As the cryptocurrency market grows, Solana has become a favorite for crypto investors, with its inflows surpassing $50 million last month.
Contents
Introduction
For crypto investors and technologists, the leading blockchain solutions are Ethereum and Bitcoin. However, Solana is another promising blockchain project that has a great potential of growing to be a worldwide decentralized network and AI computing cloud. Solana is an enterprise-grade, open source, decentralized network and computing cloud.
A decentralized network brings strong security features to the network. On the other hand, a distributed computing cloud enables the implementation of AI (artificial intelligence) and DLT (distributed ledger technology). Solana’s main use case is distributed computing with computing resources.
Solana blockchain utilizes the power of computing resources on the distributed network to optimize and promote the efficiency of distributed computing.
Solana and the Blockchain
Solana is the second project of The Block, following the success of Tempo – a bitcoin-backed platform that was launched in 2014. The Blockchain originally launched Solana with the aim of simplifying the deployment of blockchain technology in the shipping industry.
Solana also works with Tempo to provide a bridge between traditional shipping companies and crypto currencies, allowing them to build a bridge between their traditional way of shipping and crypto currency. “We believe that blockchain, whilst powerful and controversial, can be much more than a currency or investment – it can truly benefit the shipping industry,” Solana CEO David Eliasson told Forbes.
What is Solana?
Solana (CRYPTO:SLN) is a blockchain-based project. It is designed to use Aragon’s blockchain to provide decentralized application security through tokenization, DAG consensus, and incentivizing applications using blockchain. Aragon is a blockchain-based collaboration platform that offers an ethereum smart contract with the ability to build solutions in the form of communities that are non-hierarchical and self-governing.
Solana seeks to secure blockchain applications by enabling the release of collateralized private keys on a blockchain-based network, according to its website. In this way, the owners of the private keys receive compensation in a cryptocurrency token. The blockchain platform that Solana uses is called Project Eden, created by Aragon.
The Cryptocurrency Market Price
Solana’s market capitalization is currently $222.5 million, according to data provided by CoinMarketCap. The coin is currently trading at around $0.30, indicating that its price may increase further. $SN is a 13-megabyte cryptocurrency that was launched on July 6, 2017. It was trading around the $0.07 to $0.08 range earlier in the month, but its price jumped over 40 percent after it was included in the Siacoin portfolio.
Solana Future Future Solana is expected to benefit from the expansion of the Siacoin ecosystem, the transaction of which is slated to increase to 1 billion blocks, according to Sia CEO Steve Beauregard.
Conclusion
As bitcoin’s price is currently on the decline, many investors have put more focus on other cryptocurrencies including Solana, DASH, Qtum, and XRP. This could be because Solana is the most popular blockchain network which can be used to securely run smart contracts. However, since the price of Solana is on the rise, I have decided to revisit its price prediction.
To find out the current price, I will use the Solana’s inception date (11th of November 2017), which is provided in its whitepaper. Based on Solana’s volume in the past month, I predict the market capitalization will be worth $262 million. Hopefully, this will be enough to give investors a return of more than 382% by the end of the year. I encourage you to visit the original article if you want to learn more about Solana.
- 40% off TradeSanta Advanced Subscription - November 14, 2022
- Get 30% off your Cryptohopper 5th anniversary sale (amazing deals) - October 24, 2022
- Get 10% Off Your Next Cryptohopper Subscription! - October 23, 2022
