Solana’s new transformation will empower the crypto network to reach new milestones in the industry
Cryptocurrency adoption has been increasing since its inception. However, the true potential of the industry would not be seen until 2020. The pandemic hit just about every industry hard, including finance and banking, but the crypto and blockchain sector found success, leading many investors to earn massive profits.
Now, with so many options, there are more than a few cryptocurrencies available for transactions and payments, more than 10,000 of them on the market. Solana is one of best performing cryptocurrencies in 2021. SOL reigned the market throughout August 2021 and now ranks as the fifth largest cryptocurrency with a market capitalization of US$54.741 billion as per CoinMarketCap.
It feels like everyone in the space was blown away by Solana’s explosive growth in 2021. Here is one promising cryptocurrency that is also considered among Ethereum’s major challengers, and it has lived up to the hype. The SOL investors community sees the following in SOL - They believe SOL is the next big thing in blockchain & BTC (In terms of potential growth).
Furthermore, Solana’s growth is only in the beginning stages, and there is a lot more to come, according to analysts.
An overview of Solana’s growth trajectory
SOL’s exhibition this year ought to be a sign that the crypto has a solid future. Despite the fact that it was sent off in 2019, the crypto has dramatically filled in the following two years. SOL began with US$1.50 toward the start of 2021 and crossed as high as US$180.
Most long haul crypto financial backers search for projects on the organization that can be valuable later on. SOL has more than 400 activities on its blockchain network, a large portion of them with NFTs and decentralized applications. Despite the fact that it is far shy of Ethereum that has north of 3000 undertakings on its organization, Solana’s developing ubiquity will before long give a solid rivalry this perspective also.
The reason for the rapid growth of Solana
One of the main reasons for SOL’s remarkable growth is the increase in investors’ interest in Ethereum’s competing platforms for DeFi, NFT, and smart contract offerings. [Press Release – 15 September 2021] SOL’s DeFi TVL reached US$3 billion in September 2021. This demonstrates the crypto’s potential to expand and compete with Ethereum.
Another contributing factor to Solana’s success is its speed and efficiency. 3,000 transactions per second using Proof of History (PoH), Solana can handle up to 65,000 transactions per second.. ETH only has the capacity to process 15-45 transactions per second, but investors expect the speed of ETH to increase with ETH 2.0. Solana fees are much lower than Ethereum.
How would Solana’s blockchain respond to artificial intelligence?
A few digital currency organizations have been thinking about coordinating AI frameworks in the blockchain organization to help the crypto’s presentation. Computerized reasoning and blockchain are two of the quickest developing advancements in 2021. With the execution of AI, blockchain can turn out to be a lot more secure by ensuring a secure application organization. Simulated intelligence calculations can make quicker monetary exchanges and square false specialists.
Man-made intelligence can help limit and destroy the carbon impression of blockchain innovation, which will likewise lessen the expense applied to crypto mining and burn through the effort on AI machines to play out crafted by the crypto excavators naturally.
As of late, there have been discussions executing AI on the Solana blockchain and making it 100 percent AI evidence. This undertaking intends to robotize exchanges on Solana at a more elevated level than it was at any point imagined. Computer-based intelligence won’t just improve on the exchanging system of Solana, however, this may likewise be the purpose for Solana hitting new highs in 2022.
Despite the fact that there will be a few additional advancements concerning AI and blockchain, specialists accept that these spaces are still unaccounted for, so financial backers should in any case be aware of the dangers that are implied on the lookout.
