How much is 1000 sol in Naira; Solana is a blockchain network that was launched in 2020. Upon its launch, it was well-received by the crypto community, which caused it to reach its highest value in 2021. Crypto has so many use cases. Developers used Solana to build decentralized applications for finance, computer science, and even art industries. Solana can also be used to create products that allow users to carry out secure transactions and execute digital contracts.
Supporters describe Solana as a faster and more efficient competitor to crypto powerhouse Ethereum. The price of Solana’s native cryptocurrency, known as SOL, ranked within the top 10 most valuable cryptocurrencies by market capitalization for most of 2022, according to the market research site CoinMarketCap. After its recent price drop, Solana remains in the top 20 cryptocurrencies by market capitalization.
Features of Solana
Despite the current state of the exchange market, Solana has continued to wax strong in its customers’ services. Here are some features of Solana that make it unique.
Use of Proof of History
Solana introduced the world to “proof of history.” This innovative feature allows the network to use a timestamp feature and a proof-of-stake consensus mechanism, which helps increase transaction speeds. Other crypto networks use the Proof of Work or Proof of Stake consensus mechanism. Proof of History reinforces the network’s security, which is crucial to its functionality.
Fast and swift
Solana’s speed has constantly been compared to Ethereum’s. The blockchain network can handle over 50,000 transactions per second, far more than Ethereum. Solana has become one of the fastest blockchains available.
Affordable pricing
While the price of each SOL token has dropped dramatically in recent weeks due to the bear market, the pricing is still affordable.
Cheap transaction fees
Solana’s transaction costs are extremely low, averaging around one-fourth of a penny for each transaction on the blockchain network.
How much is 1000 sol in Naira?
The current price of 1000 sol in Naira is 88,439,811 Nigerian Naira. This price varies according to exchange platforms and the exchange market’s volatility.
What is Solana’s current supply?
As of May 2021, the total supply of Solana’s native token, SOL, was 488,585,135. Currently, there are 436,206,360 million SOLs in circulation. Like every other cryptocurrency, the total circulating supply of Solana increases or decreases based on inflation and vesting schedules. As of the time this article was written, the current market capitalization of Solana, according to CoinMarketCap, is 42 billion USD.
The Solana community owns 38% of the tokens. The Solana Foundation assists projects and establishes long-term commitments to Solana. The token pool has several uses like bounty programs, incentive programs, marketing, and grants.
How Does Solana Work?
Solana is often compared with Ethereum because they work the same way, only that Solana is faster. Solana is a cryptocurrency platform for creating and running cryptocurrency apps, from the Serum decentralized exchange (DEX) to Degenerate Apes.
You can run programs without permission with Solana because the network has a high-performance blockchain with 200 unique nodes. This generates 50,000 TPS with GPUs, making It a third-generation, proof-of-stake consensus blockchain.
This proof-of-stake (POS) consensus model in Solana, the Tower BFT consensus, allows the network to reach an agreement regardless of the potential attacks that may result from corrupt nodes. The Tower BFT consensus also imposes a universal time source across the network, creating a uniform blockchain record of transactions and events. The system uses these records as permanent references for all the network nodes.
Read also: How much is 1000 TRX in Naira
The best place to trade crypto in Nigeria
If you are looking for a good exchange platform, look no further because Astro Africa got you covered. The best place to trade cryptocurrency for Naira in Nigeria is through Astro Afro Africa. Astro Africa has been around for a while now and has managed to cement its name in the hearts of many Nigerian crypto traders as one of the best and most reliable exchange platforms. The platform is packed with features that you wouldn’t find anywhere. These features include:
- Reliable and trustworthy.
- Easy and intuitive user interface.
- Fast transactions.
- Rates calculator.
- Zero transaction fees.
- High exchange rates.
- Responsive customer service.
- Top-notch security tech to protect your assets.
Astro Africa provides you with these features and lots more. All you have to do now is create an account using your valid email address via our website or mobile apps available for download on Google Playstore or the App Store.
