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Is Solana Here to Stay?

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Is Solana Here to Stay?

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Solana, a smart-contract-compatible blockchain, hit all-time price highs in 2021. The hype around the network and its token SOL is based on the fact that it has a faster transaction time and lower fees than that of Ethereum, earning the nickname “the ETH killer.” Smartchain compatible Layer 1’s have been in fashion but tend to be riding on Ethereum’s tail winds. However, with a couple key advantages over Ethereum and growing adoption of the technology, Solana could be here for the long haul.

Is Solana Here to Stay or Just a Fad?

Solana was founded by Anatoly Yakovenko in 2017. The network was built by Solana Labs, a U.S software company. The Solana blockchain launched its coin SOL and raised funds starting in 2017, but it truly began catching eyes in 2021 when large sums of VC money began pouring into the project.

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The total supply of SOL is about half a billion and uses a mix of proof of stake (PoS) as well as the less common proof of history (PoH) consensus mechanism. This unique combination of securing the network gives the Solana network the low fees and fast transaction speed that the bulls are excited about. However, a key concern with Solana has been the network’s instability, as well as susceptibility to hacks. Thus, the use of PoS and PoH is yet to be proven a reliable structure.

Solana’s History

The founding of Solana was very different from that of Ethereum. While Ethereum was spun up by a rag-tag group of freelance developers and crypto enthusiasts, Solana was started by a company in San Francisco. This genesis has been a big criticism of the project; with a key focus of crypto being decentralization, Solana is very much more involved in the corporate and Web2 ways of doing things. Its centralization is revealed in the structure of the company, low number of nodes operating the blockchain and the VC fundraising rounds. 

Solana was launched in 2017, giving Ethereum a significant first-mover advantage. In the fast-paced crypto ecosystem, two years is a significant amount of time and is a main reason the numbers of ETH users, builders and traders far outweigh Solana’s. Solana holders received some positive news when OpenSea – the largest NFT platform in the world – began accepting SOL non-fungible tokens (NFTs) in April of this year. This feature could raise demand for the token as well drive more development on the chain.

Pros and Cons of Solana

When considering Solana’s future, a number of differentiating factors come to mind. While the SOL bulls may want to focus on the pros, the cons make it very hard for the network to scale and earn the trust of the crypto community at large.

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Pros:

  • Fast transaction speed
  • Low fees
  • Smart-contract capability

Cons:

  • Centralized (relative to other crypto networks)
  • Susceptible to hacks
  • Difficult to build on

Solana Competition

Solana has intense competition; as noted earlier, it ranks far below the second largest cryptocurrency in the world – Ethereum. The competition does not end there, however. A seemingly endless number of similar smart-contract-capable Layer 1 blockchains have been released. Notably is the NEAR protocol, which is similar to Solana. 

Possibly most threatening to Solana is the number of Ethereum Layer 2 projects being developed, such as Arbitrum and Polygon. These Layer 2s build upon the base infrastructure of Ethereum and provide cheaper and faster solutions. Layer 2s ultimately capitalize on the advantages of Ethereum (ease of use, decentralization, security) and provide faster transactions with lower fees. 

How to Make Money With Solana

If you are a believer in Solana long term, one of the best ways to make money is to buy and hold the token. A good strategy to use is dollar cost averaging, in which you set a specific day weekly, bi-weekly or monthly to purchase an amount of SOL. This strategy helps investors avoid buying the top and helps prevent emotional trades.

If you are looking to earn rewards on your SOL, you can look into staking for interest. Through a cryptocurrency wallet such as Phantom, you can freeze SOL to help authenticate the Solana network. APYs vary for staking SOL, with smaller validators typically offering higher returns because there is more risk in these pools.

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Solana is available on most trading platforms, including SoFi Technologies Inc. (NASDAQ: SOFI), Coinbase Global Inc. (NASDAQ: COIN) and eToro. The token is also easily exchangeable on decentralized exchanges (DEXes). Some popular DEXes to check out include SushiSwap, PancakeSwap and UniSwap.

Is Solana Here to Stay?

It is yet to be seen if Solana has any staying power; however, the recent adoption of Solana NFTs is great news for the community. The network is fast and cheap for users to transact, but recent hacks and network issues have caused serious doubts about the project. For Solana to have any chance of staying around, an increase in decentralization, stabilization of the network and rapid adoption must take place.

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analysis group

Report: The Metaverse Might Contribute $320 Billion To Latam’s GDP In The Next 10 Years

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Report: The Metaverse Might Contribute $320 Billion To Latam’s GDP In The Next 10 Years

A new report indicates that the metaverse might be a significant factor in the growth of economies in Latam and the world in the coming decade. The study, issued by Analysis Group, estimates that Latam might benefit from a surge of $320 billion or an approximate 5% of its GDP, in the next 10 years. This is the biggest percentage share of GDP of the regions in the study’s projection.

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Analysis Group’s Metaverse Report

The metaverse is becoming a subject of intense focus in crypto and business at large, and many companies are already projecting the impact that it might have in several countries and areas in the future. In a recent report titled “The Potential Global Economic Impact of the Metaverse” issued by international economic consulting firm Analysis Group, the opportunities that the emergence of the metaverse could open in the next ten years are examined, assuming “adoption begins in 2022.”.

In the document, the researchers compare the rise of the metaverse with mobile technologies and examine the growth as if this new technology were to evolve in a similar way. This industry was selected “because of similarities to the metaverse in the way it combined existing and nascent innovations to fundamentally alter global technological and economic landscapes.”

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Major Latam Growth and GDP Estimates

According to the report, the metaverse and its related activities have the potential of representing 5% of the GDP of Latam in the tenth year after adoption begins (2022), contributing $320 billion to the economies of the area. The report also projects that the growth in Latam will be the biggest percentage-wise, while the APAC region would have the biggest growth volume-wise, representing more than $1 trillion of its GDP.

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Globally, the study estimates that the metaverse will generate $3.01 trillion, becoming more than 2% of the GDP of the world ten years from now. Per the report, this growth will only happen if the sector reaches its expected potential, having “far-reaching applications, with the potential to transform a wide range of economic sectors such as education, health care, manufacturing, job training, communications, entertainment, and retail.”

Other companies have also predicted the possible impact of this new activity and the economic opportunity it will present for different industries in the future. Grayscale, one of the leading cryptocurrency asset managers, estimated that the metaverse might become a $1 trillion business opportunity in the future. Goldman Sachs also predicts the metaverse will be an $8 trillion opportunity. JPMorgan has stated that this $1 trillion market “will likely infiltrate every sector.”

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What do you think about Analysis Group’s metaverse report? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Ariva

Ariva Celebrates 1st Year Anniversary With Impressive Achievements In The Blockchain Industry

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Ariva Celebrates 1st Year Anniversary With Impressive Achievements In The Blockchain Industry

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PRESS RELEASE. Ariva, a next-generation tourism & travel blockchain protocol, celebrated the first anniversary of its launch on May 25, 2022. This development marks an impressive milestone for the blockchain project that has taken the tourism sector by storm in recent months.

Ariva launches reward program to celebrate 1st anniversary

Ariva has announced a giveaway campaign to celebrate the first birthday that will reward users with different prizes. This includes a limited collection of its Arivaman NFT to 6 winners, $30 million ARV tokens to 30 participants and $6k BUSD to six winners.

Ariva has further revealed that participants will have to complete a series of events, including following Ariva on different social networks, voting on Coinmarketcap and filling out a reward form with their BSC address.

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Undoubtedly, one of Ariva’s most important birthday week events will be the launch of the alpha test of the Ariva Wonderland Metaverse project. In a surprise, the team announced that the test will be conducted in an open alpha test format and that a limited number of gamers from the committee will be selected for this unique experience.

Major achievements accomplished in 12 months

Ariva has achieved some noteworthy achievements since its launch due to its impressive concept and innovative products. It has an active community of more than 200,000 members on social media and is featured in 100+ tabloids globally.

Ariva has also enjoyed significant adoption of its token ARV with more than 220,000 holders. ARV has also been listed on 32+ exchanges and 10+ wallets showing the rapid growth of the utility token.

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Ariva has also hosted several events to foster the development and adoption of blockchain technology in the tourism industry. In recent months, it has also embarked on high profile partnerships with the World Tourism Forum Institute and Global Tourism Forum.

Ariva’s partner, the president of WTFi Bulut Bagci was also a keynote speaker at the FIS Dubai event in May 2022. Furthermore, Ariva has been able to embark on policy building with members of the European Parliament on how it can revolutionize the travel and tourism industry with blockchain technology.

A complete blockchain-based tourism ecosystem

As promised, the team also launched the Ariva.World crypto travel portal and Ariva.Finance payment gateway before his birthday. They also stated that the distribution of Ariva Pos Machines to hotels and travel agencies will begin in a short time.

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Merchants can also deploy Ariva.finance APIs on their stores to integrate crypto payment systems. Furthermore Ariva.Finance has been deployed into the first batch of Ariva POS machines that hotels and tourist centres have adopted. Ariva.World is a decentralized hub that enables tourists to connect with local and global tourism service providers.

Ariva recently launched Ariva Wonderland, a metaverse project that aims to introduce tourists to a world with limitless travel experiences.

More developments expected in the future

The Ariva team is not resting on their laurels and has partnered with Global Tourism Forum ahead of its leader’s summit set to take place in Washington DC on 24th June. It has also revealed plans to extend more features for the Ariva Wonderland metaverse and list ARV on more exchanges in the coming months.

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To learn by visiting the website https://ariva.digital/


This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs

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Argentinian Cryptocurrency Exchange Buenbit Announces Staff Layoffs

Buenbit, an Argentinian cryptocurrency exchange, has announced a series of layoffs due to the downturn that traditional and crypto markets are currently facing. Buenbit’s co-founder and CEO, Federico Ogue, clarified that this move had nothing to do with the recent Terra ecosystem disaster and that from now on, the exchange would focus on keeping operations in countries where it already has an established presence.

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Buenbit Announces Layoffs

Buenbit, an Argentinian cryptocurrency exchange, has announced a change in its hiring strategy due to the recent downturn that the cryptocurrency and stock markets are facing. According to some reports, the company will be laying off almost half of its current workforce across the three countries where it operates, including some senior executives.

Federico Ogue, co-founder and CEO of the exchange, stated on social media that these changes were the consequence of the tech industry facing a review phase. Ogue stated:

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Given this new context, we decided to reduce our staff and pause our expansion plan to focus exclusively on operations in the countries where we are present today and maintain a self-sustaining and efficient structure.

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Furthermore, Ogue revealed that this move had nothing to do with the recent collapse of the Terra ecosystem, even though the exchange did offer Terra-related services as part of its investment portfolio. “It is a decision that we have been working on for months. It is an adjustment that is taking place throughout the startup industry,” he explained.

Expansion Plans Halted

This new strategy ends the expansion plans the company had revealed during its Series A financing round, which raised $11 million for this goal in July 2021. The company announced that its focus will be to maintain the same quality of operations in countries where it is already present.

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The company stated this was a proactive response to an upcoming problem, “in order to avoid, in the near future, the unnecessary exposure of the company to the dependence of raising a next round of investment, when the market numbers indicate that this is not the correct strategy to follow in the current context.”

Other exchanges have also announced changes in their hiring strategies due to the new direction of the global economic markets. Coinbase, a U.S.-based cryptocurrency exchange, recently noted it would slow down its hiring process to be in a better position during and after the current market downturn.

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What do you think about the layoffs announced by Buenbit? Tell us in the comments section below.

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Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Advertisement

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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