Solana

Crypto of the Month | Solana

“What’s the best crypto to invest in?”

There are 8,000 ways to answer this question, but that’s not very helpful, is it?

That’s why each month I try to recommend one cryptocurrency that has caught our attention.

This month that cryptocurrency is Solana.

In this post I’ll share a few reasons that I’m excited about Solana and have invested in it myself. Let’s break down why Solana could be a good cryptocurrency to invest in.

Enter “PTUC.”

How to evaluate a cryptocurrency

Whenever I’m researching a cryptocurrency I run it through the PTUC framework to see if it has merit or not.

What is “PTUC” you may be wondering?

Purpose

Team

Uniqueness

Community

The 4 questions we want to answer are:

1. Does this crypto project have a clear purpose and solve a problem?

2. Are the team behind this crypto project and its investors reputable?

3. Does this crypto project have a unique competitive advantage?

4. Is there a community that loves this crypto project and do developers like it?

Here is how Solana scores when we run it through this criteria 👇 

Purpose of Solana

Solana is the fastest blockchain in the world. It can process up to 40,000 transactions per second. In comparison, Ethereum can only process up to 45 transactions per second.

Solana also has much cheaper fees compared to Ethereum and Bitcoin.

The Team Behind Solana

Solana was founded by Anatoly Yokavenko. Anatoly led development of operating systems at Qualcomm, distributed systems at Mesosphere, and compression at Dropbox. He also holds 2 patents for Operating Systems protocols. 

The investors in Solana include billionaire FTX CEO Sam Bankman-Fried, Reddit co-founder Alexis Ohanian, Kevin Rose of Google Ventures, and several others.

The Unique Advantage of Solana

Solana uses a proof of stake system to validate transactions. It also invented the proof of history validation system. These two systems mean that Solana is faster than any other cryptocurrency currently available by a huge margin.

The Community Behind Solana

The community behind Solana has already developed over 400+ projects on the platform. They also host hackathons for developers to create new and innovative extensions to the project. Lastly, Solana is built on the programming language “Rust,” which is easier to use according to many developers.

Learn more about Solana

Overall Solana appears to be a very well thought out crypto project and one that may give Ethereum a run for its money. If you’d like to learn more, you can read my full beginner’s guide on Solana here. 

You can check the current Solana price here.

And if you’d like to purchase some Solana (SOL), check out these 5 recommended crypto exchanges that have low fees and great reviews.