Decentralised applications are a contested battle frontier for platform blockchains. This growing industry has an immense value that is only becoming more apparent. Solana (SOL) has broken into the top five largest cryptocurrencies off the back of its high-performance blockchain. The Solana (SOL) token has been one of the stars of the latter half of 2021 and is now supported by BC.GAME.
Ethereum is still the dominant blockchain for smart contracting applications. However, its scalability issues have provided an opening for alternative platforms seeking to prove their presence in blockchain circles. These scalability issues are most pressing in the decentralised finance era, with more people looking for cheaper and faster transactions. Online gambling enthusiasts on BC.GAME have an increasingly reliable option with SOL as it grows in stature.
About Solana (SOL)
Anatoly Yakovenko created Solana as a proof-of-stake blockchain that would serve as a hub for all kinds of decentralised applications. Solana is now a massive blockchain ecosystem for applications, exchanges, gaming applications, and much more. This utility platform leverages its scalable blockchain to provide various applications with excellent transaction speeds. The Solana token gains value from this utility. SOL powers smart contracts that are the basis of decentralised finance apps, Non-Fungible tokens, and much more. Here is a summary of the highlights on Solana:
- Smart Contract execution – The Solana blockchain facilitates the seamless execution of smart contracts. This ecosystem also offers cheaper transactions because parties don’t have to pay the expensive gas fees typical of the Ethereum blockchain.
- SOL – SOL itself is an attraction for crypto enthusiasts. At press time, SOL was worth $185 per token, a price certain to appreciate in the future. This is truly remarkable for a token that only launched fully in 2020.
- Non-Fungible tokens – Solana power plenty of NFTs. These unique tokens have become a popular digital means of trading art, with auctions fetching millions of dollars.
- Digital applications – The beauty of a scalable blockchain is the ability to develop a range of applications. Gaming apps are some of the prominent on the Solana blockchain. These applications are the essence of modern platform blockchains. Solana can power several decentralised applications rather than just being a currency token to store monetary value.
Solana (SOL): Credible alternative to Ethereum
The Solana blockchain deploys the practical proof-of-history approach and the standard proof-of-stake to validate transactions. This approach makes Solana more censorship-resistant, a core feature of blockchain decentralisation and security. Solana’s key selling point is its high throughput. It has significantly faster transaction speeds at a lower cost than Ethereum. The transaction fees are pretty much negligible relative to Ethereum.
Meanwhile, gas fees can be anywhere between ten and thirty dollars. This high mark beats the purpose when low transaction amounts of an Ethereum-denominated token. This competitive advantage has made Solana a hit in crypto circles. Ethereum is still scrambling to fit Layer 2 scaling solutions, which will still not match the throughput of Solana.
Therefore, this high-production capability will continue to be helpful in Solana’s rise as a platform blockchain. Ethereum may continue to enjoy better name recognition. That is a natural advantage of incumbency in innovation. The rise of DeFi was also a major shot in the arm for Ethereum. Nonetheless, efficient solutions will always find room to thrive in all aspects of technology. Solana is gradually chipping away at this lead.
Other Solana Dynamics
At press time, there were about 305 million SOL in circulation. This number is neither too low to cause scarcity nor too high to dilute the token’s value too much. SOL still needs to serve ETH’s role in the Ethereum blockchain. The development team settled on a gradually decreasing supply as the years rolled on. Eventually, Solana will get to fixed issuance of tokens that should stabilise prices even more. Staking is a vital part of network security. Individuals can participate in staking based on their amount of tokens. They earn rewards for this vital role, which incentivises nodes to be disciplined in their staking. This fact means that there are rules for transaction validation. Honest validators earn rewards, which helps keep the network secure and decentralised.
Solana has risen fast, probably too fast for the comfort of hawkish analysts. However, the activity therein validates its upward trajectory. Whether to purchase specific tokens must be deliberate and analytical to factor in every part of the equation. Indeed, you would not want to buy anything out of fear of missing out, only to regret that decision. Therefore, take time to understand how the Solana blockchain, or any other for that matter, before making significant financial decisions.
Note that cryptocurrencies feature a higher level of risk than traditional assets. This volatility can become an advantage when harnessed correctly. That, itself, requires skill that comes from consistent practice. Solana is emerging as one of the better alternatives to Ethereum. This landscape is competitive, with other pretenders to the throne eager to make their mark. So far, Solana appears to be carving a niche for developers seeking a robust and scalable blockchain.
To Wrap It Up
Solana’s rise to the upper echelons of cryptocurrencies is no accident. This platform has marks of solid foundations and high performance. These qualities can take any blockchain ecosystem to the next level. This platform’s success is no coincidence. Its utility to blockchain developers is only gaining popularity. BC.GAME has listed this coin because of these qualities. Now, crypto gambling enthusiasts can wager on SOL and potentially multiply the value of their holdings. This asset, like any other crypto token, features significant volatility. Nonetheless, it will be fascinating to track how high Solana can go.
