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Home / Finance / Is Solana Blockchain a better alternative than other blockchain networks?

Is Solana Blockchain a better alternative than other blockchain networks?

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Blockchain is a distributed system of records of all transactions or online events that makes the database difficult to hack or change the system. It is a digital ledger of all transactions that are executable and shared among the entire participating network of computer systems on the blockchain. Verification of each transaction is by the majority of participants of the system. The decentralized database managed by various participants in the Distributed Ledger Technology. Like DLT, Solana Blockchain is a decentralized platform to pay transactions.

What is Solana Blockchain?

It is a decentralized public blockchain platform. This computing platform uses its native cryptocurrency SOL to pay for computing transactions. The Solana Blockchain uses a combination of proof of history and stake consensus to improve blockchain scalability. As a positive side of this combination, Solana Blockchain claims to support about 700,000 transactions per second, having the advantage without sacrificing its decentralization. It is beneficial for the environment as compared to Proof of Work(POW).

Solana Blockchain

Solana is focusing on developing Decentralized applications. This open-source blockchain project is maintainable by the Solana Foundation. The developers at the Solana labs built this esteemed blockchain. The decentralized applications are the future of mass blockchain-based solutions in heavy progress.

Solana – a better alternative than other Blockchain networks

Solana also carries the same characteristics as other blockchains, but some advantages make it beneficial. Other cryptocurrencies charge high fees for transactions of hundreds and thousands of dollars. In the case of Solana, it handles more transactions per second than others in a traffic space also. It charges very little, about 0.000005 SOL or $0.001, a cheap fee compared to others.  Solana can also interact with better transaction protocols. It has a robust system of FTX support.

Interactions using the token – SOL

For example, a person carrying a wallet with SOL or other tokens based on Solana. An advantage is that the person can interact with a countless number of apps presented there. It is also possible to purchase NFTs in the marketplace. When an individual chooses the Solana network by paying a small amount as a fee earlier, it is the best advantage that the person has over other networks.

Investing in Solana

Anyone can invest in Solana. The initial step to join the Solana network is to buy some cryptocurrency tokens of Solana SOL and transfer them to the blockchain platform. For beginners, they can transfer an amount of cash in FTX and then purchase SOL tokens.

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