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Is Solana The Best Crypto (Explained)

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With new cryptocurrencies emerging daily, picking one coin as the best solution can be quite tough.

Most coins continue to improve every day while looking to solve many economic problems facing blockchain technology and currencies across the globe.

Is Solana the best cryptocurrency in the market right now? Let’s find out about that and more below.

Is Solana The Best Crypto?

Although not absolute, Solana (SOL) is undoubtedly one of the best cryptocurrencies today. It’s also among the fastest-growing ecosystems to date. So what factors make us reach this assessment?

Transactions Speeds and Fees

Solana has the fastest transaction speeds at the time of this article, capable of a 270 TPS throughput. Solana is even faster than XRP, which is known for its rapid transactions.

The Solana blockchain can handle about 50,000 transactions a minute, with a record 400 milliseconds needed to mine a new block.

Both participants and developers spend under $0.01 as transaction fees on the network, making it one of the most cost-effective networks to date.

Community

Solana has a large community where developers, users, and investors can converge. You can learn more about Solana, listen to live discussions or contact the Solana team. The same community keeps the network safe while receiving rewards for participating. 

Solana has an estimate of:

  • 86,000 members on Telegram
  • 1.85 million members on Twitter
  • 32,000 YouTube subscribers
  • 33,000 Reddit Subscribers
  • 45,000 members on Discord

Members of these communities can create and participate in Solana events and projects, further increasing its security and utility.

Multi-Solution Blockchain

Solana’s main agenda is to scale the use of their blockchain and offer exceptional decentralized applications over a secure transactional network for real-world scenarios.

Second only to the likes of Ethereum, Solana hosts thousands of projects on its platform, including NFTs, DeFi, and Web 3.0 apps. 

Security

Solana uses the Proof of Stake Consensus mechanism powered by Tower BFT to mine new blocks within the network. This mechanism protects the network by leveraging the Solana’s Proof of History to observe and keep a record of time stamps. 

The SOL network keeps its nodes distributed and has thousands of nodes to safeguard your investment. Also, with plenty of validators on their network, you can enjoy swift validation of new blocks into the ecosystem.

What Is Solana?

Solana is a layer-1 decentralized blockchain that offers scalable solutions for crypto-based applications.

Why Is Solana So Popular?

Solana is popular primarily because of its super-fast transactional speeds and its menial gas fees. Today, Solana can up to 50000 TPS, which is more than Ethereum’s current throughput.

But there are more reasons Solana is gaining traction in the industry. 

  • Solana consumes less bandwidth than most of its peers and proves to be a strong network.
  • Solana code uses the Rust language. Rust makes Solana an accessible ecosystem for coders who prefer to create applications supported within the blockchain. For this reason, Solana has apps for gaming, DeFi, Payments, NFTs, and DAOs.
  • The lack of a mempool gives Solana an upper hand when transferring transactions and adding new blocks into the network.

What Makes A Crypto Good?

Here are some features that make a cryptocurrency project good:

Scalability

Scalability is a vital aspect of any new crypto project. Scalability has two aspects:

  • Speed – How fast are transaction speeds? Can you maintain or improve these speeds as more people adopt your new coin?
  • dApps – Can you build apps on your new crypto project? Does it support dApps, NFTs, DAOs and decentralized exchanges?

Security

Cryptocurrency technology requires robust network security to prevent malicious actors from stealing tokens, corrupting, or hijacking the blockchain network. It’s crucial to have a blockchain network that can fend off attacks.

What consensus mechanisms secure the blockchain? How does your wallet store or secure the token?

Your wallet should come with secret keys for personal use and a public key for easy access. Furthermore, every transaction within a network records to the decentralized ledger, and no new changes can be made to them. 

Decentralization

The network should be decentralized. It should be open-source, so that developers and users can assess the code for bugs and vulnerabilities to help patch them.

At the same time, decentralization ensures no single person or group of people have ultimate control over the network. Control should be distributed to all token users and owners to determine the asset’s direction via democratic votes.

Learn more: Are Bitcoin And Ethereum Permissionless Blockchains?

Usability 

Besides ensuring great security systems, speedy transactions, and scalability, any good crypto must be user-friendly. It must have a proper model or framework to allow users and developers to create and use it. 

You should choose crypto, which offers several avenues to use and access the network. Here are some of the  interfaces:

  • Desktop apps, 
  • Browsers add-ons,
  • Mobile applications,
  • And a Website 

Demand

The principle of demand plays across most aspects of the business. Any cryptocurrency with value will attract the attention of many investors. 

Today, there are a few components that affect the demand for a cryptocurrency: 

  • General inflation and deflation tension
  • Competition from other tokens
  • Availability of regulations
  • The number of exchanges allowed within the crypto.

Learn more: Is Solana Inflationary Or Deflationary?

What Is Wrong With Solana Network?

Generally, there’s no particular problem with the Solana network. However, in the recent past, validators have complained about unreasonable numbers of cloned transactions when verifying transactions. 

Also, in September 2021, SOL went offline for almost 17 hours. The Solana team blamed spamming of its network that arose from an unthinkable attack from a DDoS.

Is Solana Good To Buy?

Solana is an excellent buy. It has some outstanding crypto fundamentals and has shown potential growth long term.  

Is Solana Better Than Bitcoin?

Solana is better than Bitcoin in some aspects, including usability, transaction speeds, low gas fees, eco-friendliness, and low market prices.

Is Solana Better Than ETH?

Solana has its upsides, and so does Ethereum. Let’s look at how each performs in different levels:

Transactions Per Second

Compared to Ethereum, Solana candle up to 65000 TPS. Ethereum top out at 15 TPS. But this is expected to change with ETH 2.0, bumping speeds up to a possible 100,000TPS.

Gas Fees

While Solana offers low-cost fees of under $0.01, Ethereum gas fees can exceed 10% of every transaction during peak transaction times.

Usability

Ethereum has a broader user base than Solana. Ethereum also hosts thousands of dApps and services on its network, unlike Solana, which has fewer. 

Can Solana Overtake Ethereum?

Although possible, it’s highly unlikely that Solana will overtake Ethereum. Dubbed as one of several Ethereum killers, Solana continues to progress and has the potential to outdo Ethereum.

Is Solana A Stablecoin?

No. Solana is not a blockchain; however, it hosts several stablecoins on its blockchain, including Tether (USDT) and Cashio (CASH). Today, Tether has the largest market capitalization among other stable coins.  

What Is The Best Crypto?

There’s no one true best cryptocurrency. It depends on what you’re looking for. Crypto coins like BTC are excellent stores of value. Crypto projects like Ethereum and Solana are excellent for NFTs, dApps, DEX, and other solutions.

Final Thoughts

Solana is an outstanding Crypto project. It’s certainly one of the fastest, and a valid contender for the best crypto coin, depending on your use cases.