by, it gets better.
The Blockchain is processing abnormally high levels of transactions, without major crashes happening for a long time, as some previous outages made it stronger and more prepared.
The network Fee on Solana is "ridiculous" and to perform a transaction it takes only 0.0009SOL, which compared to ETH, BTC, TRX, BNB, and many more looks a lot more affordable.
The completion of the transaction happens quickly, around 5-15 seconds in most of my transaction cases.
-The Blockchain is transparent with SolScan/SolExplorer/SolFM backing that up, you can track all the history of the transactions that were performed on the chain, all the wallet balance sheets, and, what I find very useful, your transaction status,s and eta(if it takes more than usual)
-The Uptime of the network during the last year was astonishing, with the last downtime being recorded in February when it had maintenance downtime regarding the upgrade being implemented.
*Considering all the above, moving my assets across many exchanges or other platforms is being performed via Solana, and it never failed me before.
Innovation and resolution:
-The Solana Blockchain has been, per my studies, the most innovative and creative blockchain recently.
With an astonishing number of projects being realized as layer 2s, memes, Dapps, DEX, and DeFi as well as many cross-chain implementations I can't unsee that the Future looks bright and quick-coming on this network.
-Staying in front of many it proved that by launching the Solana Phone called Solana Saga, which in my opinion, is yet to be perfected and polished soon.
As many Developers see it as the main choice for their productivity we can tell that innovation and creativity won't be lacking in the future too.
Price:
-With the price recently climbing to its ATH and dropping slightly beyond 200$ at this moment, I believe that this coin is still really cheap for real investors.
I especially like to choose the promising Solana projects to invest such as Raydium($RAY ), Jupiter(JUP), Render, JITO(JTO), BONK, and many more, as their price are still cheap it is a good option for low balance portfolios to grow bigger.
-Having in mind all the mentioned above in this article, I can only conclude that the price will be pumping and if everything goes well, it might rival BNB very soon.
Good luck to all of you and don't forget to research on your own before making decisions and DYOR as
this article is my personal views and conclusions and I can't guarantee that everything will turn out as mentioned.
Thank you for your time, I would love to see your opinions in the comment section.
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Best Regards,
The G.K.
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