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, it was not until 2020 that the industry could demonstrate its true potential. As the pandemic disrupted nearly every sector, including finance and banking, the crypto and blockchain industry thrived and helped many investors earn significant profits.
Currently, there are over 10,000 cryptocurrencies available in the market, offering various options for transactions and payments. Among them is Solana, one of the best-performing cryptocurrencies in 2021. SOL dominated the market throughout August 2021 and now stands as the fifth-largest cryptocurrency, with a market capitalization of US$54.741 billion, according to CoinMarketCap.
Solana’s rapid growth in 2021 has impressed everyone in the industry. The promising cryptocurrency is also considered one of Ethereum’s biggest competitors, and it has certainly lived up to expectations. The SOL community of investors views the crypto as a revolutionary force in the blockchain space.
Moreover, market experts believe that Solana’s growth is still in its early stages, and several developments are yet to unfold.
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. In September 2021, SOL’s DeFi projects crossed US$3 billion. This achievement shows the crypto’s ability to grow and compete with Ethereum.
Another reason for Solana’s success is its speed and efficiency. Solana processes 3,000 transactions per second and handles up to 65,000 per second. ETH processes only 15 to 45 transactions per second, although investors expect the ETH 2.0 upgrade to increase its speed. Solana charges much lower fees 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.
