🔥 TOP Crypto TIPS In My Newsletter 👉 https://guy.coinbureau.com/signup/
🏆 My $3.5K Trading Comp & Deals 👉 https://guy.coinbureau.com/deals/
📲 Coin Bureau Insider Channel 👉 https://t.me/cbinsider
🐦 Follow Our Twitter 👉 https://twitter.com/coinbureau
📺 Uniswap Video 👉 https://www.youtube.com/watch?v=wMj6vPaKFJw
📺 Sandbox Video 👉 https://www.youtube.com/watch?v=-AVlOtyRl0s
📺 Polkadot Video 👉 https://www.youtube.com/watch?v=wb0czKguqAY
– TIMESTAMPS –
2:35 What is Solana?
5:55 How does Solana work?
11:06 SOL Token
11:51 Solana Beach & Incentives
15:40 Terrifying Tokenomics
⛓️ 🔗 Useful Links 🔗 ⛓️
► See Solana LIVE in action: https://solanabeach.io/#/
► Proof of History explainer: https://www.youtube.com/watch?v=rywOYfGu4EA
► Solana’s Tour de Sol incentivized test net: https://solana.com/tds
► Current rewards for Tour de Sol: https://docs.google.com/spreadsheets/d/11puBSw2THdO4wU-uyDEic-D03jg4ZAooVpcZU0w_4gI/edit#gid=218406032
► Computer specs required to participate on Solana/Tour de Sol: https://docs.solana.com/running-validator/validator-reqs
► Solana Medium for project updates: https://medium.com/solana-labs
► Tether on Solana: https://www.theblockcrypto.com/post/77274/tether-launches-on-solana-blockchain
► Solana partners with Chainlink: https://cointelegraph.com/news/solana-and-chainlink-team-up-to-build-a-crazy-fast-oracle
► FTX chooses Solana for Serum DEX: https://defirate.com/ftx-serum-solana/
❓ What Is Solana ❓
Solana is the fastest layer 1 blockchain in cryptocurrency. Founded by former Qualcomm employees, it can scale to over 65 000 transactions per second without sacrificing decentralization or security.
Solana can achieve this impressive speed by adding timestamps to blockchain transactions, something which is also done by Google and Intel to optimize their data facilities.
However, since centralized clocks would not work in a decentralized blockchain, Solana created its own decentralized clock for its entire network to reference.
Solana is also smart contract compatible, making it a competitor to Ethereum. Though it is still in development, some large DeFi projects such as Sushiswap may soon be launching on the Solana blockchain.
Solana has so far partnered with some major players in the cryptocurrency space including Tether, Chainlink, and FTX.
🤔 How does Solana work 🤔
Solana uses a proof of stake consensus mechanism to validate transactions. Solana’s proof of stake incorporates proof of history – a verifiable delay function which is repetitively outputted by the SHA256 algorithm.
This repetitive output functions as the ticking of Solana’s decentralized clock which is used to timestamp transactions.
Validator nodes take turns performing tasks on the Solana blockchain, including producing blocks.
Solana Clusters are groups of validator nodes which host specific Dapps, such as a DEX or lending protocol.
💰 SOL cryptocurrency 💰
SOL is Solana’s native cryptocurrency token. It is used for staking on the Solana blockchain and are burned to pay for network fees.
Unlike other cryptocurrency networks, there is no minimum stake required to participate on the Solana blockchain as a validator node.
To incentivize good behavior from validator nodes, Solana plans to impose a 100% slash of stake from misbehaving validator nodes.
🥇 Solana Beach and Tour de Sol incentives 🥇
Solana Beach is Solana’s main net beta accessible only to registered participants from the March ICO.
Tour de Sol is Solana’s incentivized test net which is open to anyone who completes KYC and meets the minimum tech specs to be a node on the Solana network.
Rewards can exceed 100 000$USD per category. These include successfully attacking the test net and being the most active participant on the network.
💸 Terrifying tokenomics 💸
While Solana held a small ICO in March this year, most of the project’s ~25 million USD funding came from multiple private sales.
Only about 10% of SOL’s initial supply is currently on the market, and another 80% will be unlocked during the first week of 2021.
The exact tokenomics of the SOL token are currently unclear as staking rewards are not yet active and may rely on inflation.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
#Solana #SOL #crypto #scaling #serum #dex #defi