Etherum competitor Solana — a decentralized blockchain platform – is now the seventh-biggest cryptocurrency in the world ahead of Dogecoin. Its SOL token has jumped 3.3X in value in 3 weeks from $43 on August 15 to $145, at the time of filing of this report, as per CoinGecko. On the other hand, its market place cap has grown from $14.6 billion to $42 billion in comparison to the $40.5 billion market place cap of Dogecoin. Solana’s market place cap is presently $21 billion brief of the $63 billion market place cap of XRP – the sixth biggest cryptocurrency. However, according to professional, Solana’s speed to method transactions and decrease price is however to be confirmed in the actual world. According to its internet site, the typical price per transaction is $.00025. “Solana is the fastest blockchain in the world and the fastest-growing ecosystem in crypto,” it mentioned.
“We are in a bull market where the government is printing notes like paper. This is creating significant value to fixed supply assets like Bitcoin and Gold. But having this flood of new users joining the community is hunting for cryptos to get rich. Solana is an alternative to Ethereum with faster speed and lower costs. But it still has to prove in the real world. A sudden growth like this is a dangerous situation, but at the same time, it’s an opportunity for traders,” Kumar Gaurav, Founder & CEO, Cashaa told TheSpuzz Online.
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Solana Labs, the developer of Solana blockchain had announced a $314 million funding round in June led by venture capitalist Andreessen Horowitz and Polychain Capital. Alameda Research, Blockchange Ventures, CMS Holdings, other folks had also participated.
According to messari.io, Solana’s origin date back to 2017 when founder Anatoly Yakovenko published a whitepaper draft about a new timekeeping method for distributed systems known as Proof of History (PoH). He believed that the method can automate the transaction ordering method for blockchains as one of the limitations to scalability in Bitcoin and Ethereum is the time have to have to attain a consensus on the order of transactions. Its competitor Ethereum is presently the second-biggest crypto immediately after bitcoin with a market place cap of $462 billion. It is presently trading at $3,940, according to CoinGecko.
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