CRYPTO CORNER EPISODE 304
Market Analysis, Updates, News & Reviews
In today's episode I take a deeper dive into Solana (SOL) to determine if it's still worth buying after it pumped by more than 200% in the last 4 weeks.
I also choose the winners of my Summer Crypto Giveaway: Ledger Nano S + $200 in Bitcoin, Ethereum, Litecoin and XRP are the prizes - see if you won.
My next crypto giveaway will be announced very soon, so make sure you're following ;)
☝These are my opinions, not financial advice, always DYOR.
Solana is a relatively new blockchain protocol focused on high performance with a super-fast block time that is looking to capitalise on the application layer whilst Ethereum continues to solve scaling through the Ethereum 2.0 architecture and layer-2 solutions.
Solana has the ability to execute more than 65,000 transactions/second. It uses a novel data structure called proof-of-history and a delegated Proof-of-Stake consensus algorithm to enable rapid transaction finality and the propagation of information between nodes of the network.
Most importantly, it's way cheaper to transact with - with less than $0.01 transaction costs.
This is especially relevant in the context of the incredible swirl of activity around NFTs. They are one of the biggest contributors to Ethereum gas fees and have been parabolic. In that context, NFTs on Solana have quickly become a major draw, with projects like the Degen Apes and more recently Aurory leading the way. Hot decentralized music platform Audius also chose Solana for NFT support.
Proof-of-History is a novel way of timestamping data on Solana so that the order of events can be verified by each node. It acts as a decentralized clock that orders transactions and events on the Solana blockchain by utilising
the SHA-256 cryptographic hash function to create a hash of data embedding in a timestamp. This is a new data structure that allows data at a specific time to be efficiently and publicly verified. In other blockchain systems, nodes
must communicate with one another to order the sequence of events but with Solana’s Proof-of-History nodes can simply maintain an internal clock and verify the history of transactions and events on Solana.
Much like Ethereum, Solana has a native token to manage the unit of account in the system and to be used as payment for transaction fees.
Solana is a delegated Proof-of-Stake blockchain protocol meaning that anyone on the network can stake the SOL token and capture inflation rewards for doing so. The staking rewards are calculated and issued once per epoch which is just 2 days long. This means that users are not obliged to hold tokens for long periods of time.
Also, Solana was backed by Multicoin Capital raising $20m and has the heavy backing of FTX’s Sam Bankman-Fried and their venture arm Alameda Capital who are involved in market making on many of Solana’s DEXes such as Serum. There are heavy backers funding the Solana application layer to utilise the high performance blockchain for Decentralized Financial applications.
Solana is in fact building a complete ecosystem and it takes time for an ecosystem to form around a blockchain protocol. It requires core infrastructure such as wallets, tools for development, blockchain explorers and many other technologies in order to enable a flourishing application layer.
Solana and it’s application layer could look to eat into some of Ethereum’s market share and its recent rise by more than 200% in the last few weeks is quite indicative of that.
It also has an incredibly engaged community of developers and projects that promises only to grow with its just-launched “Ignition” global hackathon that features $5M in prizes across 4 tracks: DeFi, Web3, Gaming, and Art/Collectibles NFTs.
So in terms of fundamentals and technical advances, it is a very promising project with a big future ahead of, which also means it's a great investment for me and it's been in my portfolio since the beginning of this year, I mentioned it many times already on my channel and here too.
This is by no means an investment or financial advice, I am simply sharing my personal opinion and research with you to help you navigate successfully into the crypto markets.
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⚠️ DISCLAIMER ⚠️
The information contained in this video is for informational purposes only. Nothing herein shall be construed to be financial or legal advice. The content of this video reflect solely my own opinions. Purchasing cryptocurrencies poses considerable risk of losses.
This information is what was found publicly on the internet. This information could have been doctored or misrepresented by the internet. All information is meant for public awareness and contains what is already in the public domain. Please take this information and do your own research.
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