How to Buy Solana (SOL) Coin in 2020
Have you heard that a new blockchain performance even rivals Google distributed database and will continue to scale with hardware improvements? Solana coin is taking on one of tech’s biggest challenges: scaling blockchain for global adoption.
Solana Coin Overview
Solana is a high-throughput blockchain that is currently supporting 50–65k transactions per second and 400ms block times. There are no complex solutions like sharding or layer-two. As the world’s first web-scale blockchain, it will unlock a whole new class of performant applications and facilitate larger scale blockchain adoption. Utilizing a revolutionary innovation called Proof of History, it is drastically able to outperform any other existing layer 1 and provide fees at $0.00001 per transaction.
Solana was founded in 2017 by Anatoly Yakovenko, a former executive at Qualcomm with vast experience working with decentralized and distributed systems, alongside working on compression algorithms for Dropbox.
Anatoly joined forces with CTO Greg Fitzgerald and Chief Scientist Eric Williams to create a trustless and distributed protocol. The system encodes the passage of time within the data structure and allows higher scalability than common layer 1 blockchains.
According to the information on the official website, this highly performant blockchain introduces 8 innovations:
- Proof of History
- Tower Byzantine Fault Tolerance – a PoH-optimized version of PBFT
- Turbine – a block propagation protocol
- Gulfstream – mempool-less transaction forwarding protocol
- Sealevel – World’s first parallel smart contracts run-time
- Pipelining – Transaction processing unit for validation
- Cloudbreak – Horizontally-scaled accounts database
- Archivers – Distributed ledger storage
Proof of History (PoH)
Proof of History, the basis for the Solana network, is a sequence of computation that can provide a way to cryptographically verify the passage of time between two events. It uses a cryptographically secure function written so that output cannot be predicted from the input. And must be completely executed to generate the output.
Solana (SOL) Token
How to Buy Solana on Binance
I bet now you are eager to buy this new token as its background is rather impressive. It gets even better, Solana listing will be soon available on Binance. It will be a BTC/SOL pair.
It means you have some time to get prepared if you have never used one of the world’s largest cryptocurrency exchange by trade volume before. Here is what you should do:
1. Sign Up
Go to the Binance exchange website. You will be asked to enter a minimal amount of personal information such as your email address, password, and a referral ID if you have one.
2. Deposit Funds
Now that your account is activated, you’ll need to add funds to your account if you wish to buy or sell any cryptocurrencies. You can either buy crypto coins (if you don’t own them) or transfer from your wallet (if you own BTC).
2.1 Buy Bitcoin
Binance has a feature that allows users to purchase certain cryptocurrencies directly with their Visa or Mastercard credit card. At this point, you are going to purchase BTC. Enter the purchase amount of the desired cryptocurrency (Bitcoin) and whether you will be paying with the US dollar or euro.
There is a minimum processing fee of $10 or 3.5 percent of the total order – whichever is more expensive. After completing this step, you will need to confirm your billing information, email address as well as your identity. A valid government-issued form of ID is required to be submitted to confirm your identity.
Once all of the required steps have been completed, the newly purchased cryptocurrency should reach your Binance wallet within 10-30 minutes.
2.2 Transfer Bitcoin from your wallet
You can also make a deposit by sending funds from a separate cryptocurrency wallet into your Binance account. In order to do this, navigate to the “Funds” tab and click “Balances.” On this page, you will see all of the cryptocurrencies available for trading on Binance.
To deposit the corresponding crypto into any of these, simply click the “Deposit” button next to the crypto asset of your choice. Either scan the QR code from your cryptocurrency wallet or paste in the address and then send it. Once that’s complete, wait for the transaction to process and you’ll be ready for trading.
3. Placing a trade
After you have your Bitcoin and SOL is available, you can trade this pair.
Receive $20 in SOL token for Free
But here is the kicker, Binance will also be launching a bounty program for SOL worth $50,000. According to the official tweet, the first 1,000 people to complete all 5 tasks will earn a guaranteed reward of $20 in #SOL tokens.
As per the announcement, the bounty tasks are as follows:
- Read the primer and complete the Solana Quiz at the bottom of the page
- Join the Solana Telegram
- Follow Solana on Twitter
- Subscribe to the Solana Newsletter
- Refer a friend who completes the Solana Quiz
The first ten winners to complete four out of five tasks will receive $100 worth SOL tokens and the first one to complete all the five tasks will be rewarded with $1,000 worth SOL tokens.
A new promising crypto coin is about to get on the market. And it is a perfect time to make this purchase. Don’t miss your chance!