Crowny will be migrating to the Solana blockchain. What is Solana, their edge over competitors? There are a lot of advantages for Solana native tokens. In order to understand the decision-making regarding this migration, context is needed. We will happily provide you with an elaboration on why we have decided to partner up with this great technology platform. To describe the upcoming migration in the best way possible, understanding the concept of Solana is crucial. Time to show you what Solana is all about!
What is Solana exactly?
The best way to describe Solana is to refer to it as a public blockchain platform. The Solana platform is open-source and decentralized. The most prestigious and influential figures within the crypto environment have had nothing but positives to mention about the Solana blockchain. Most of the statements agreed on the prediction that Solana could become an important rival to Ethereum. This is no surprise or random statement. Solana provides similar services as Ethereum, that’s why the comparison is fairly easy to understand. Just like Ethereum, Solana can interact with smart contracts. This means that the blockchain is able to run or support certain programs.
How does Solana work?
Regarding Ethereum for example, the ERC20 token is called ERC20 because the functionalities the token supports are defined within the ERC20 standard. These functionalities are programmed within the smart contract. This smart contract is then being deployed on the blockchain through a transaction. After this transaction, other people can interact with the smart contract through the ETH network. The Solana blockchain operates in a similar fashion. Their internal cryptocurrency is referred to as SOL. Lately, the price of this cryptocurrency has peaked beyond its previous highs, entering the top 10 of all cryptocurrencies of this moment.
Solana ecosystem, the place to be!
The Solana ecosystem is of the utmost importance to the platform. There are over 400 projects built on Solana’s network. This includes decentralized finance (or DeFi) applications. For every project, especially the ones involving apps, there are some very interesting motives to start building on the Solana platform. The greatest benefit to a Solana-based app is that it is scalable; Solana aims to ‘’Build crypto apps that scale’’. Scalability is one of the many reasons why Crowny is different from its competitors. Apart from that, Solana offers a variety of other benefits for the projects that use their platform. Especially for organizations that intend to create a crypto app these benefits can create a real edge over competitors. Incidentally, it might also be a major advantage to be able to secure passive income through staking both SOL and CRWNY. By utilizing this possibility, investors can make the most out of their investments.
What is Solana’s edge over competitors?
Apart from scalability, many other metrics would support the decision to migrate as well. When researching Solana, the statement ‘’Ethereum killer’’ pops up every single time. This might sound like clickbait, but the arguments supporting this bold statement are strong. Ethereum and Solana both offer similar services. Even though Ethereum is probably the most recognized of these two, it is seemingly not the best at its craft. For example, the Solana platform claims to have the speed to process 50.000 transactions per second.
The fastest blockchain around
This is by far the fastest compared to any blockchain. There even are predictions that when hardware approves, the platform can process 700.000 transactions per second. To put this in perspective, Ethereum provides its users with the capability of processing 15 to 45 transactions per second. It doesn’t end here. Whereas Ethereum costs $2.15 per transaction on average, Solana costs $0.001 per transaction. Low transaction fees are of massive importance to the Crowny app. Since the Crowny app will involve a massive amount of transactions, these metrics are more than essential to be able to reward our users every single time!
What is Solana’s effect on the Crowny family?
It is expected that the Solana migration will be very positive news for everyone affiliated with Crowny. For companies, investors and app-users the migration is good news. But why exactly will it be something positive for you? And in what way will the effects of the migration be seen in real life, apart from the metrics etcetera? Stay tuned in order to receive further information regarding the benefits and the execution of the migration. We will keep you posted at all times!