We at 1xBit greatly appreciate our community’s feedback and requests. Our players wanted Solana as a payment method, and we listened! You can now bet on sports and play your favorite casino games by wagering SOL coins.
But what exactly is Solana, and what makes it so unique?
An Introduction to Solana
Solana is an open-source network created in 2017. It’s a platform for hosting decentralized applications and possesses smart contract capabilities. Some of its most noteworthy features are ultra-fast but cheap transactions and timestamping.
The platform uses a network-wide synchronized clock that significantly reduces verification times for nodes because all transactions are timestamped. This concept is known as Proof of History (PoH). Solana’s creator, Anatoly Yakovenko, realized that a standardized clock would improve synchronization times and make the blockchain faster. The only bottleneck is the user’s network bandwidth. The faster your internet connection is, the faster Solana can scale.
During the platform’s testing phase, the team succeeded in showing the strengths of its blockchain. Solana achieved throughputs of 250.000 transactions per second, and by the end of 2021, the network had already processed over 40 billion transactions. The official SOL documentation describes that a maximum of 710.000 TPS are achievable on a 1-gigabit network. In contrast, a 40-gigabit network can increase these numbers to 28.4 million!
Let’s now see how Solana performs when placed H2H against Ethereum.
Solana And Ethereum: Differences and Similarities
Both networks support smart contracts and NFTs. They also got the tools to host DeFi applications. However, Ethereum is a Proof-of-Work (PoW) type of coin waiting to migrate to PoS. At the same time, Solana has already taken advantage of the Proof-of-Stake consensus algorithm.
Hence, SOL requires much less computational power and leaves behind a smaller carbon footprint. Solana’s blockchain can handle between 50.000 and 700.000 transactions per second, while Ethereum’s max is 15 TPS. The ETH Gas fees have skyrocketed during 2021, forcing users to pay up to $70 per transaction. On the other hand, SOL can be moved for an average transaction fee of $0.00025.
Ethereum’s advantage is its longevity. It’s been around since 2015 and is the coin with the second-largest market capitalization in the world. Solana is a younger network but with a lot of firepower.
How To Earn Solana (SOL)
What better way to earn Solana is there than to bet on sports and play your favorite casino games on 1xBit.com? We have a massive selection of sports events to choose from with the highest odds on the market. In addition, you can increase your SOL bags by playing our live dealer games, slots, or table games. Lastly, if you are a fan of virtual sports, we will bring you the highest level of entertainment on the market.
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