The ideal blockchain should be scalable, decentralized and secure. In reality, it turns out as in numerous jokes, where out of the three desired qualities, you can use two to choose from. Each of the early blockchains is essentially one of the options for a technical compromise, where improvement in one of the parameters directly or indirectly harmed one of the other two. It is unlikely that we will greatly err against the truth, arguing that most of the problems arose due to the low bandwidth of blockchains.
Solana as a contender for an ideal
The Solana blockchain was launched in 2020. It is a high-speed blockchain created for the development and deployment of dApps and DeFi solutions. The network uses Solana’s native token, which is required to pay fees, operate decentralized applications, make payments, manage the network, and ensure network security. In short, Solana offers almost the same thing as Ethereum, but faster, safer and cheaper.
The development team claimed that the system would be able to process up to 710,000 transactions per second. In reality, this figure turned out to be much lower, “only” about 65,000 transactions per second. Unattainable speed for the good old Ethereum, although after the completion of the Merger, the situation should change radically.
It was possible to achieve salt high performance due to a significant number of original technical solutions. Not the last role in this is played by the hybrid consensus mechanism – the combination of PoS with the added PoH (Proof-of-History), unprecedented and the first of its kind.
In fact, a timestamp is added to each transaction, due to which the system works faster. It is also important that Solana is a single-level system. That is, all operations are carried out at the same level of the blockchain.
The SOL coin became one of the new stars in last altcoin season when its price rose from $1.50 to $258.78 from January to November. The young coin broke into the TOP-10 of the most capitalized cryptocurrencies and pushed out the old-timers of the rating. Even after a rapid fall in 2022, it has moved into the second ten leaders and is still considered a promising asset.
Where to buy SOL?
The coin is traded on many top exchanges, forms trading pairs with Bitcoin, Ethereum, USDT, BUSD, USDC and several fiat currencies. Direct SOL to BNB conversion is also possible, but there are few trading platforms where this trading pair is supported.
Binance
It is most logical to look for trading pairs with BNB in the native ecosystem of the token. The Binance exchange is so well-known that it practically does not need additional presentation. And yet, we recall that the site supports spot, margin and futures trading, provides a large selection of ways to passively earn money on cryptocurrency.
About 60 deposit methods are available, including in fiat currencies, about 400 digital coins and more than 1600 trading pairs are supported. Not least, the fees on Binance are below industry averages.
However, access to the functionality of the platform is possible only after registration and fulfillment of the requirements of the KYC.
BITStorage
This is a relatively little-known platform that has been operating since 2018. The company’s trading turnover reaches 33 BTC per day, which is quite a high figure. Judging by customer reviews, the use of the platform is as simple as possible, so trading here is easy and pleasant, and thanks to two-factor authentication, it is also safe.
You can start trading immediately after a quick registration without identity verification (KYC). The platform supports 10 popular cryptocurrencies and 20 pairs.
LetsExchange
LetsExchange fast exchange service is your best choice for converting SOL to BNB and more than 2000 destinations. The site is available without registering an account, to perform any operation with cryptocurrency, you just need to have crypto wallets to store the coins you need. You simply select a trading pair, indicate the amount of the transaction, replenish the deposit and indicate the wallet address. After confirmation of the application, it is carried out completely automatically. The platform does not store your coins, which means that it is almost impossible to steal them.
