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Blockchain Brief: Solana (SOL). This Blockchain Brief is all about… | by Blockchain.com | @blockchain | Nov, 2022

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2 years ago

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This Blockchain Brief is all about Solana (SOL), an energy-efficient, fast, and low-cost blockchain that powers dApps around the world.

What is SOL?

  • ​​Solana is a blockchain platform that includes proof of history (PoH) technology to improve speed without sacrificing security.
  • Because of its PoH technology, Solana is one of the fastest blockchains available, with an average processing speed of 2,700 transactions per second.
  • The native cryptocurrency of the Solana network is the SOL token, which is currently in the top ten of all cryptocurrencies for market capitalization.

Use cases of SOL

  • Transaction fees. The SOL token is used to pay transaction fees on the Solana network, which are remarkably low thanks to the high throughput of SOL. Transaction fees on SOL average $0.00025 per transaction.
  • Staking. Like many other cryptocurrencies, holders can stake their SOL for rewards, governance voting and gain eligibility to become a validator.
  • dApps and smart contracts. Similar to Ethereum, SOL uses smart contracts that support decentralized applications, and there is a tremendous variety of dApps that exist in the SOL ecosystem.
  • Creating currencies. Many dApps within Solana have created their own currencies, which power their projects. SOL is an attractive blockchain for this use due to its scalability.

Why SOL is getting attention

  • ETH alternative. Solana is an increasingly popular alternative to Ethereum thanks to its lower fees and faster speeds.
  • Hub for NFTs. With lower congestion than other blockchain platforms, SOL could become a standard for those looking to build and host an NFT marketplace or explore gaming applications in crypto.
  • DeFi projects. The Solana ecosystem houses a wide variety of DeFi projects, such as decentralized exchanges (DEX), lending protocols, crypto wallets, investment platforms, and payment systems.

Interested in SOL?

You can now buy, sell, swap, and earn rewards (for eligible users) on it in the Blockchain.com Wallet.

This information is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax or financial advice from a professional advisor.



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Blockchain

“Not your keys, not your crypto” explained | by Blockchain.com | @blockchain | Nov, 2022

Published

2 years ago

on

November 17, 2022

By


If you’ve been following the recent fallout of crypto exchange FTX, you’ve likely heard the phrase, “not your keys, not your crypto.”

But what exactly does this mean?

To help unpack the term, we explored the benefits of self-custody using your Private Key Wallet on the Blockchain.com Podcast.

In case you missed it, here are four big insights from the conversation.

There are two major types of crypto wallet, a custodial wallet and a non-custodial wallet.

A non-custodial wallet (Private Key Wallet in our app) gives you full control over your money.

Many contemporary service providers only offer custodial services where your crypto often never actually leaves their platform, as they are the custodian of your funds.

When you sign up for a wallet, a unique public key and a private key is created.

You can think of the public key just like an email address, you can share it with anyone you want, but your private key is like a password that unlocks your ability to send crypto from your wallet.

“Not your keys, not your crypto” means that if you don’t hold your private key using either a self-hosted or private key wallet, then someone else actually has control of your money — like a third party crypto service provider.

Sharing that private key is basically like giving someone the keys to your safe deposit box or your house. For that reason, you should never share your private keys.

Not every major crypto company offers or supports a non-custodial wallet like Blockchain.com does.

The Blockchain.com Private Key Wallet was the first wallet we ever built and represents the overall “trustless” ethos of cryptocurrency.

If you’re interested in setting up a Private Key Wallet with Blockchain.com, go to Blockchain.com to sign up for yours today.



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