Solana (SOL) is a prominent Ethereum competitor used to develop and deploy dApps and NFTs. Solana was founded by Anatoly Yakovenko in 2017 to achieve high transaction speed without compromising decentralization and security. It does it through a unique Proof-of-History (PoH) protocol. The transaction processing capacity of the Solana network is 65,000 TPS, which is 10,000 times faster than Bitcoin and 4000 times faster than Ethereum. Its native token, SOL, acts as Solana's platform currency and governance token. This token has no fixed maximum supply but undergoes a periodic burning mechanism to maintain its value. Under this mechanism, the Solana blockchain burns 50% of each transaction fee paid in SOL. It retains the remaining 50% fee for rewarding the validators. The launch of SOL took place through ICO, and it is currently one of the top 15 largest cryptocurrencies by market cap.
 

How does Solana (SOL) work? 

Solana works on a combination of Proof-of-History (PoH) and Proof-of-Stake (PoS) consensus mechanisms to process thousands of transactions swiftly. The PoH mechanism acts as the clock consensus by establishing a cryptographic time source throughout the network. This source of time puts a timestamp on each new block entering the Solana network, making it helpful to know the order of all transactions. It further lowers the work of Solana validators who verify the transaction because they do not have to confirm the order of transactions. Eventually, it reduces the transaction processing time of blocks, making the Solana network capable of processing transactions faster.
 

Nodes in other blockchains that only work on the original version of Proof-of-Stake (PoS) consensus have to coordinate to verify a transaction order, which is time-consuming. However, since Solana nodes do not have to verify transaction orders, this reduces the work and helps to lower the transaction verification time, making the Solana network capable of achieving 65,000 TPS at a low transaction fee of $0.00025. The other aspects of the Solana network operate like usual PoS consensus, where network participants stake SOL tokens to become validators. Once they become validators, they secure the network by verifying the transactions and getting SOL tokens as a reward. The chances of participants becoming validators depends on the number of SOL tokens they stake.
 

Apart from helping participants to become validators, the SOL token also has other utilities, like acting as the platform currency for the Solana ecosystem. Anyone who creates or deploys Smart contracts, NFTs, or dApps on Solana needs to pay a network fee in SOL tokens. The owners of SOL tokens also have a say in the governance rights of the Solana network. 

While Solana succeeded in establishing a scalable network without incorporating layered solutions and sharding, it still has some weak points. Solana faces partial and complete outrages more frequently than its competitors, halting its network for hours. The main reason for this problem is the less decentralized nature of the Solana ecosystem due to a lower number of validators. Its token distribution has also raised the eyebrows of retail investors because VCs and other private investors hold a large section of Solana's supply.

One investor in the Solana ecosystem, FTX, went bankrupt in 2022 due to fraudulent practices. Thus, it has some challenges to overcome.
 

How to Buy Solana (SOL) in India? 

You can invest and trade Solana (SOL) in India on many platforms.

One such platform is Flitpay. To buy Solana (SOL) in INR, you have to sign up for the relevant application, where you will have to enter the required details and go through a small KYC verification process.
 

After the KYC approval, ensure you have correctly entered your bank details. Now, through the linked bank account, deposit the amount you want to buy Solana (SOL) and execute the Solana (SOL) purchase.
 

You can instantly convert your INR to Solana (SOL) and Solana (SOL) to INR and withdraw your INR through bank transfers whenever you want.
 

Flitpay also keeps introducing timely rewards for its users.
 

What to Do After I Buy Solana (SOL)? 

Solana (SOL) can be used to buy other cryptocurrencies after converting them to INR through crypto exchange platforms like FLITPAY. You can also hold Solana (SOL) till it reaches a high price, and then you can sell it through the FLITPAY Quick Buy/Sell order facility. Users can earn significant profits from buying it at a lower price and selling it at a higher price.

If you wish to participate in the Solana consensus for minting new SOL tokens or vote in its decision-making, you can stake your SOL tokens in the Solana protocol to earn staking rewards. For developers, SOL tokens can be used to pay for fees to develop and deploy dApps and NFTs.
 

Why Use Solana (SOL)? 

Solana (SOL) offers several significant advantages over its competitor crypto projects. With the help of its unique Proof-of-History (PoH) consensus, it is capable of processing 65,000 transactions in a second at a nearly zero cost. With an effective burning mechanism, the Solana blockchain ensures the right balance of supply and demand. This speed and cost-effectiveness of Solana are way higher than any of its available alternatives. It is one of the top three most popular NFT blockchains in the crypto space, with a volume worth billions of dollars. Moreover, it is one of the top 15 cryptocurrencies by market cap. Solana Foundation launched one of its kind new mobile phone, Saga, which has a Web 3 app store for users.
 

FAQs

What is Solana (SOL)?

Solana (SOL) is a blockchain platform that hosts decentralized applications (dApps) and deploys NFTs, providing them with super-fast transaction capacity and extremely low transaction costs. It serves as a promising alternative to Ethereum.
 

What is the Solana (SOL) price in India?

Check out the current INR price of Solana crypto in India on Flitpay.
 

Which is the best platform to buy Solana (SOL) in India?

The best crypto exchange in India to buy Solana or your favorite cryptocurrencies is Flitpay. Flitpay supports instant UPI and bank deposits and bank withdrawals with a minimum deposit and withdrawal limit of INR 100.
 

What are the benefits of Solana (SOL)?

Solana (SOL) offers a capacity of processing around 65,000TPS without including any layered solution like its competitors. Its average cost per transaction is $0.00025, which is extremely low and negligible. Its unique PoH consensus gives an innovative approach to blockchain consensus, paving the way for a scalable base layer.
 

Is it safe to invest in Solana (SOL) in India?

Yes, investing and trading in Solana (SOL) is Safe in India. Flitpay is one of India's most secure cryptocurrency exchanges to invest in Solana. It offers the most real-time prices and advanced investing features.
 

Is Solana (SOL) a Good Investment?

Solana (SOL) is one of the top 15 cryptocurrencies in terms of market cap. It is one of the most popular blockchains in the NFT world. Its super-fast transaction processing speed and meager processing cost are its most prominent attractions. Though it is associated with issues like a weaker decentralized structure and frequent outages, Solana enjoys a good reputation in the crypto and Web 3 domains