Question 1

What is Solana?

Accepted Answer

Solana is a Layer 1 blockchain platform that was designed with speed, smart contract functionality and decentralization in mind. It allows projects using its infrastructure an efficient and scalable platform to create decentralized applications (dapps) for various purposes. The native cryptocurrency for this blockchain is called Solana (SOL).

Question 2

How does Solana work?

Accepted Answer

Solana an open source blockchain that differs from other major blockchains in its processes and functionality. It combines the proof-of-stake (PoS) and the proof of history (PoH) consensus with the aim of improving scalability whilst allowing for accurate, faster, and more efficient mechanisms for processing transactions than other blockchains.

Question 3

When was Solana created?

Accepted Answer

The Solana blockchain was created in 2017 by Anatoly Yakovenko and built by Solana Labs - based in San Francisco, USA.

Question 4

How do I purchase Solana?

Accepted Answer

There are a number of ways to purchase the Solana cryptocurrency. Major exchanges (such as Binance, Coinbase, Kraken and KuCoin) will allow you to purchase Solana with fiat currency. Other methods of obtaining Solana include purchasing it within a major wallet (such as the Phantom Wallet) or via certain decentralized exchanges (DEXes).

Question 5

What makes Solana so popular?

Accepted Answer

The biggest reasons for Solana’s popularity when compared to its competitors is its fast transactions and low gas fees (a fee for using the network). Other reasons include its ease of use for builders and strong levels of performance when compared to alternative blockchains.

Question 6

Why choose Solana for NFTs?

Accepted Answer

A combination of various factors (such as high speed transactions, low transaction fees, a steadily growing ecosystem, interoperability, etc.) make Solana one of the best blockchains to create or invest in NFTs.

Question 7

How strong is the Solana Ecosystem?

Accepted Answer

Solana is one of the biggest blockchains in the world and has over 11 million active addresses (as of Dec. 2022). At it’s all time high (ATH) the Solana cryptocurrency price reached $259.01 (in Nov. 2021). It’s technology supports high numbers of transactions per second (TPS) when compared to other blockchains (averaging around 3,000 TPS).

Question 8

What are the price predictions for Solana by 2030?

Accepted Answer

Based on current price predictions, potential future use cases and market conditions - Solana is projected to hit a price range between $75 and $137 by the year 2030. These price predictions are subject to constant change.

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