In the past few weeks, a crypto asset called Solana has hit the charts and made it into the top ten cryptocurrencies by market capitalization. Solana hit an all-time high of $ 74 per unit on Monday, up 80% over the course of the week. In addition to the new price highs, the Solana ecosystem has grown significantly with more than 300 projects using the system.
Solana hits an all-time high
The crypto asset Solana (SOL) made it into the top ten cryptocurrencies in terms of market valuation on Monday. The digital currency SOL also hit an all-time high (ATH) that day when it jumped above $ 74. According to statistics, SOL increased by over 80% in one week, 109% in the last two weeks and 160% in the last month over the course of the following seven days to Monday. Against the US dollar, SOL has gained 1,960.5% over the past 12 month period.
Solanas official twitter page has 393.4K followers and Google Trends data shows that the search query has skyrocketed around the world recently. Project website solana.com claims developers can “build crypto apps that scale,” saying, “Solana is a fast, secure, and censorship-resistant blockchain that provides the open infrastructure required for global adoption.” Network is not like Bitcoin (BTC), which uses Proof-of-Work (PoW) for consensus.
Quite a few projects use the Solana blockchain as a tweet the end Coin98 analysis shows that the Solana protocol is used by over 300 different projects. Solana includes a system of 200 nodes that support significant throughput and a consensus method called proof-of-history.
Solana founder and CEO Anatoly Yakovenko believes that “Solana outperforms the blockchain networks Bitcoin, Ethereum, Libra, Tendermint and Algorand”.
“While other blockchains require validators to talk to each other to agree that the time has passed, each Solana validator keeps its own clock by encoding the passage of time in a simple SHA-256, Sequential Verifiable Delay Function (VDF). “Explains Yakovenko.
The Solana founder’s blog post on the topic adds:
This differs from the current standard of blockchain infrastructure, which relies on a sequential production of blocks that are hampered by waiting for an acknowledgment across the network before proceeding. Proof of History represents a fundamental advance in the structure of blockchain networks in terms of speed and capacity.
$ 20 billion market cap, Solana Mainnet will stop producing blocks for 6 hours on December 4, 2020
Solana says it can process 50,000 transactions per second and the fees are around $ 0.00025 per transaction. SOL’s market valuation on Aug. 16 is over $ 20 billion, and the crypto asset has around 286,294,787 coins in circulation. SOL’s top trading pair is Tether (USDT), which captures 50.3% of swaps, followed by the US dollar, which dominates 23% of trades. This is followed by BTC (12.12%), BUSD (7.25%), ETH (2.97%) and TRY (1.41%).
Solana also had some hiccups along the way. In December 2020, a blog post described in detail that the mainnet of the protocol has ceased the production of blocks. “On December 4, 2020 at around 1:46 p.m. UTC, the Solana Mainnet Beta cluster stopped producing blocks on slot 53,180,900, which prevented new transactions from being confirmed,” the team explained.
What do you think of the Solana project and the recent appreciation of the crypto asset? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, Coin98,
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