Most of the top 10 coins in the current cryptocurrency market are digital currencies born before 2017, but SOL coin is an exception, it is a currency launched in 2020, but it has overcome all the obstacles to the fourth place in the list, SOL coin is the native token of the public chain Solana, which is equivalent to the relationship between BTC and Bitcoin, ETH and Ethereum, ADA and Cardano, the former is a coin, and the latter is a chain. Although SOL coin appeared relatively late, with its high market capitalization, technical strength and high rate of return, it has attracted a large number of investors to participate in investment, but some people still question whether SOL coin is worth holding for a long time? According to the current data analysis, there is a certain investment value, and the following editor will talk about it in detail for you.
Is SOL worth holding for a long time?
According to official data, the current price of SOL coin is $119.25, although it is lower than the all-time high price of $259.9, but higher than the issue price of $1.565, the current return on investment is very considerable +54340%, and there are currently 59 online exchanges, including Binance and OKX.
The outlook of SOL depends on the development of the Solana blockchain, a bit like stocks depend on the company's performance. If the Solana ecosystem develops well, there will be more demand for SOL coins, and additional revenue may be generated. In fact, based on Solana's current development trends and advantages, there is every hope for it to reach a new level, especially in the NFT space.
Different from the consensus mechanism (PoW, PoS) adopted by other public chains, SOL Coin/Solana uses a hybrid mechanism of "Proxy Proof-of-Stake (DPoS) + Proof-of-History (PoH)". Compared with PoW, PoS is more energy-efficient and fast, but nodes are prone to cheating and unsupervised, threatening network security. DPoS improves it, users stake SOL to get votes and elect reliable witnesses; If it is not reliable, it can be removed by voting.
The traditional consensus mechanism is that a node (miner) packages the data and broadcasts it to all other nodes before the transaction is completed, which is relatively safe but very slow. In contrast, SOL's PoH records transactions in chronological order, and then allows nodes to update and synchronize to avoid network congestion.
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