Ex-Qualcomm employees founded the distributed ledger network, and it scales up to 65000 TPS – Transactions per second without compromising the network security or decentralization.
By adding time-stamps to blockchain transactions, a novel feature used by Intel and Google to optimize their data facilities, Solana achieves such unparalleled speed for a layer-1 blockchain architecture.
Solana’s consensus mechanism is a combination of proof of stake and proof-of-history used for validation of transactions.
Solana’s decentralized clock is used to place time-stamps on transactions as validators take turns to produce blocks and perform other tasks such as securing the network.
Future of Solana (SOL) Token
Ongoing Development on the Solana (SOL) Github, significant partnerships/collaborations, progress made so far.
The Solana project is an open-source project with 74 repositories on its Github page with 14 active contributors.
Solana has the main repository that is actively maintained and can be found at https://github.com/solana-labs/solana.
The Solana main repo has 263 releases, 108 contributors, 13,379 commits, 74 open pull requests, 13099 closed pull requests, and 74 merged pull requests.
The second-largest and active repository on Solana is the Solana-program-library, with 26 releases, 28 contributors on the library, used by 93 developers in the Solana ecosystem, 30 pull requests, 1253 closed pull requests, 64 open issues, 107 closed issues, and 43 merged pull requests.
The app adds support for Solana’s native token to the Hardware wallet Ledger Nano S.
It has 11 contributors, 220 commits on September 18, 2020. It’s currently tracked at the LedgerHQ.
Solana (SOL) Roadmap
- Update of JSON RPC API
- Mainnet Beta
- Smart Contract features released.
- Public launch on Binance
- Transaction fees and token inflation activated
Solana is currently in business development and commercial partnerships with the following companies.
Civic, Hummingbot, Chainlink, Akash, LoanSnap, Fortmatic, dFuse, Pocket Network
Solana (SOL) Partnerships
The following are other recent Solana partnerships in the news:
- Tether tokens USDT now Live on Solana – Link
- Sushiswap looks to deploy Smart contracts on a Solana port – link
- Solana launches Raydium, the first automated market maker AMM on the Solana blockchain – link
- Serum, a decentralized derivatives exchange, is launched on the Solana blockchain considering that it can handle up to 710,000 TPS and current capacity tested to 50000tps. – link
- The Graph network, an open API for blockchains, expands support for Solana. – link
Solana (SOL) competition analysis with similar projects
Solana (SOL) vs Ethereum (ETH)
Although Solana’s technology shows a more superior transaction speed than Ethereum, Ethereum’s first-mover advantage and the coming scaling solutions like Layer-2 and Sharding should help the number two cryptocurrency by market cap maintain its lead.
Transaction fees on Solana are estimated at $10 for a $1 million transaction, compared to the $300,000 for the same transaction on the Ethereum network.
Solana’s blockchain is built on eight innovations: Proof-of-History, Tower Byzantine Fault Tolerance, Turbine, Gulfstream, Sealevel, Pipelining, Cloudbreak, and Archivers, compared to Ethereum’s current energy-draining Proof-of-Work consensus algorithm.
Solana (SOL) price prediction 2021
SOLUSDT Weekly Chart Analysis
Viewing from a weekly time frame of the SOLUSDT, we can see the uptrend start after the crypto-pair exited the oversold area first on December 28, ’20, and then entered the oversold zone on January 04, 2021.
The Inside-bar candlestick pattern signals a cluster of buying activity, confirming an increase in demand for the SOL token.
We expect a breakout above the all-time high in the coming weeks if the current week closes bearish.
So, we look at the SOLBTC chart to understand bitcoins’ flow into SOL or out of SOL.
The SOLBTC weekly chart shows a correction in the bullish trend that started on January 25, ’21, after setting a high at 0.00036490.
We expect a continuation of the uptrend any time soon as the SOLBTC exited the overbought area last week.
What will be the price of Solana (SOL) at the end of 2021?
Following the technical chart setups on the SOLUSDT, SOLBTC charts, and the Github page’s activities, the SOL price is projected to roughly $50 in 2021.
Is SOL token a Good Investment for the future?
SOL is a good investment for the long term as the weekly time frame analysis highlights a recent increase in buy pressure.
Market Cap projections (10x, 100x etc.) and demand/supply scenario
We expect the SOL token’s Market Cap to attain a 4X increase in 2021.
The presented content may include the personal opinion of
the author and is subject to market condition.
Do your market research before investing in cryptocurrencies.
The author or the publication does not hold any responsibility
for your personal financial loss.