What is Solana and how to exchange BTC to SOL?
In this article, we’ll tell you everything from what is Solana crypto to Solana price prediction.
What is Solana?
Solana is one of the few web-scale blockchains in the market. Solana provides fast, secure, and reliable decentralized apps or dApps and marketplaces to its users. In simple terms, Solana is a tool to help builders create web 3.0 applications. One of the primary goals of the Solana blockchain is to tackle the scalability issue that many decentralized applications are facing today.
Solana blockchain is a managed blockchain network provided by the company. It allows builders to focus on other core aspects of the application while leaving the blockchain infrastructure. This saves a lot of time for developers since they won’t have to learn new technologies.
Moreover, the Solana blockchain infrastructure has autoscaling. One of the primary issues with decentralized applications today is scaling. By addressing this issue, blockchain is making the whole process much easier while advancing the technology.
Here is a list of a few more key features of the Solana blockchain.
- Turbine: The turbine is the native block propagation protocol of the Solana network.
- Sealevel: Sealevel is a program that allows smart contracts to run parallelly. This greatly improves the efficiency of the blockchain.
- Archivers: Arcivhers is the distributed ledger of the Solana blockchain. All the data of the network is stored in Archivers.
The Solana coin (SOL) is a critical part of the Solana blockchain. The Solana coin is primarily used to pay for transactions on the network. The coin has a market cap of 601 billion US dollars.
Currently, there are more than 290 million Solana coins in circulation. You can also convert any crypto to the Solana coin. It is available on most of the major platforms, including EasyBit, Changelly, ChangeNOW, StealthEx, and more.
Key Features of SOL Coin
As we mentioned, if you’re planning to use the Solana blockchain network to build decentralized applications, you must use SOL coins to complete the transactions. The SOL coin is currently among the top 20 cryptocurrencies in the world.
Interestingly, the SOL coin uses neither the Proof of Work or the Proof of Stake algorithms. Instead, it uses something called Proof of History or PoH. All the events on the Solana blockchain are hashed using the SHA256 algorithm, which is considered to be one of the most secure ones.
The output hash of the SHA256 algorithm is extremely difficult to predict, if not impossible. The Solana blockchain takes this output hash of the first event and passes it as the input for the next hash. This cycle continues forever. The cycle of hashes makes the Solana blockchain more secure than ever. If an attacker wants to gain access to a particular event, they’ll have to crack the entire blockchain which is considered highly implausible.
Unlike Proof of Work used for Bitcoin, Proof of History orders the transactions based on the latest hashes. One of the primary goals of using PoH is that the time taken to confirm the orders will be greatly reduced, making the network incredibly fast.
Differences between Bitcoin and Solana
The primary difference between Bitcoin and Solana is that Bitcoin is mostly used as a virtual decentralized currency while Solana is a blockchain platform. You can build applications and marketplaces on the Solana blockchain. However, this is not possible with the Bitcoin network.
Bitcoin is one of the first cryptocurrencies to be adopted by retailers. However, we may not see Solana in the retail industry since it is mostly used to complete transactions on the Solana blockchain network.
Another major difference between BTC and SOL is that Bitcoin works on the Proof of Work algorithm and is mineable. However, Solana works on the Proof of History algorithm and is hence unmineable.
Why is Swapzone the best place to exchange Bitcoin for Solana
If you’re wondering, «where can I buy Solana crypto» or «where to exchange Bitcoin to Solana», Swapzine is the answer. Swapzone is one of the topmost cryptocurrency exchange aggregators on the internet. On Swapzone, you can find the best exchange prices for the SOL to BTC pair. The platform will show you the results from the top most crypto exchanges for you to pick. You can sort the list by price, time taken to complete the transaction, and many other filters to find the right exchange.
Follow the steps below to exchange BTC to SOL on Swapzone:
- First, open the Swapzone website.
- Now, in the select pair tab, choose Bitcoin (BTC) and enter the amount of BTC you want to exchange.
- In the ‘Get Up To’ section, select Solana (SOL).
- Once you enter all the above information, you should see the exchange rate and multiple offers displayed on the website.
- Here, you can sort the offers based on various parameters like price and transaction time.
- Choose the best offer you can find and click «Exchange».
- Enter the relevant wallet details and click on ‘Proceed to exchange’ to complete the transaction.
- Wait for the deposit to be processed by the exchange service and the exchange to be done.
- Don’t forget to rate the exchange partner and leave a review, so we can gather more information on the exchanges for future users
Video guide on how to exchange BTC to SOL
If you’re a visual learner and want to have a better understanding of how to exchange Bitcoin to Solana on Swapzone with no hassle, check out our step-by-step video tutorial: