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What is Solana and Why is it Sizzling Hot

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Unknown Speaker  0:01  

Welcome to the New To Crypto podcast designed to guide you through the crypto landscape with pinpoint accuracy created for the new and intermediate crypto investor. Join your host Crypto Travels Michael as he takes you through the different facets of getting started and succeeding in your crypto journey. New to crypto podcast brings you new episodes daily Monday through Friday with surprise bonus episodes sometimes on the weekend. Let me ask you, are you new to crypto don’t know where to start? Are you more experienced but have questions? Then you’re in the right place. This podcast is designed for you, coming at you from the training center in the lifestyle design studio. Here’s your host Crypto Travels Michael.

 

Unknown Speaker  0:52  

Welcome to today’s show. So far to date, this podcast has been heard in 65 countries around the world in over 400 cities. So if you’ve just tuned in, and this is your first one to listen to today, I welcome you. And if you’ve been here since the beginning, I welcome you as well. Today’s episode is about a sizzling hot project Solana. And without further to do, let’s jump into today’s episode. So from their website Solana.com, Solana is a decentralized blockchain built to enable scalable user-friendly apps for the world. Solana is the fastest blockchain in the world and the fastest growing ecosystem in crypto with over 400 projects spanning DeFi, NFTs, Web 3, and more. This is according to Solana’s site. Solana is an open source blockchain protocol that supports developers around the world to build decentralized applications or Dapps. If you remember from an earlier episode, where I break down and unpack what that is, so a lot of provides the flexibility of an open infrastructure required to build applications for mass adoption. It’s an interesting note that the transaction or gas fees on Solana is significantly cheaper than many of the other blockchains out there. So the average transaction cost on Solana is 0.00025 of 1 USN, so the transaction cost is significantly lower than many of the other projects out there and the speed is second to none. So, Solana is all about low transaction costs and speed, so they advertise 400 millisecond block times. It’s decentralized and censorship-resistant, the network remains open for applications to run freely, and transactions will not be stopped. 

 

Unknown Speaker  2:57  

The Solana network is known as a fourth-generation blockchain. They created a fast and scalable network without promising on its security or decentralization. The protocol introduces eight core technologies that enable transactions to scale proportionally with the bandwidth resulting in industry leading transaction speed, and enterprise level security. Solana can offer a decentralized platform for Dapps with global spanning potential without the network congestion, high gas fees of the Ethereum network Solana uses a combination of proof of stake and proof of history consensus mechanisms to improve throughput and scalability. So what is considered one of the most high performance permissionless blockchains on the market, I like the definition that Coinbase uses on their site for Solana. 

 

Unknown Speaker  3:55  

Here it is Solana is a crypto computing platform that aims to achieve high transaction speeds without sacrificing decentralization. It employs a bundle of novel approaches, including the proof of history mechanism, Solana has native cryptocurrency is sold, which is used to pay transaction fees and for staking. It also gives holders the right to vote in future upgrades. So let’s talk about Solana’s native token SOL, for a moment, by the way, it’s spelled S-O-l. That’s the ticker symbol for the for the token. Currently, the market cap for SOL is just over 34 billion US dollars. They’re just over 291 million currently in circulation, and so has been sizzling hot. Just to give you an idea of how sizzling hot soul has become. Let’s look into some of the numbers for the token this year. So I’m looking at Coin market cap and on February 15 20 21 The soul token was trading at around $8.30. I first picked up the soul token around that price today, which is the end of August 2021. SOL is now trading at over $116 per token. So let’s break down the history behind Solana. While the idea and initial work of the project began in 2017 Solana was officially launched in 2020 of March of 2020 by the Solana Foundation, and it has its headquarters in Geneva, Switzerland. This Solana protocol is designed to facilitate decentralized apps creation. Anatoly Yakovenko is the most notable person behind Solana in 2017. He began working on a project that later turned into Solana Anatoly used to work at Qualcomm as an engineer manager. He also worked as a software engineer at Dropbox. He eventually teamed up with Greg Fitzgerald, who was originally his colleague at Qualcomm. And the two then founded Solano labs,

 

Unknown Speaker  6:12  

the Solana protocol, and the soul token was released publicly in 2020. Solana is one of those projects that I intend to do an entire series around here on the show. I plan to provide resources on our website. And I also have plans to bring on the show some of the top people from the salon project to share with you all of the awesome things that they have going with this project. By the way, the website newtocrypto.io will be launched soon. We’re finishing up the site now. So it can be easily accessible and very simple to navigate through the site in a way to access the resources in an efficient and user-friendly way. So, back to Solana, why is Solana sizzling hot right now. Besides the fast transactions and the low transaction costs, some of the top people in crypto have chosen Solana such as Sam Bankman-fried with FTX and Alameda Research, which created Serum, which is a new high-speed non-custodial Dex that’s built on Solana. I’m preparing an entire episode all about it right now. So let’s talk about other notable projects in the crypto space which chose Solana. How about USDC, the stable coin, they chose Solana for fast global settlement. 

 

Unknown Speaker  7:39  

Metroplex chose Solana, which is a protocol built on top of Solana that allows creating and minting of NFT’s, Yes, non-fungible tokens. Just a side note, currently, I’m working on an amazing project. I’m creating an entire collection of NFT’s, which is going to be themed around this show. And right here is where I will be announcing first all of the information about when the first NFT job will be. 

 

Unknown Speaker  8:09  

My team and I are currently creating detailed animated NFT’s where the artwork will be second to none. These NFT’s will be released publicly for sale this year. Each NFT in the collection will have a limited supply. So stay tuned here for all of the updates. Back to Solana, and all of the projects that have chosen Solana to build their project on top of. If you go to Solana.com/ecosystem, you can see the over 400 different projects that have already joined the Solana ecosystem, I highly recommend you spend some of your research time to learn more about Solana and all of the current and upcoming projects coming to their ecosystem. In future episodes, we will take a much deeper dive into some lung. For today. This was meant to be an introduction to the project, as well as to understand why this project has been sizzling hot in the crypto industry. So this concludes today’s episode. If you like today’s episode, be sure to like and support on your favorite podcast platform show your support. By the way, I love reading all of your written five-star reviews. I’ve been following them since the show launched and I truly thank you for all of your support. Until next time, make it a great day.

 

Unknown Speaker  9:39  

Thanks for tuning in to New To Crypto podcast. If you liked the episode, be sure to follow and subscribe. You can listen to every episode on all major platforms. Have an interest in being on the show or want advertising reach out at newtocrypto.io. Head over to our site newtocrypto.io to access the resources mentioned in each episode. Until next time, remember to navigate the crypto landscape with pinpoint accuracy.

By: cryptotravelsmichael
0

Table of Contents

Welcome back to another podcast episode! 

Today’s topic will take you head-first into what Solana is – so let’s dive right in! 

What Is Solana? 

The Solana network is a 4th gen blockchain that aims to address the blockchain trilemma or the problem of constructing a fast and scalable network without sacrificing security or decentralization. 

The protocol includes eight fundamental technologies that allow transactions to expand according to bandwidth, delivering in transaction speeds that are the best offered in the market and corporate-level security.

Solana is a web-scale, open-source blockchain technology that helps developers and organizations build decentralized applications (DApps) and marketplaces around all over the globe. Solana’s protocol is fast, secure, and resistant to censorship, allowing developers to create apps for mass adoption with the flexibility of an open infrastructure.

This high-performance blockchain delivers the fully decentralized, secure, and adaptable infrastructure that DApps and decentralized marketplaces of the future will require. It makes use of a combination of ground-breaking processing technologies that can handle thousands of nodes. 

To boost performance and scalability, Solana employs a combination of proof-of-stake (PoS) and proof-of-history (PoH) consensus techniques. As a result, the network claims to be capable of 50,000 transactions per second (TPS), earning it the rank of the world’s fastest blockchain.

Solana is the leading Ethereum competitor

- Matt Hougan, Bitwise Asset Management

Here's What We Discussed in Detail in This Interview

  • What is the Solana Blockchain
  • Benefits of the Solana Network
  • The SOL token
  • History and founders of Solana
  • Projects on the Solana Blockchain

Killer Resources

HOW TO REACH TO CRYPTO TRAVELS MICHAEL

Final Thoughts

Because of its speed and reported throughput of 50,000 TPS, Solana is one of the world’s first web-scale blockchains and quickest networks.
Obviously, there are concerns connected with emerging crypto tools and practices, ranging from severe volatility to the possibility of exploiting unforeseen smart-contract vulnerabilities.
It is always recommended not to gamble money you can’t afford to spend, and even more so if you’re a newbie.

Share this podcast with a friend or family member, join our newsletter at https://newtocrypto.io/ and leave a review on Apple Podcasts. Let me know your thoughts on this episode.

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