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Solana Price

About Solana

Solana is a cryptocurrency with no cap on the max tokens and 8% starting annual inflation, reducing by 15% annually until reaching a permanent rate of 1.5%. 37% of initial SOL tokens went to investors, 25% to Solana’s team and foundation, and 38% to the community fund reserve. After launching in March 2020, SOL’s value fluctuated between $0.50-$1.50 till the end of the year. In 2021, SOL performed strongly in the crypto market, reaching an all-time high of $258.93 in November. Despite a dip to $23.49 in July, its price rose again in H2 of 2021.

How Solana works

Solana is positioning itself as a formidable player in the decentralized landscape. Solana leverages cutting-edge infrastructure to overcome the scalability issues plaguing Ethereum, offering faster, cheaper transactions for dApp developers. As a decentralized cryptocurrency, Solana operates within a network of distributed nodes, requiring consensus mechanisms to ensure all components are in agreement about the validity of transactions.

Solana utilizes proof-of-stake (PoS), a highly touted consensus mechanism that’s more energy-efficient than Bitcoin’s proof-of-work (PoW) approach. Validators, responsible for verifying transactions, are selected based on the size of their SOL token holdings. Solana’s unique twist on PoS is its implementation of “proof-of-history” (PoH), a method that speeds up the ordering of transactions in a blockchain, critical to the security of the system. While PoS has been embraced by many, some remain cautious about the security of PoS-based solutions, as they can potentially lead to a less decentralized network.