Where and How to buy (SOL) Solana on Binance
Solana is a decentralized crypto computing platform that promises to achieve high transaction speeds while maintaining decentralization. It makes use of a variety of unique techniques, including the “evidence of history” method.
SOL is Solana’s native cryptocurrency, and it’s used to pay transaction fees and stake. It also entitles owners to vote on future upgrades.
Solana, like Ethereum, is both a cryptocurrency and a versatile platform for operating crypto programmes, including Degenerate Apes and the Serum decentralised exchange (or DEX). Its main novelty is speed, which is achieved through a combination of new technology and a consensus technique known as proof of history. Solana can execute around 50,000 transactions per second, whilst Ethereum can only handle 15 or less (the ETH2 upgrade, which is currently underway, is designed to make Ethereum much faster than it is now).
How does SOLANA works…
Solana is a Proof of Stake blockchain that is in its third iteration. It has built a one-of-a-kind method for determining the time of a transaction known as Proof of History.
For cryptocurrencies, keeping track of transaction sequence is critical. Bitcoin does this by grouping transactions into blocks that are linked by a single timestamp. These blocks must be validated by each node in agreement with the other nodes. This technique adds a substantial amount of time for nodes across the network to confirm a block. Solana, on the other hand, adopts a unique approach. Let’s look at it more closely.
How to buy Solana SOL on binance..
- Create an account on Binance.
Binance is one of the world’s most popular cryptocurrency exchanges. Binance’s appeal stems in part from its diverse variety of altcoins, which continues to expand with new acquisitions on a regular basis. Binance does not require verification for withdrawals of less than 2 BTC per day, and the exchange also has an iOS and Android app.
- Make a cryptocurrency deposit
Bitcoin BTC (4.99%) and Ethereum ETH (7.76%) are the most convenient cryptocurrencies to deposit. They both feature trading pairings for the vast majority of the cryptocurrencies listed on Binance, giving you the most versatility. Binance accepts BTC and ETH as well as SOL.
To make a deposit, navigate to the top of the website’s navigation bar and select Funds > Deposits.
the whole address and put it in your wallet of choice. To the address you copied, send the amount you want to deposit. It’s not uncommon for a transaction to take up to 30 minutes to complete, so don’t expect your funds to appear in your Binance account right away.
Verify your account balance
Go to Funds > Balances in the menu bar at the top of the website to check your balance. Select Hide tiny assets if you only want to see coins with a balance of more than 0.001 BTC.
The currency and quantity of your deposit will display on the list if it has already been processed. You can utilise the search bar if you have numerous coins.
Place a Solana purchase order.
Go to Exchange > Basic to place an order.
We’ll presume you deposited BTC for this stage. Don’t worry if you deposited Ethereum — the process is the same.
Select BTC in the top right corner and look for SOL, which is the symbol for Solana. The trade pair SOL/BTC should display.
A price chart will appear in the centre when you click on the trading pair. Under the chart, you can enter your buy order. Use a Limit order to purchase SOL when it reaches a particular price. Click the Buy SOL button after entering the appropriate price (in BTC) and the amount of SOL you want to buy.
Why Buy SOL?
The thing which makes this project unique is the proof-of-history (PoH) consensus, which was developed by Anatoly Yakovenko. It allows the network for greater scalability which results in boosting usability. Solana is also known for its short processing time. Its hybrid protocol allows for significantly decreased validation times for transactions and smart contract execution. Due to its fast efficiency, it has attracted many institutional interests
Solana is actually ground breaking, it already has the speeds of Ethereum 2.0 WITHOUT sharding or layer 2 solution.
How Is SOL better than ETH?
Solana can get up to 50k tps, but that many tx’s aren’t being submitted to the network so its getting around 500-1,000 tps. Eth2 is going to get 10,000 – 100,000 depending on the amount of shards, so if Solana can scale to 500k+ tps then it can be a top competitor