Cryptocurrency isn’t just about trading volatile assets anymore. With the rise of proof-of-stake (PoS) blockchains, a passive income game called staking has emerged, offering crypto enthusiasts a new way to earn rewards on their holdings. But if you’re still scratching your head and wondering “what are staking rewards?”, buckle up – this blog post is your ultimate guide.
What is Solana?
Solana is a blockchain network that upholds $SOL cryptocurrency. It is known for its fast transactions and low transaction processing costs. Its rival blockchain is Ethereum. Unlike Ethereum, it can handle 3,400 transactions per second while Ethereum can only do 15 transactions per second, making it one of the fastest blockchains in the world. Solana uses POS, which uses hashed timestamps to verify the history of the transactions that occur.
Uses for Solana
If you have a cryptocurrency wallet, Solana is great for sending or receiving money to transfer to exchange for goods and services. Availability for Solana is popular among many people because it is known primarily for its low costs. Examples of what Solana is used for can be for things such as NFT transactions, decentralized finance apps (Runs on P2P blockchain network rather than on one computer), and smart contracts.