The Tech Quiz - Season 33

With the prayers of my well-wishers I'm doing great and so do I wish for you all, beautiful people. Today, I'll write on the topic " The Solana Blockchain" organized by @malikusman1 Here is my view about the concerned topic.

Solana is a decentralized blockchain meaning that it's not control by any central authority. It's faster transaction time and low transaction fees have attracted many of the investors. It's Token, Sol token is among the top cryptocurrencies and is available on many well-known crypto exchanges.

The founder of the Solana Blockchain is Anatoly Yakovenko, launched in 2020. The Blockchain was designed to support decentralized app and smart contract. For the first time, Solana was opened for the public in March, 2020 and the first block was created on 16th March, 2020. The med of 2022 was not a good time for the Blockchain as a case was filed against it for misleading investors and selling unregistered securitiesl. The next month, in August 2022, over 9000 Solana wallets were hacked and approximately $8 million were stolen by the hackers. Solana begin to rise again and in September 2023, Visa accepted the Blockchain to send payments to merchant using USDC.

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Solana is viewed by as the next Ethereum by many as it has enhanced and work on the things that lacks in Ethereum. Here are some benefits of the Solana Blockchain:

01. Speed of Transaction:
The real speed master is Solana Blockchain. Slow speed gave a bad experience to the users. Users of Blockchain is increasing day by day so the speed plays an important role. Solana is one of the fastest Blockchain which has a record of maximum transaction per second of 7,229 TPS.

02. Low gas/transaction fee:
Developers creating application found it very useful as it will cost a lower transaction or gas fee than other well known Blockchains.

03. Smart Contract:
The solana Blockchain supports the smart contract which means that the platform support other developers to bulid any decentralized application (dApps).

04. Scalability:
Within a second, it can handle high volume of transaction which is helpful for high scale applications. This will save the time and will not cause an unnecessary delay.

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The future of Solana Blockchain is promising and bright. Here's why:

1. Solana is improving it's scalability which will allow more transaction per second.
2. The increase adoption in solana is expected to grow the Blockchain.
3. The NFTs market will continue to grow.
4. Solana has a low fee and high performance which can attract gaming and even social media applications.
5. Solana has institutional investment and many institution is interested to invest in it which can increase its demand.
6. Solana is expanding globally so it has recognition.

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The native token of the Blockchain is SOL which has a good future and can bright someone's future. The demand of SOL in market is increasing which can drive the price up.

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This pump in Bitcoin was great which help my friend earn more than investing in physical businesses. The idea was mine. He asked me to buy a car and will sell it few months later when it's price is up. I recommend to invest in SOL. He was having 40 Lac PKR of which 20 lac was invested in SOL and 20 lac in other coins. When the price was $8 he bought the SOL and sell it when the price touches the 200 barrier.

When the price reaches 200, here's what he earn:

So from just $6800, he went up to 170,102. This is the power of Solana.

SOL/USDT has swiped the support level on 1-Day timeframe. So you can expect in upward movement from here. This was a quick analysis you can use many confluences before entering the trade. This is my own analysis and not a financial advice. Do your own research(DYOR).

In the end, I want to say that many people will be agree with me while few may not, this is what the difference of opinion is and that is what leads the world forward.

Thanks for being here!

inviting @elrazi , @emsonic ,and @nathalidelgado to take part in the contest.

Regards,
@jalil654