What is Solana? Here are Some FAQs About SOL

SOL is the native cryptocurrency of the network. It is used to pay for things on the Solana network, and it can be staked (which means that people can lock it up for a period of time on the network and earn more SOL as a return. (There are risks with staking, however, so do your research.)

SOL launched with a price of US$0.95. It reached an all-time high (ATH) in November of 2021, with a price of US$260. But at the time of writing (06 Nov 2024), SOL is worth US$166.70.

However if you bought SOL in the early days, and HODLed (Held On for Dear Life) and kept it, then you’d still be sitting pretty today.

Please note that past performance is not a guarantee of . The performance of most cryptoassets can be highly volatile, with their value dropping as quickly as it can rise.

How to Buy Solana

First, you'll want to find a reliable exchange. That’s where CoinJar comes in, offering an convenient-to-navigate platform that investors trust.

It's essential to ensure the platform you choose is secure and user-friendly, so you can buy and sell SOL with confidence. Whether you’re a crypto newcomer or a savvy investor, CoinJar provides the tools you need.

Please note that in the event that a U.S. court determines that SOL is a security or there are other material developments affecting the treatment of SOL under securities laws, we may cease to support SOL and/or the market for SOL may be adversely affected.

Solana on CoinJar

To buy Solana (SOL) on CoinJar, you need to follow these steps.

-Download the CoinJar app on iOS or Android. You can also use the web version of CoinJar.

-Create an account with CoinJar and verify your ID. This is required to comply with the regulations and laws in your country. You must provide some personal information, such as your name, email, phone number, and address. You must also upload a photo of your ID document, such as a passport or driver’s license.

The verification process may take a few minutes or hours, depending on the volume of requests. UK residents are required to do an assessment and then wait 24 hours (see below).

-Transfer money into your CoinJar account. You can do this in several different ways, so choose the payment method that suits you best. You can use bank transfers or a card, among other methods.

-Buy SOL at the market price or place a custom order.

-CoinJar provides a secure and convenient wallet for storing your SOL and other cryptocurrencies. You can access your wallet from the app or the web.

You can also send and receive SOL from other wallets using your CoinJar address or QR code. If you prefer to use a different wallet, you can transfer your Solana from CoinJar to any other compatible wallet.

-Welcome to the Solana club!

Where can I store my Solana?

You can store your SOL 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.

Who created Solana?

SOL 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.

How to buy Solana in the UK?

The best way to buy Solana in the UK is through a trusted exchange like CoinJar. We offer accurate prices, low fees and an easy-to-use, ultra-secure app.

What is the safest way to buy SOL?

The safest way to Buy Solana is through a trusted exchange with a proven track record. CoinJar is one of the world’s longest-running crypto exchanges 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.

Can I buy Solana with a Credit Card or Debit Card?

Yes – with CoinJar Instant Buy you can buy Solana with any UK-issued Visa or Mastercard. We also offer support for Apple Pay and Google Pay.

How is the price of Solana determined?

The price of SOL in GBP is determined by the international Solana market – basically, the price to be found on cryptocurrency exchanges in the UK 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.

Which programming language is used in the Solana blockchain?

Solana uses Rust, one of the most widely used programming languages in the world.

Can You Mine SOL?

No… But! When looking to buy Solana you might wonder, "Can you mine Solana?" Unlike other crypto assets, the answer isn't straightforward.

Mining in the traditional sense – the proof-of-work model – isn't how the Solana network operates. Instead, it uses a proof-of-history consensus combined with proof-of-stake, focusing on performance and rapid transactions.

This mechanism means that while you can't "mine" Solana in the conventional sense, you can participate in the network by staking SOL crypto. This involvement secures the blockchain and aids in processing the vast number of transactions Solana is known for.

How do I buy SOL?

Buying Solana is convenient with CoinJar. Just set up your CoinJar account, verify your identity, pass a quiz about risk, wait 24 hours for verification, select a payment method, and you'll be ready to purchase SOL.

Can I use CoinJar for purchasing Solana?

Yes. CoinJar is a platform for buying and selling cryptocurrencies like Solana. With user-friendly tools and robust security measures, you can make transactions and protect your investments.

Is CoinJar user-friendly for crypto beginners to purchase Solana?

Yes, CoinJar platform is designed with a guide to buying Solana, ensuring a smooth experience as you navigate the world of cryptocurrencies.

Does CoinJar provide real-time SOL price tracking?

Yes. CoinJar offers real-time tracking of SOL prices, helping you make timely and informed decisions based on the latest market movements. See chart above.

Why buy SOL with CoinJar?

CoinJar is one of the longest-running crypto exchanges in the UK 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 a user-friendly iOS and Android app, CoinJar is the ideal crypto exchange whether you’re buying crypto for the first time or an experienced investor.

Conclusion: How does Solana work?

Solana is a high-performance blockchain platform developed by Solana Labs, seen as a competitor to oher blockchains ie Solana vs Ethereum. It utilizes a unique mechanism to process transactions, achieving speeds that can surpass those of Ethereum.

The SOL token is used to pay transaction fees and participate in governance. These fees can sometimes be significantly than those on Ethereum.

The platform supports smart contracts, enabling developers to build decentralized applications (dApps), including a fungible token NFT marketplace. The SOL ecosystem extends to mobile devices with Solana Mobile and facilitates payments through Solana Pay.

The Solana Foundation oversees the development and growth of the network, which relies on validator nodes to secure the blockchain and ensure its integrity. SOL's market cap reflects its prominence in the crypto space.