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What is Solana?

Solana is a decentralized network that is fast and scalable. It is designed to run decentralized applications (dApps). It works with Web 3.0 technology, making it very functional. Solana uses Proof of History, a concept they invented themselves, which makes the transaction speed around 3500 per second.

The Swiss Solana Foundation takes care of protecting the community, and technology makes sure everything runs smoothly.

Website       Whitepaper       GitHub       Twitter

Buy Solana

Buying Solana is very easy at Anycoin Direct and within a few clicks you can be the owner of this technically advanced coin. You create a free account and begin your adventure. If you simply want to sell Solana again you can use our step-by-step guide and the amount will be in your bank account in no time.

What is SOL?

SOL is the cryptocurrency of Solana, and at the same time the ticker symbol of the coin (SOL). So if you want to buy Solana, you can always keep Solana SOL in your own wallet. It has all kinds of features on their blockchain:

  1. Transaction costs. If you make trades on the Solana network you will have to pay a small fee. These are about $10 per million transactions, so trading on the network is very cheap. By an action you should think of sending coins, executing smart contracts or coins new NFTs, as well as buy at Solana.

  2. Staking. By staking the coin on Solana (for example, through a digital or hardware wallet), you can get rewards in the form of interest. You stake these coins at an exchange or broker, for example, with the exchange or broker being the validator you delegate.

  3. Governance. If Solana wants to make changes they will ask coin holders to vote on the future of the network.

How does Solana work?

Solana has a network layer aimed at achieving fast transactions, which puts them among the top cryptocurrencies. They also have an application layer, with which they mainly compete with Ethereum and Cardano in terms of smart contracts. Solana has a Low Level Virtual Machine (LLVM). This LLVM allows you to work with Solana if you program in Rust or C/C++. Solana is capable of working with Web 3.0, the decentralized Internet, and with the Internet of Things (IoT).

By using Optimistic Concurrency Control, they simplify network synchronization by writing a preliminary database, checking to make sure everything is correct, and then implementing the whole mess at once. The age-old blockchain trilemma is excellently addressed by Solana: it involves scalability, decentralization and security. In terms of scalability, you won't easily find a better one than Solana. With so many transactions per second and transaction costs of $10 per million transactions, it's no wonder they are popular with all kinds of people. Governance provides decentralization and their high-level technology provides velocity.

How stakers on Solana work

Anyone can use SOL through Proof of Stake and get rewards, although you will need to have a special wallet. You should think of a hardware wallet or SolFlare, a wallet made to staker SOL. You can also stake SOL through an intermediary, a delegate. The latter is the most common.

Solana governance

Anyone can also vote on the future of Solana through governance, but then you will have to be a delegated validator, which requires special hardware and some SOL. You can delegate your vote to your delegate, who is usually more knowledgeable about it as well. In terms of security, they are similar to other blockchains that are very secure.

Special aspects of Solana:

  • Tower BFT: This is an advanced version of the Practical Byzantine Fault Tolerance consensus protocol.

  • Turbine: Because information is split into bits and only then sent through the nodes, this is very fast, saving bandwidth.

  • Sealevel: With this technique, multiple smart contracts are executed in parallel without slowing down the network.

  • Archivers: This is a storage system using a system similar to Bittorrent. Each archiver gets only a small piece of the whole, because otherwise hard drives would be needed with huge amounts of storage capacity, which would cause centralization.

  • Gulf Stream: Transactions are sent to validators even before the current block is complete. This is possible because the leaders of upcoming blocks (the validators who will create the block) are known to Solana.

  • Pipelining: This is a process in which all hardware is constantly put to work, so there is no idle time. For example, when the CPU and GPU have completed their task they immediately take on a new one, so they are constantly at work.

  • Cloudbreak: This technique allows archivers and pipeliners to work together and read and write data simultaneously.

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Why buy Solana with Anycoin?

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Anycoin Vault

The Vault is a safe alternative to the traditional crypto wallet for those who want to buy, sell and swap their coins on Anycoin Direct. Within the Vault you can store all your digital assets and swap them against one another. Still want to send crypto to an external wallet like your Ledger? No problem, the Vault is an additional feature. The choice is yours. 

Foundation

Balances in the Anycoin Vault, are kept in a foundation. This foundation has only one purpose, to preserve our customer funds. This construction ensures that customers are entitled to compensation in the unlikely event of Anycoin Direct's bankruptcy. In addition, we want to reiterate that we always want to give customers a choice between using the Anycoin Vault and sending coins to an external wallet.

Additional information about Solana (SOL)

Do you need to buy 1 Solana (SOL)?

No, like Bitcoin, you can buy a part of a Solana. This means you don't have to buy a whole Solana; you can choose to buy 0.1 Solana, for example. At Anycoin Direct, it is possible to trade from as little as €10.

How can I store Solana?

The safest way to store Solana is with a hardware wallet. However, if you are new to the world of crypto and want us to manage things for you, the Anycoin Vault is the easiest option for you. With Anycoin Direct, you don't have to worry: store Solana securely in our Anycoin Vault.

Is it safe to buy Solana?

Yes, buying Solana is safe with Anycoin Direct as we have advanced security techniques and are officially licensed by The Dutch Central Bank. Buy SOL safely with us with a wide range of payment options.

Can I buy Solana with iDEAL?

Yes, you can buy Solana with iDEAL at Anycoin Direct. You can also pay with SEPA, Sofort, GiroPay, VISA, Mastercard and EPS.

Can I send Solana to my own wallet?

Yes, while buying Solana you can choose to send it to your own wallet. Alternatively, you can choose to be managed by us; we will then store your Solana securely in the Anycoin Vault.

The origins of Solana

The history of Solana began in 2017, when Anatoly Yakovenko, working at Qualcomm, was looking into Bitcoin and its hash function while on Solana Beach in California. He got a genius idea: Bitcoin's hash function, SHA-256, could be used to create a decentralized clock on a blockchain. Anatoly called this concept "Proof of History."

Solana blockchain

Proof of History would create a blockchain that was much faster, cheaper and more scalable than Bitcoin. Solana would become "the new blockchain. Anatoly started coding in C, but soon switched to Rust for productivity. Greg Fitzgerald, a former Qualcomm colleague, joined the project and implemented Anatoly's prototype white paper in Rust. The project was called "Loom," but they later changed the name to "Solana," after the beach on which these three had often surfed together.

The speed of Solana

Since Solana works with clusters that are self-contained and validate a transaction, the speed is technically unlimited. With each cluster added, the speed can increase.

In June 2018, Solana demonstrated the speed of their protocol by processing 250,000 transactions per second with 50 permissioned nodes. In December of that year, they conducted another test, with 150 nodes handling an average of 200,000 transactions per second, with occasional speeds of up to 500,000 per second. It proved how easy Solana was to use and how fast they were there compared to other crypto currencies.

Financing Solana

In 2018 and 2019, you could buy Solana and they raised $20 million in a series of private token sales. Their public testnet, "Tour de SOL," went live in early 2020, followed by the launch of their beta mainnet in March 2020. This began the emergence of Solana as a promising blockchain technology.

Solana GameFi

Investors who buy Solana often also operate within the Defi/GameFi world. This is an amalgamation of Decentralized Finance and Games. So the idea is that new games with a financial component can have a place in the Solana network.

Solana GameFi funds game studios where games are invented and technology companies in the gaming world, among other things. Virtual Reality is becoming a better and more interesting way of gaming and this has not gone unnoticed by Solana, who provide the space for developing it here. Solana therefore has a wide range of dApps or GameFi Applications.

A small sample of the Solana ecosystem

The Solana ecosystem has many partners, dApps and participants. We will highlight a (very) small portion of them.

On DeFi: Orca, Raydium, Hubble Protocol.

Lending: Solend, Francium, Port Finance.

NFT: Solsea, Magic Eden, Exchangeart.

Web3.0: Audius, Panzer Dogs, Phantasia.

DEX: Solend, Lumos Exchange, Hydraswap, 01.

Metaverse: Space Falcon, Star Atlas, Afflantium Metaverse.

dAPPs: Tatum, StarLaunch, Kin.

Solana also works with Binance, Kraken, PancakeSwap, UniSwap, CoinGecko, Brave Browser and many more, too many to mention.

The Solana Foundation

The Solana Foundation, based in Zug, Switzerland, keeps an eye on the entire project. It ensures that Solana maintains a good name and that new, good developments are put on the roadmap. It also keeps an eye on keeping the network decentralized and helps new validators get started. Those who want to develop a project on the Solana blockchain can also always turn to this foundation for a grant.

Energy footprint

An important task of hers is keeping an eye on energy-neutral operations of Solana. Solana already uses very little energy, but on top of that, the foundation wants to offset what little they use.

They publish open source data from the Energy Use Report so anyone can see what they themselves can do for the environment. They also urge validators with heavy equipment to do something about their footprint. If people have an excellent idea to become Solana or more energy efficient themselves you can ask for a grant for your project or idea.

They even want to encourage you to get outside more through NFTs, so Solana is also good for your health! The Solana Foundation's goal is to have a footprint of 0. You can check their website under environmental impact to see if it still says 0 there. At least at the moment it says 0.

Tokenomics of Solana

Currently, there are around 420 million tokens on the market. Over the next 10 years, another 140 million or so will be added. The intention is that relatively fewer coins will be added with a flattening curve, so that the Solana price will not collapse as a result.

Want to buy simple Solana yourself but have some questions? Feel free to contact our customer support department.

Prediction Solana

That's tricky, though. Solana has boomed in the past and at one point was the 5th cryptocurrency on CoinGecko. Now they are back there, just behind BNB, but only worth about half as much as its All Time High. Still, a huge number of people are trading it again. The market capitalization of this crypto has also been rising for a while now. As far as we are concerned, it looks like it is now definitely established, but you can never be sure of such a thing in cryptocurrency.

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