SOL Crypto Coin: Meaning and Uses (2023)


Solana is a popular crypto asset (SOL) and a network where developers deploy decentralized applications. Solana is engineered based on the Proof-Of-Stake (PoS) consensus protocol with the additional Proof-Of-History mechanism. 

Solana was formed as an alternative to the Ethereum network, but it outperforms Ethereum in the following:

  1. Fifty thousand transactions a second is much more than Ethereum can do.
  2. Solana transactions are much cheaper.
  3. The PoS protocol consumes less energy and is more environmentally friendly than the PoW consensus underlying Ethereum.

What Is SOL Coin?


SOL is Solana’s native currency; the SOL USDT crypto pair is traded at $37,19 (mid-September 2022). Crypto SOL serves as a means of payment for transaction commissions within the network. Also, the SOL token provides the security of the network through staking.

Token holders who participate in staking receive rewards in SOL crypto coins. This token also enables its holders to take part in network governance.

Now that we have figured out the answer to the question “What is SOL crypto?”, let’s see how to buy it. You can use the well-known exchanges Binance, Kraken, or WhiteBIT. Beginners are advised to use the WhiteBIT platform, as Binance can be quite difficult for inexperienced users.

To analyze the current Solana cryptocurrency prices, take a look at the Solana chart and see the price dynamics in different periods. The chart mainly helps investors to make the right decisions when buying or selling cryptocurrencies.

If you do not own any coins yet and are buying crypto for the first time, you can do so with a bank card. To do so, you need to register on the WhiteBIT platform, go through the KYC process, and add your bank card to your account.

Then, enter the desired amount of dollars or euros into your account and go to the “Exchange” section; select SOL, and you will see the current price. Pay the commission and receive the SOL on your account.

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