Solana is a perfect fit for Pinoy crypto enthusiasts for several reasons. Here’s a list of why Filipino crypto fans are excited about Solana.
Disclaimer: This article is not meant to be investment advice. Should you prefer to invest, you are expected to extensively learn more about crypto and how it works.
Solana is one of the newer cryptocurrencies that have joined the ranks of coins that may hold the promise of expanding your financial perspective into the blockchain world. Its native token “SOL” has already earned its way into the top ten cryptocurrencies according to market cap and shows no signs of slowing down yet.
2021 was actually tagged as “The Year of Solana” with SOL prices having risen in remarkable fashion. In November, Solana was trading at its all-time high of USD 260.00. with Yahoo Finance reporting that it had surpassed XRP to become the sixth-largest cryptocurrency back then.
Just like other cryptocurrencies, Solana works inside a decentralized computer network that uses blockchain technology to manage its ledger. The recording and validation of transactions are cryptographically coordinated by specialized computers around the world to make sure that the data is secure and tamper-proof.
One of the things that set Solana apart is its ability to process 50,000 transactions per second as reported by Forbes. Transactions done using Solana also cost less than most networks, thanks to its speed and low network congestion.
For the most part, Solana is a perfect fit for Pinoy enthusiasts for several reasons. Here’s a list of why Filipino crypto fans are excited about Solana:
Freedom of Finance
Cryptocurrencies capture the interest of Filipinos in general since they offer decentralized finance. Solana supports permission-less payments and investment opportunities that anyone can enter into even without a bank account.
Cryptocurrency powers global peer-to-peer transactions and is accessible to anyone with an online connection. It is a type of tradable digital asset stored on a blockchain in contrast to traditional banking hours.
Harness the potential of NFTs
NFTs or non-fungible tokens are unique tradable digital assets stored on a blockchain, ranging from digital works of art, songs or in-game items for blockchain games. These digital assets can be bought, sold, and traded between cryptocurrency wallets. Axies in Axie Infinity games are also NFTs wherein players need to purchase and pit them against each other in battles.
Solana currently hosts the second largest NFT market next to Ethereum, attracting more and more artists and creators with its lower entry barrier fees. Filipinos being fans of pop culture would gravitate toward this feature.
Cryptocurrencies like Solana are inherently secure. Pinoys won’t have to worry about hackers or fraudulent transactions due to the fact that crypto uses the Blockchain’s decentralized data storage ledger which tracks all the transactions under it. Entering data on the blockchain means storing them "decentrally" across a network of computers.
Development of digital applications
Aside from the items mentioned above, Solana also supports development of apps of several niche – gaming, social media, finance apps, and more. The Philippines being dubbed as the social media capital of the world, Filipinos could take this chance to support developers of the plausible apps they might consume in the future.
Another feature that allows Solana to stand out is the proof-of-history protocol. This process is an alternative to the proof-of-work approach used by leading cryptocurrencies which may be very secure but not energy efficient. With proof-of-history, Solana generates timestamps to a validation model wherein the assigned validators are only those who own enough of the token– not everyone in the network. This allows quick processing of secured transactions with less energy used.
Solana has a lot of potential as a cryptocurrency that’s why it attracts a number of Filipinos. There is no denying the fact that cryptocurrencies in general are volatile in nature, but if you’re weighing your options in getting one, you’re in the right block.
Solana is now available for Filipinos thru PDAX, the leading homegrown cryptocurrency exchange in the Philippines which has been licensed by the Bangko Sentral ng Pilipinas. You can download the PDAX mobile app in Google Play Store, Huawei App Gallery or Apple App Store and start trading SOL as well as other new coins like SUSHI, XLM, LUNA, and BNB. For more information, you can go visit https://pdax.ph.