Solana SOL

Anatoly Yakovenko, founder of Solana, in 2017 published a draft about a new technique called Proof of History. He claimed that this new technique would allow simple synchronization, making the network blazing fast.

Solana is an open-source project that allows a high-performance, public blockchain, and proportional bandwidth allocation through removing performance bottlenecks. A set of computers that work as a single system, known as clusters, run the network. Solana is a revolutionary innovation. In the following, we will talk more about this particular cryptocurrency.

How Does Solana Work?

Speed and scalability are two of the most exciting features of this unique cryptocurrency. Now it claims a throughput of 50,000 TPS and block times as low as 400 ms, making it an ideal blockchain for decentralized financial affairs and trades and arguably the fastest blockchain.

This cryptocurrency enjoys a centralized database with self-replication capability. It can maintain high availability without reducing the transaction rate utilizing a technique known as Optimistic Concurrency Control.

Algorithms in this method produce a globally synchronous process. Every process does the same thing at (approximately) the same time. Still, the ones based upon timeout make a traditional distributed algorithm in which the methods do not operate synchronously.

Therefore, our method uses a kernel that performs the necessary synchronization and guarantees that two different processes do not modify a file simultaneously.

Besides that, we can mention the Proof of Stake (PoS) consensus system as one of Solana’s key features. This system enables distributed networks to get consensus despite attacks from malicious nodes known as Practical Byzantine Fault Tolerance (PBFT).

This system combines Proof-of-Stake with Proof-of-History (PoH), which records the previous events on the blockchain, of what happened and when for permanent reference. Do you want to know how to but the king of this market?

8 Core Innovations of Solana

The Solana team developed eight key technologies to create a decentralized, permissionless network according to the performance of a single node.

These innovations are centered upon the circulation of information in a network and aim to change this cryptocurrency to the first fast network for data transfer. These eight key innovations are as follow:

Proof of History (PoH): To get a more decentralized blockchain

Tower BFT: To improve network consensus and decrease the time and cost of many node communication and transaction delays.

Gulf Stream

This feature reduces transaction confirmation time and makes a more straightforward block verification process.

Sealevel

It is an engine for highly parallel transaction processing  

Pipeline or assembly line: It is a transaction processing module for optimizing the verification function

Cloudbreak

This cloud storage can achieve simultaneous parallel data reading and writing of the whole network.

Turbines

This feature helps solve the problem of bandwidth limitation, and increase its overall capacity, to have a faster transaction.

Archives

A distributed ledger storage helps to ensure that the data stored in these nodes is correct.

solana Solana
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FAQs

Best Way to Buy Solana in Australia

The SOL token is the native currency in Solana’s system. SOL can pay all transactions and intelligent contract operations on Solana.

According to Coinmarketcap, a dozen exchanges includes Binance, Huobi Global, Bitfinex, and Bitunivex, now offer SOL trading pairs.

One of the popular exchanges for SOL is Bitunivex which has essential features and special wallet services. In Bitunivex, you can buy whatever cryptocurrency you want to invest in and convert the currency to your desired digital asset or liquidate your assets in a few seconds, thanks to the Quick Trade feature of Bitunivex.

 To purchase SOL on Bitunivex, you should do the following steps:

Step 1: Please login to Bitunivex account with registered email id & password at

https://app.bitunivex.com/login

Step 2: In the Bitunivex platform, click on Wallet on the left side menu.

Step 3: Then click deposit against the crypto asset you want to deposit.

Step 4: Then, you will be authorized to create a wallet for the asset you choose.

Step 5: To generate a deposit address, you should click on Generate Wallet

Step 6:  To generate Wallet address

Step 7: Others can deposit crypto assets into your account by using the above-generated Wallet address / QR code,

Is Solana Real and Safe?

Solana integrates timestamps into its proof-of-history validation model to keep itself secure, avoid fraud, and quickly process transactions.

With Proof of History, Solana can create historical records that prove an event occurs during a specific time. The algorithm is a high-frequency Verifiable Delay Function.

The evaluated Transactions or events will be unique with a hash, and a count verified publicly and effectively. The count, functioning like a cryptographic timestamp, allows us to know when each transaction or event occurred. There is also a cryptographic clock within every node that keeps track of the network’s time and the ordering of events, which gives high throughput and more efficiency within the Solana network.

Can I Cash Out Solana anytime?

To cash out your investment, first, you should log in to your Bitunivex account with a registered email Id & password.  

  • In the Bitunivex platform, click on Wallet on the left side menu.
  • Then click withdraw in a crypto asset you are interested in withdrawing.
  • You can authenticate the process (only for 2FA verified customers).
  • From the dropdown menu, choose your bank. After entering the amount you want to withdraw, review and confirm your order.

It is also possible to make a withdrawal using PayID, which would be sent to your destination bank every hour.

In summary, through Bitunivex, you can get manage your portfolio and overview account security, recent activity, account referrals, and other things all in one.

Solana does not suffer many traditional issues in earlier blockchain technology. It features a new structure for verifying transactions and an efficient consensus algorithm. In just ten years, Solana has had fast advancements in the crypto industry and definitely will be a strong competitor with Bitcoin and Ethereum and will continue to develop!