Solana 🚀 for beginners is an explainer video for newcomers where we touch insightful points around:
What is Solana?
How it works?
How to get involved?
And how to invest in Solana.
Everything you need to know about Solana for beginners, we delve into all the information you will need to get started.
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Read our Video Script:
Solana is a decentralized blockchain focused on improving scaling challenges by allowing users to process up to 50,000 transactions per second (TPS), with a maximum of 400,000 TPS previously recorded, which greatly exceeds the TPS of other blockchains.
The Solana ecosystem is able to support an upper bound of 710,000 TPS on a standard gigabit network and 28.4 million TPS on a 40 gigabit network.
Solana is both a cryptocurrency and an innovative platform that supports several crypto applications and it is compatible with smart contracts, such as NFT markets, DeFi, games and decentralized lotteries.
Solana is the 7th largest cryptocurrency in the world, with its market cap valued at $46 billion.
The Solana platform makes use of a Proof-of-Stake (PoS) network, meaning that participants can stake their SOL coins to become validators within the network while also earning passive rewards for their efforts.
The native token of the Solana ecosystem is the SOL and the current circulating supply of SOL is 26 million, with a maximum supply of SOL caps at 489 million.
The SOL token can be staked to earn additional rewards and it is a great way for investors to earn a profit if they prefer to hold their tokens.
The current price of SOL is $153.52, as of October 14, 2021, and over $700 million worth of USD Coin has been issued on Solana.
The SOL is used to pay for transaction fees and for staking, and SOL is available to buy and sell on more than 20 popular exchanges.
Solana (SOL) has several reputable partners in the crypto industry, including Project Serum, FTX, Terra, akash, Chainlink, civic, dfuse, Formatic, Stardust, Kin, Tempest, and more.
How to exchange SOL:
There are currently 52 Solana exchanges where you can buy, sell and trade Solana (SOL) with a total 24-hour volume of $ 3.20B.You can buy Solana with USD, EUR, GBP and 3 other major currencies. Solana can also be exchanged with 10 cryptocurrencies and can be bought with Tether, Binance USD, USD Coin and other stablecoins.
Top 3 SOL wallets:
The Ledger Nano X hardware wallet is secure and can be integrated with other Solana wallets, allowing you to connect directly to most DApps built on Solana, including the Raydium DeFi protocol.
Math Wallet can be used as a Google Chrome extension wallet and enables integration with the Ledger hardware wallet. It has a great built-in DApps explorer from which you can access and use Serum, Raydium high-speed, non-custodial DEXes (decentralized exchanges), SolFarm yield aggregator and other projects that are built on the Solana network.
Exodus is a multicurrency wallet that is compatible with most devices and allows you to receive, send, store and also stake Solana coins with approximately 6% returns per year.
What we like about Solana:
Solana is built to handle high-volume transactions efficiently and is capable of executing over 50 000 transactions per second. (Bitcoin and Ethereum, on the other hand, process five and 15 transactions per second, respectively). Solana’s fees are much lower in comparison to similar blockchain networks. Solana’s blockchain ecosystem has grown by 130% in the last few months and is seeing strong adoption to the market. SOL currently ranks in the top 10 cryptocurrencies with a price of $150 per token and market capitalization of more than $45 billion.
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