We are happy to announce our support for the Solana blockchain! In this article, you will discover Solana's advantages for business and individual users and how to leverage them with the SpectroCoin wallet, card, and API.
Solana has gained massive popularity, thanks to its ultra-high throughput and low transaction fees. It's a decentralized, scalable solution that addresses the bottlenecks often found in traditional blockchain networks. With its unique Proof of History (PoH) consensus mechanism and the ability to process over 65,000 transactions per second (TPS), Solana is designed to cater to the ever-growing demands of the decentralized world. No wonder it is been dubbed the "Ethereum Killer" by many.
Solana's native token, SOL, helps process transactions on the blockchain and ensures the network's security while staked. It is the 11th-ranked token by market capitalization, worth over $7 billion, close to Binance USD and Polkadot.
Solana employs Proof of History (PoH) and Tower Byzantine Fault Tolerance (Tower BFT) algorithms. PoH ensures historical data accuracy and invariability, and Solana users can stake SOL tokens to vote on the validity of the hash. Unlike heavily inefficient Proof of Work (PoW) and slow operating Proof of Stake (PoS) algorithms that have issues mentioned earlier, PoH and Tower BFT have made Solana one of the fastest, most scalable, and environmentally-friendly blockchains.
On average, Solana processes over 3,500 transactions per second, with a block time of 400 milliseconds and the ability to extend as hardware develops. This speed lets users complete deals immediately, allowing merchants to obtain instant settlements and avoid the long waiting time associated with traditional banks.
Solana transactions cost an average of $0.00025 compared to Ethereum's $0.70, allowing users to save money while processing transactions, especially business users who deal with multiple transactions regularly.
Solana's scalable structure, fast transactions, and low cost make it developer-friendly, allowing for the creation of NFTs, Web3 games, DAOs, payment systems, DeFi apps, and any blockchain solution. Solana is designed to scale and adapt to new requests, making it an attractive investment choice.
Solana was launched to provide an environmentally-friendly solution to the energy-intensive consensus mechanisms used by other blockchains. One Solana transaction is equivalent to a few Google searches and is more energy-efficient compared to Bitcoin transactions or even using an LED light bulb. This blockchain is an excellent choice for those who care about the environment and want to reduce their net carbon impact.
With SpectroCoin, you can gain and leverage those benefits for individual or business needs.
Using our crypto wallet, card, and API, you can store, buy, withdraw, spend, and accept SOL. We enable users with multiple payment methods worldwide to link their assets with the real world. With dedicated IBANs, there is no need to use a traditional bank account, as everything is in the SpectroCoin wallet already.
Business clients can reach Solana holders and reduce settlement time and fees by accepting crypto payments in SOL since SpectroCoin’s payment gateway service fee is only 1% of every transaction, and the Solana network fees are one of the lowest in the market.
The integration of Solana into SpectroCoin's platform not only expands our ever-growing list of digital assets but also aligns with our commitment to push the boundaries of the crypto space. By offering access to Solana's high-performance blockchain, we are empowering our users to benefit from its remarkable speed, security, and scalability.
Ready to ride the Solana wave? Getting started is as simple as 1-2-3:
There you have it! Solana (SOL) is now live at SpectroCoin.com!
Don't hesitate to reach our 24/7 customer support via LiveChat on the website if you have questions about using Solana with SpectroCoin.