New Altcoin That Will Make You Rich

The new altcoin that will make you rich - Solana

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There is a new cryptocurrency that has made some people rich, and this one is actually very interesting. Some people have called this the challenger to Ethereum - it's called Solana.

WHAT IS SOLANA?

Solana is a cryptocurrency that promises to be a fast, cheap, decentralized crypto that enables smart contracts on the blockchain.

WHY IS SOLANA SO POPULAR?

It's popular because it's extremely fast and cheap. Bitcoin for example can do 7 transactions per second, Ethereum can do 30, while Solana is currently doing close to 2,000 transactions per second. It promises to handle up to 50,000 transactions per second. It's become very popular in the NFT space. It also aims to solve the Blockchain Trilemma on chain. It promises to be all 3 pillars of the trilemma: decentralized, secure, and scalable.

WHAT IS THE BLOCKCHAIN TRILEMMA?

This is a problem all cryptocurrencies face, the choice between decentralization, security, and scalability. Pick 2. Bitcoin for example is very decentralized, it's extremely secure, but it doesn't scale as a currency on the blockchain (layer 1).

HOW DOES SOLANA SOLVE THE TRILEMMA?

Bitcoin uses proof of work, Ethereum uses proof of stake, and Solana uses a hybrid of proof of stake and proof of history or proof of time. Instead of using valuable resources to crunch data, Solana validates transactions by using specific events and timestamps that are validated across randomly selected validation leaders (solanabeach.io).

I DON'T GET IT:

Yep, it's complicated.

WHY WILL SOLANA GO UP IN VALUE?

There’s 489 million Solana coins, that’s a lot. Solana’s value is more similar to Ethereum as far as what it's trying to achieve but - Solana is not necessarily an Ethereum competitor.

Since Solana’s transactions get confirmed almost instantly, this is what may enable financial markets to function on Solana - their goal is to capture a portion of the financial industry’s market share. Circle for example, (big internet payment system) partnered with Solana to allow payments using USDC. So as demand from institutions and banks goes up, as the DeFi space gets bigger - so should the value of Solana.

WHAT IS SOLANA ACTUALLY SOLVING?

Unlike other cryptocurrencies which are slow and expensive, Solana's blockchain allows assets to be tokenized on the blockchain. The next "prediction" is that the next gold rush will not be NFTs, instead it will be putting assets on the blockchain which Solana allows to do with relative ease and effectiveness.

WHAT IS THE RISK?

There are 3 major risks.

RISK 1:

A crypto winter that lasts a few years could destroy Solana's momentum. When markets crash, developers go where there is money, stability, and development. Those have historically always been Ethereum and Bitcoin - people build on those because they’ll be around for a long time. If developers get scared especially, Ethereum could recapture that talent and Solana could be forgotten.

RISK 2:

Solana has an attack vector. Someone used Solana’s strengths against it. Because the network is fast and cheap, the attacker spammed it with hundreds of thousands of transactions and clogged the network and they used up all the resources. As a result the validator nodes coordinated together restart the network which suggests that Solana could be relatively easy to spam attack, and that it could be more centralized than people think.

RISK 3:

Regulation will always be a risk as far as how the SEC will choose to treat certain stablecoins.

IS IT CENTRALIZED?

According to a mathematical principle that measures decentralization (nakamoto coefficient) Solana is actually more decentralized than Bitcoin and Ethereum.

WILL I BE INVESTING?

Watch the video to find out!

*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.