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There is a lot of debate about how cryptocurrencies add value to the digital world. Is crypto a great store of value? Is this a path to the metaverse? Is crypto disrupting traditional businesses in any way?
I think a basic answer has to be the utility that can be built on the blockchain of a given cryptocurrency. If developers can’t build programs and businesses that benefit from blockchain itself, what advantage does crypto have?
A blockchain designed for this utility is Solana (FLOOR 3.74%)and it’s the only cryptocurrency that I think is a no-brainer right now.
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Solana’s blockchain vision
The Solana blockchain uses what is called a proof-of-history validation framework for transactions, which is theoretically much faster and cheaper than validation methods like proof-of-work or proof-of-stake.
The actual performance of the Solana blockchain hasn’t reached the 50,000 transactions per second or more that it can theoretically achieve, but the numbers are impressive.
- As of this writing, Solana performs 3,044 transactions per second compared to 13.3 transactions per second on the Ethereum (ETH 3.12%) blockchain.
- In other words, Solana performed 40 million transactions per day in the second quarter of 2022, compared to 1 million on Ethereum, according to Nansen.
- The average cost of a Solana transaction is only $0.00025.
- There are between 1,000 and 1,200 active programs on Solana every day.
- 750,000 wallets are active on Solana and 100,000 new non-fungible tokens (NFTs) are created every day.
Not all programs will be used long term, and not all NFTs will be useful, but the amount of activity and development on Solana is simply staggering.
Development goes fast
Here are some of the notable developments happening on Solana this year:
- Solana Pay, which was announced earlier this year, is a payment service that could reduce transaction costs by up to 3% for certain credit card purchases to less than a penny. Within hours of launch, developers were already testing the payment network in small businesses.
- In June, Solana Labs announced the Saga Smartphone, an Android smartphone with Web3 functionality as a “secure element” for managing private keys. This could be a model for Web3 devices in the future.
- A developer called Coral recently announced a $20 million funding round to create executable NFTs and a “Backpack” wallet, all with the goal of making NFTs more useful.
Sometimes the pace of development is dizzying, but that’s good for a blockchain and a cryptocurrency. And most of the development is aimed at making Solana easier to use, which will be necessary to attract the next generation of crypto users.
Solana is the future of blockchain
I think cryptocurrency and blockchain could be very disruptive technologies, but they need to be designed to be fast, inexpensive, and easy to use. Solana is the only blockchain that focuses on these factors, and there is rapid innovation in the developer community. That’s why it’s the best cryptocurrency to buy right now, by far.
Travis Hoium has positions in Ethereum and Solana. The Motley Fool has positions in and recommends Ethereum and Solana. The Motley Fool has a disclosure policy.
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