A guide step by step: ” How to buy Solana coin “
Solana is a decentralized crypto computing platform that claims to provide fast transaction times, in this article you can see hot it’s easy buy solana .But the fact that it is decentralized. It makes use of a variety of unique approaches, such as the “evidence of history” method.
SOL is the native cryptocurrency of Solana.
It is utilized to pay transaction fees as well as to stake. It also gives owners the right to vote on future upgrades. Solana, like Ethereum, is a cryptocurrency as well as a flexible platform for running cryptocurrency apps.
Degenerate Apes and the Serum decentralized exchange are included (or DEX). Its biggest distinguishing feature is its speed. The speed is accomplished by combining modern technologies with a consensus approach known as proof of history. Solana can handle around 50,000 transactions per second.
Ethereum, on the other hand, can only process 15 transactions at a time.
Step by Step guide how to buy Solana..
Create an account on Binance.
Binance is one of the most prominent cryptocurrency exchanges in the world. Binance’s popularity comes in part from its vast selection of cryptocurrencies. Binance is constantly expanding with additional acquisitions. For withdrawals of less than 2 BTC per day, Binance does not need authentication. There is also an iOS and Android app for the exchange.
Make a cryptocurrency deposit
Bitcoin BTC (4.99 percent) and Ethereum ETH(7.76 percent) are the easiest coins to deposit. They both provide trading pairings for the vast majority of the cryptocurrencies listed on Binance. They both give you the most options. Binance accepts payments in BTC, ETH, and SOL.
To make a deposit, go to the website’s top navigation bar and clickFunds>Deposits.
On your screen, a search bar should appear. Enter the cryptocurrency ticker you want to deposit (BTC for Bitcoin, ETH for Ethereum). From the drop-down option, choose it.
You will be provided a deposit address for the coin you select on the website. The address will consist of a combination of numbers and letters (both lowercase and uppercase). Copy the whole address and save it to your wallet of choice.
Transfer the desired deposit amount to the address you copied. It’s not uncommon for a transaction to take up to 30 minutes to complete. As a result, don’t hold your breath for your funds to show in your Binance account right away.
Check your account balance.
Go to Funds > Balances on the navigation bar at the top of the page to check your balance. Choose Hide small assets if you only want to display currencies with a balance larger than 0.001 BTC.
The currency and amount of your deposit will appear on the list if it has already been processed. You may utilize the search bar if you have a lot of coins.
Place a Solana purchase order.
Go to Exchange > Basic to place an order.
We’ll presume you deposited BTC at this point. If you’ve previously deposited Ethereum, don’t worry; the process is the same.
In the top right corner, choose BTC and look for SOL, the Solana symbol. The trade pair SOL/BTC should be shown.
A price chart will appear in the centre of the screen when you click on the trading pair. Your buy order should be placed beneath the chart. To purchase SOL when it reaches a specified price, use a Limit order. Click the Buy SOL button after you’ve entered the correct price (in BTC) and the number of SOL you want to buy.
Why Solana is unique:
Solana is regarded as one of the most powerful permission less blockchains on the market. Solana provides a range of unique features including:
1. Super Fast transactions:
Solana is designed for speed, and it can presently process more than 50,000 transactions per second. In contrast, Bitcoin and Ethereum handle five and thirteen transactions per second, respectively. Faster transaction processing speeds are required for projects that use decentralized blockchain-based apps to recreate the financial system as we know it.
2.Low gas fees:
Solana charges far cheaper costs than many other similar blockchain networks. For example, Ethereum transaction costs are >200x higher when compared to the identical transaction on the Solana network.
Solana’s blockchain ecosystem is fast expanding and gaining traction. In fact, Solana has experienced a 130 percent increase in project growth over the previous several months (more than 180 projects at the time of writing). Solana’s entire value in smart contracts is currently well over $3.5 billion.
Solana is based on a unique combination of proof-of-history (PoH) and proof-of-stake (PoS) consensus processes.
The Solana protocol’s key component is proof-of-history. It handles the majority of transaction processing. PoH records successful operations as well as the time elapsed between them, confirming the blockchain’s reliability.
The proof-of-stake (PoS) consensus is used to monitor the PoH processes. It verifies each sequence of blocks created by it.
Solana is a unique mechanism in the blockchain industry. It is due to the combination of two consensus processes.
Main Aim of Solana:
Solana aims to solve the scalability problem with its high-performance protocol. It employs a revolutionary time architecture, transaction processing method, and more efficient consensus model compared to existing blockchains. These features make it the world’s fastest layer-1 network.
Solana’s ultimate objective is to solve the blockchain trilemma. Which states that a decentralized network can only achieve two of three key properties: decentralization, security, and scalability. Solana says that its eight primary innovations have overcome the trilemma, but whether this is enough to encourage widespread blockchain use remains to be seen.