Solana is one of the biggest Layer 1 alternatives (i.e. the smart contract platforms that emerged after Ethereum). Like Ethereum, Solana is used to power an array of web3 dApps, DeFi, NFTs and more.
Using a novel Proof-of-History consensus mechanism in tandem with a traditional Proof-of-Stake model, Solana claims to be the world’s fastest major blockchain, with the capacity to process more than 50,000 transactions per second at a per transaction cost of less than $0.01.
SOL is the native token of the Solana network. It’s used to power dApps and pay for transaction costs on the network. New SOL tokens are distributed to those who stake their coins to help secure the network.
CoinJar is the longest-running crypto exchange in Australia and has been designed from the ground up with security and ease-of-use in mind. From the quick and intuitive sign-up process, to our lightning fast bank deposits and withdrawals, low fees starting at 0% (on CoinJar Exchange),and user-friendly iOS and Android app, CoinJar is the ideal crypto exchange whether you’re buying SOL for the first time or an experienced investor.
You can store your Solana in a hardware wallet or on a trusted exchange. Hardware wallets (such as the Ledger) offer high level security, allowing you to store your SOL offline in a unit that only you have the password for. However, exchanges such as CoinJar also provide excellent security, keeping more than 90% of our crypto in cold storage or private, multi-sig wallets and offering our users next-gen 2FA account protection as default.
Solana was first conceived of in 2017 by programmer Anatoly Yakovenko, who designed its trademark Proof-of-History consensus mechanism. The first block of the Solana was created in March 2020.
The safest way to Buy Solana is through a trusted exchange with a proven track record. CoinJar is Australia’s longest-running crypto exchange and has been operating since 2013 with no unplanned downtime, security breaches or loss of customer funds. We are registered with AUSTRAC and the FCA UK (for AML purposes) and work with some of the world’s largest payment providers, including Mastercard, Visa, Apple Pay and Google Pay.
The price of SOL in AUD is determined by the international Solana market – basically, the price to be found on cryptocurrency exchanges in Australia and all around the world. These prices tend to be the same (or very close) because any differences are smoothed out by arbitrage traders that buy at one exchange and sell at another.
Solana uses Rust, one of the most widely used programming languages in the world.
CoinJar’s digital currency exchange services are operated by CoinJar Australia Pty Ltd ACN 648 570 807, a registered digital currency exchange provider with AUSTRAC.
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