Solana is a high-speed, decentralized, open-source, public blockchain built with smart contract execution to host dApps with high scalability, throughput, efficiency, and low transaction costs. It is one of the fastest blockchain networks in the crypto market as of 2022 and supports several leading decentralized apps (dApps) across decentralized finance (DeFi), gaming, NFTs, and Web3.

SOL is the native token of the Solana ecosystem and features among the top cryptocurrencies by market cap. Its value has skyrocketed since 2021 on account of the rising adoption of the Solana blockchain by dApps. In addition, some of the dApps running on the Solana network have gone on to garner several users, increasing the on-chain activity of the blockchain and driving the Solana price and market cap higher.

Solana claims a block time of 400 milliseconds which is expected to reduce even further as its infrastructure becomes more powerful with time. In addition to the high speed on offer, transactions on the Solana network are extremely cheap, with low fees under $0.01, making it an attractive alternative to Ethereum which continues to experience scalability issues because of high gas fees.

These factors have made Solana one of the most attractive ‘Ethereum killers’ in the market, driving more developers to build dApps on its platform that operate with higher efficiency. In addition, it boasts a network of thousands of nodes spread across the globe, which makes the Solana blockchain censorship-resistant and guarantees high security to data and assets.

The Solana blockchain leverages an innovative hybrid consensus model involving a Proof-of-Stake (PoS) mechanism called Proof-of-History (PoH) to secure its network and promises a throughput as high as 65,000 TPS. The PoH processes work quite similar to that of a PoS network, using validators to verify transactions and add new blocks to the chain. However, it takes the concept a step further by choosing a leader ahead of each slot to make the system of transaction validation even more efficient and makes Solana unique.

Nodes vote on blocks and confirm the legitimacy of the transactions being recorded or added to the blockchain. These votes get sent to the leader among the validators who is responsible for tallying the votes before creating a new block of transactions.

Solana uses the Proof-of-History consensus mechanism with an aim to solve the blockchain trilemma, or the three key challenges of decentralization, security, and scalability, offering all three without any compromise. The combination of Proof-of-Stake and PoH records successful operations, letting the Solana network not only offer higher throughput and scalability but also ensure true decentralization and security throughout its network.

The Solana blockchain offers security through the use of a 256-bit secure hash algorithm (SHA) to record data within its network in an encrypted manner. In addition, it ensures composability thanks to its single global state even as the network expands, ensuring that dApps will never need to depend on Layer 2 scaling solutions, unlike in the case of Ethereum.

Solana’s founder Anatoly Yakovenko published the blockchain’s whitepaper in late 2017, proposing the new consensus mechanism Proof-of-History which could offer higher levels of scalability than Bitcoin and Ethereum offered at the time. The development on the network started in February 2018 when Anatoly partnered with his former colleague from Qualcomm, Greg Fitzgerald, to release Solana’s first internal testnet along with its official whitepaper.

The founding team of Solana consists not only of these two former Qualcomm employees but also engineers who previously worked at Apple. Solana was originally called Loom but then underwent a rebranding to distinguish it from Loom Network, a Layer 2 scaling solution for Ethereum.

Private token sales helped the Solana team of developers raise more than $20 million towards its development between Q2 2018 and Q3 2019. The Series A round of funding in late July 2019 saw the network raise around $20 million from Multicoin Capital, Distributed Global, Blocktower Capital, Foundation Capital, Blockchange VS, Slow Ventures, NEO Global Capital, Passport Capital and Rockaway Ventures.

The mainnet beta launch of the Solana blockchain took place in March 2020, followed by the release of its public incentivized testnet in Q3 2020. A public token auction on CoinList helped the network raise an additional $1.76 million just before its mainnet launch.

As one of the top cryptos by market capitalization and trading volume, Solana (SOL) is listed on most of the leading centralized cryptocurrency exchanges, DEXs, and DeFi protocols worldwide. One of the easiest ways to buy Solana is through KuCoin, by following the steps listed below:

1. Open an Account With KuCoin

Register for an account on KuCoin, if you are new to our platform. Do remember to complete your KYC verification after logging into your account for the first time. Doing so can unlock access to all our services and features.

2. Use Your Fiat Currency to Buy Crypto For Trading

It’s now time to add crypto funds to your KuCoin trading account. Head over to the KuCoin Fast Trade page to buy cryptocurrency using over 70 different payment methods, including Visa, Mastercard, PayPal, and SEPA.

You can also purchase crypto for your trading account through the KuCoin P2P service or by interacting with third-party sellers directly on our platform.

3. Buy SOL on KuCoin With Existing Cryptocurrency

You can also transfer your existing cryptocurrency holdings to trade Solana on KuCoin. All you need to do is to transfer your crypto from your external wallet into your KuCoin trading account to start using it.

4. Trade SOL/USDT on KuCoin

After funding your trading account, head over to the KuCoin Spot Trading section to look for the SOL/USDT crypto trading pair. Do check the latest Solana price, SOL market cap, 24-hour trading volume, and all the latest news on the crypto before trading it.

Enter the number of USDT you wish to exchange for SOL coin and verify the number of tokens you can receive and the trading fees you will be charged. Once you have verified all the information, click on Buy to confirm the trade order.

5. Receive and Store SOL Securely

It will take a few minutes for your trading account to be funded with the Solana crypto you have just purchased. Once it enters your account, you can continue to hold it on KuCoin or you can transfer it to an external wallet for added security.