Solana markets itself as a web based blockchain platform. The platform is meant to be able to house apps, and smart contracts. To be able to process different types of transactions with the Sol token. There are certainly a multitude of web based blockchain platforms appearing in the market. What makes Solana special? There are a couple of things that can make Solana the right platform for certain types of transactions. In fact, Solana boasts 8 core innovations that make their platform unique. We are going to explore some of the most important innovations.
Solana’s Proof Of History
Can’t you access proof of history through the blockchain or your crypto wallet? Yes, but in many cases it’s a bit like trying to find a needle in a hay stack. The proof of history can include transactions that you made on crypto derivatives. Financial resources that you can actually only access through these types of platforms. It’s certainly a much more effective way to keep track all of your transactions. Particularly come tax time. The process of moving any crypto asset to dollars or any other regular currency can be a massive headache. Especially, because it’s hard to show where the asset came from. That can bring forth some trouble during tax season. Using the proof of history tool on the Solana plataform can really help justify where all of your assets come from.
Turbine Helps Bandwidth Problems
There’s no question that folks with a slower internet connection are at a disadvantage when trying to transfer crypto assets. That’s a big problem because as an investor it could limit the freedom that you may be looking for in the crypto space to begin with. At the same time it could limit the number of users that you’ll be able to do business with. Closing off potentially parts of the NFT markets for example. The turbine feature helps users that may be don’t have the fastest internet connection go about their regular financial activities.
As mentioned before this particular innovation can benefit digital nomads. At the same time it evens the playing field for folks from countries that don’t have access to a high speed connection. Who otherwise do have to deal with that handicap when trying to invest in different types of crypto assets. For example they would have no trouble investing in a single sided liquidity pool, and collecting their interest payments. Regardless of where they happen to be in the world.
Reduced Confirmation Time
One of the top benefits of decentralized banking has always had has been a reduced confirmation time on transactions. At least when compared to traditional banking methods. As a user you’re typically going to be able to access your funds much faster than you would with any traditional bank transaction. Solana promises to make the process even quicker.
These are just three of the 8 major innovations that Solana brings to the table. It’s certainly one of the few off chain platforms that are looking to give users that little extra. Not just access to financial instruments that may not be available in other spaces in the crypto world.
