Buy Solana SOL (€22.27)

Solana price

What is Solana?

Solana is a crypto that uses its own blockchain. Solana's network is capable of processing 3000 transactions per second in its ledger. This makes Solana's network a lot faster than Ethereum and Bitcoin. One of the reasons Solana's network is so fast is because of its block time. There is only 400 milliseconds between validating a new block. Solana uses the Proof-of-History algorithm. This is a time-stamping system that works with a decentralised clock. The system therefore knows how to carry out transactions in the most efficient way. This is done with the SHA256 hash function. The hash function takes the input of a transaction and creates a unique output. The output is then used again for the next transaction.

How many Solana coins are there?

Currently, the total stock is 511,616,946 SOL. This is more than the number after the launch. At that time, the initial stock was 500,000,000 SOL. An inflation proposal from Solana shows that the stock is rising every year. It is expected that 700,000,000 will be available in the eighth year. The Solana community, through an on-chain governance process, approved the proposal that allowed for strike rewards and inflation.

What can Solana be used for?

The Solana platform has a wide range of potential applications. It can be used for everything from powering decentralized applications (dapps) to providing infrastructure for new businesses and markets.

Some of the key areas where Solana could be used are:

 1. Payments and financial services: Solana could be used for secure payments and financial services, including money transfers, micropayments and asset exchanges.

 2. Supply chain management: The Solana platform could be used to manage supply chains and track goods through the supply chain. This would improve transparency and accountability while reducing costs.

 3. Decentralized applications: The Solana platform could be used to power dapps that require a high degree of scalability and security. This includes decentralized social networks, gaming platforms and marketplaces.

How to buy Solana?

At Anycoin Direct you can easily buy Solana. With the following step-by-step plan, we show you how to buy crypto.

Step 1: Create an Account: To buy cryptocurrencies at Anycoin Direct, you must create an account. With this account you can buy, sell, and swap cryptocurrencies.

Step 2: Placing an order: To start an order at Anycoin Direct you must be logged into your account. From here you can simply select the coin you would like to buy, choose the preferred amount, and finish the order by using one of the payment methods at Anycoin Direct. We have provided the most common payment methods like iDeal, Bancontact, Credit card, SEPA, Giropay, SOFORT and VISA.

Step 3: Buy, sell or trade Cryptocurrencies: Now you have completed your Solana order, the coins will be stored in the Vault or your personal wallet. When you are ready, you can easily sell or trade them.

How to store Solana

There are several ways to store Solana. At Anycoin Direct we give you the option of storing Solana as a digital asset in the Vault. In the Anycoin Vault you can hold Solana tokens and swap them for other tokens. In the future it is also possible to send Solana to external wallets. Below are a few ways to send and store Solana to external wallets:

Software / Mobile wallets

One possibility to store Solana on external wallets is the use of software and mobile wallets. A mobile wallet or software wallet often gives you control over the private keys. Often, these wallets can be installed for free on almost all devices and are user-friendly. The disadvantage of these wallets is that they are sensitive to hacking. This means that if the company behind it is hacked, there is a chance that malicious parties can gain access to your personal wallets.

Hardware wallets

Still, the safest way to store your crypto is to use a hardware wallet. This is a physical device on which you can store various crypto currencies. You can secure the device with a password. So you can see a hardware wallet as a personal safe for storing your digital cryptocurrencies. Thanks to the security it is ideal for when you have a large portfolio. The disadvantage of a hardware wallet is that it can only store a number of cryptocurrencies. A hardware wallet is also not free of charge and can easily cost €100 euro.

Who are the founders of Solana?

Solana was founded in 2020 by Anatoly Yakovenko. Together with a foundation from Switzerland, he built the Solana network. He wanted to solve the scalability and overload problems that Bitcoin and Ethereum face by building a network that can handle many transactions per second.

Yakovenko was born in Ukraine and moved to the United States as a child in the 1990s. As a child, he was interested in programming and learned his first code language. Eventually, after years of working at Qualcomm, he became the founder of Solana and works as an engineer at Solana labs.

Solana Milestones

Recently, Solana has been in the news because of its collaboration with FTX, a cryptocurrency derivatives exchange. The partnership allowed Solana to be used as the underlying infrastructure for FTX's new derivatives products. Recently, however, it was revealed that FTX would not be solvent. As a result, the exchange was declared bankrupt.

However, the collaboration was a past big win for Solana, at the time it strengthened the platform's position as a leading blockchain protocol. In addition to this news, Solana has also made headlines for its upcoming mainnet launch. The Solana team has been working hard over the past year, and the launch of the mainnet is an important milestone in the development of the project. Now that the mainnet is live, Solana is poised to become one of the most widely used blockchains in the world.

Solana Staking

The Solana platform offers the ability to stake your SOL tokens and earn rewards for participating in the network. This system is very similar to Ethereum 2.0 or Polkadot, where investors are able to take part in staking by delegating their funds. Solana could be (and is currently being called) a Ethereum killer, as it offers many of the same features but with faster transaction speeds and lower fees.