The native token of the Solana blockchain, SOL, has seen a recent increase in price, reflecting the growing interest in the network’s speed and scalability.
BTSE has integrated the Solana protocol and listed its SOL token, adding to the growing range of cryptocurrencies available to users on its platform. SOL’s rising value in recent weeks reflects, in part, the blockchain’s strong growth and comparative advantages over other blockchains.
Solana’s Key Features
The Solana blockchain is set to compete with Ethereum as the go-to blockchain for building DeFi applications. It has been dubbed an “Ethereum killer” for its cheaper fees and faster transaction processing time.
Since 2020, the number of different projects on the Solana blockchain has grown from over 100 to more than 400 currently, covering DeFi, non-fungible tokens (NFTs), and others. Smart contracts written in any programming language are supported by the platform.
Solana utilizes a combination of the Proof-of-History (PoH) and Proof-of-Stake (PoS) consensus mechanisms. The PoH mechanism allocates timestamps to each transaction thereby allowing nodes to process transactions quickly.
Solana can handle 50,000 transactions per second (TPS) and generate new batches every 400 milliseconds with the aid of 200 authenticating nodes as of mid-2021, while keeping network expenses at a minimum.
The Solana (SOL) token, priced at $207.6 on October 26, has a market cap of more than $62 billion and 2.28% market cap dominance, according to CoinGecko. Its circulating supply is around 300 million tokens out of a max supply of 489 million.
Solana for Musicians, Artists, and Other Content Creators
The Solana Foundation, with two of its partners, is investing $5 million to entice content creators to participate in its Web 3.0. The Solana Creator Fund was established in collaboration with Audius, a music streaming service, and Metaplex, a decentralized, open-source platform that provides infrastructure for NFT storefronts.
The Creator Fund looks to spur innovation focusing on “creator-first” business models. In addition to capital, it also provides technical support to content creators in the use of crypto user interfaces, token models, and monetization tools. The number of funds and form of assistance offered would differ based on the needs of the musicians and artists.
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