After more than a year and a half of its launch back in April 2020, Solana is turning out to be the hottest blockchain at the moment, with it being in the top 10 cryptos now. With Solana’s price in India rising a lot due to its rapid adoption, it is destined to go to the Sun.
Solana’s price in India has seen exponential growth in the past few months. As of 04 January 2022, Solana’s price in India is ₹13,750. It saw an all-time high of more than ₹ 19 thousand on 06 November 2021, just a year after reaching barely Rs 150.
What is Solana?
Solana is a web-scale, high functional open-source blockchain protocol that provides DeFi solutions and supports institutions and developers worldwide to build decentralized applications or DApps along with marketplaces.
Officially launched in March of 2020 by the Solana foundation, the Solana protocol is fast and secure and is designed to facilitate DApps creations with improved scalability. It introduces a Proof-of-History consensus that is combined with the base level Proof-of-Stake consensus of the blockchain.
Solana’s native token, SOL, has a total supply of 505 million coins and the current circulating supply is more than 299 million.
One of Solana’s most innovative features is the Proof-of-History consensus that was developed by Anatoly Takovenko, which boosts usability by allowing greater scalability of the protocol.
How Does Solana Work?
Being considered one of the most high-performing permissionless blockchains on the crypto market paired with a 200 distinct note network that generates a throughput of 50,000 transactions per second, Solana is truly an innovative and robust protocol.
It uses a PoS (Proof-of-Stake) consensus mechanism that is backed by Tower BFT consensus, which enables the network to reach a consensus without being hampered by potentially malicious attacks.
Tower BFT utilizes the Proof-of-History consensus to reduce the processing power required for transactions, which is one of the major reasons for Solana’s leading throughput in the industry.
How to Invest in Solana?
Investing in Solana involves purchasing them through one of the various platforms available in India. This is possible through numerous apps that make it really simple and easy to invest and acquire Solana. All you need to do is make an account on one of these cryptocurrency exchange platforms like WazirX.
WazirX app displays the most current value of Solana and other available cryptocurrencies. It also provides investors with valuable information and insights about the coin.
How to Buy and Sell Solana in India?
India is the second-largest market for Solana, and this can be traded through a variety of platforms that allow purchasing and selling of it. You can start by choosing an exchange platform to buy and sell the cryptocurrency.
WazirX is a leading cryptocurrency exchange platform in India that is backed by Binance, the world’s largest cryptocurrency exchange. By using the QuickBuy option, you can easily begin investing for as little as Rs 100 in less than a minute.
Is Solana Legal in India?
Even though cryptocurrencies aren’t illegal in India, you should remember that Solana and other cryptocurrencies are unregulated. Deliberations regarding the establishment of a regulatory body to manage the trading and exchange of cryptocurrencies are in progress.
