Bitcoin’s impressive runs have made it a darling in the mainstream news, a standard for crypto. It is the same script being repeated once more. Like in traditional circles, big oil players have, for years, been holding all the cards, setting the pace in the multi-billion black gold market. The same is now emerging to be valid for big crypto players.
In the same breath, Ethereum has grown to become number two in the crypto space, aggressively competing with Bitcoin. It is therefore not hard to see that future Bitcoin predictions that affect trading crypto in platforms like PrimeXBT affect Ethereum’s position as well. The developers behind the second-biggest crypto by market cap have made many advances in the Ethereum platform that have stolen some spotlight from Bitcoin; it might be able to cut the influence of Bitcoin.
However, a way out of popular networks is Solana. The massive investments in the platform make it a worthy consideration in the crypto space.
Exploring the Solana Blockchain
Solana is built to absorb the ever-increasing data needs of software firms around the world focusing on decentralized exchanges. It is gradually being decentralized boasting of high throughput of over 65K TPS. Further, with total transactions exceeding billions, it might be a fierce competitor to Ethereum and Bitcoin, making SOL/USD a top trading alternative in PrimeXBT. However, this might take a while.
Reasons to Consider the Solana Network
Solana’s scalability has proved to be a significant pull factor in the modern tech era that has an insatiable appetite for big data. The network is now home to some impressive projects that will see it become a top frontier for the next internet.
For a start, there are many NFT projects going on there. Solanaart is the first of many to offer a home for NFT enthusiasts who grow by the day. It offers a place to exchange art using the Solana token (SOL), with options to interact with creators and even explore a massive collection of images for the fun of it. The massive collection of NFTs in the platform is a testament to the speed taken by developers to scale the Solana network whenever the need arises.
Other hot prospects in the Solana ecosystem are the Defi applications and promising web3 projects that might hold the next phase of the internet, commonly known as the metaverse.
How to Join and Use Solana
Individuals joining the cluster must create an access point via two public keys—a bootstrap validator and a mint. The Bootstrap key helps add information to the ledger, which is the first entry that also ignites the mint account holder into action.
Mint accounts hold the tokens defined by the first configuration into the blockchain called the genesis config. The Solana blockchain allows the entry of validators that contact the bootstrap validator for registration. The process repeats itself for any other person who wants to join. Validators confirm entries from leaders and can delete a copy once satisfied with entries made.
Many clusters working together create the Solana ecosystem that makes it possible for Dapps and crypto transactions. The coexistence of these clusters makes interactions possible by various peers, which for security reasons and the need to take control have cut off third parties. Solana creates lasting relationships that make it hard for transactions to reach the wrong hands, making it a viable alternative to the Ethereum backed exchanges.
Can SOL be an Alternative to Bitcoin?
At eighth in the market cap leaderboard, Solana is here to stay, offering attractive features for smart contract developers. Noteworthy, the juicy prospect of lower gas fees in the wider blockchain that makes it a reality, compared to the Ethereum blockchain, makes it a sound alternative for many blockchain-based projects coming up. Its 1.70 percent market dominance will surely increase alongside a potential surge in trading volume in platforms such as PrimeXBT.
While gas fees have remained a thorn in the flesh to limit the growth of blockchain networks, improvements in technology have seen the prices reduce over the years, making Solana a darling for Dapp creators and crypto transactions. SOL remains the fuel for Solana network transactions, and a jump in prices from time to time highlights the popularity of Solana as a whole.