Solana was one of the top performers in 2021 in the cryptocurrency space.  SOL has been rising through the ranks of altcoins to become the fifth-largest cryptocurrency in the world; however, it declined later due to issues related to network overload and bot spamming. It was once hailed as a rising star, but not at present; however, Solana lovers justify stating that Solana is not the only thing with problem. At the time of writing, Solana was trending in the 8^th position.

Despite, Solana is a blockchain platform that has been designed to host decentralized, scalable applications.

The blockchain database manages and tracks SOL and other tokens in the ecosystem.  The Solana Blockchain Network effectively records every transaction which has ever occurred in it and works just like a long running receipt.  Solana was initially released in April 2019 and it began trading at less than $1 per coin.

Solana is the name of the network and SOL is the name of the native token of the network.  Solana is much faster in terms of the number of transactions that it can process and it has significantly lower transaction fees when compared to the rival blockchains like Ethereum.

The price of Solana increased by 12,000% in 2021.

Solana’s blockchain operates on both a Proof of History (PoH) and proof-of-stake (PoS) model.

PoS permits validators (those who validate transactions added to the blockchain ledger) to verify transactions based on how many coins or tokens they hold; PoH allows those transactions to be timestamped and verified very quickly.

SOLs are available in fractional amounts known as Lamports.  A Lamport has a value of 0.000000001 SOL.

Lamports are named after Solana’s biggest technical influencer, Leslie Lamport, is a computer scientist who is best known for his work in distributed systems.

Investing In Solana: “Solana has been the best performing crypto in 2021 and it might continue to grow beyond expectations in the future.”

According to coinmarketcap, the SOL’s market cap currently stands at $29,349,137,171, and its growing community of investors is excited to witness how Solana’s technology compares to market leaders like Bitcoin and Ethereum.

Investing in Solana has been increasingly gaining momentum, despite its extreme volatility. But there are still many crypto traders who are unsure about Solana’s winning streak.

PROS:  1.  Fast transactions and low fees.  2.  Solana has the third-largest futures market.  3.  NFTs and smart contracts.  4.  Solana leads in TVL, users, and derivatives market.  5.  There is a strong institutional attraction for SOL’s ecosystem.

 

CONS:  1.  Solana is not decentralized enough.  2.  Fewer projects 3.  Inflation.  4.  Unstable network.  5.  Solana’s testing phases

Solana is an impressive cryptocurrency. With thousands of cryptocurrencies in the market, it stands apart by showing consistent growth and potential. However, it is the job of the investors to decide on the discretionary amount they can afford to spend and decide accordingly.