Udemezue John
Introduction.
Bitcoin started the revolution more than 14 years ago and was able to create more millionaires than any global business industry.
Sadly, not everyone was able to tap into that reality, but it gave birth to many other alternative coins, which followed the same protocol as Bitcoin did, these coins include Ethereum, Litecoin and thousands of counting.
What I tell people when investing in cryptocurrencies is that you don’t have to rush because they will always be a next time, try as much as possible to understand the rudiments to be prepared for the next moving train.
Bitcoin came and in less than 12 years it hit 7 figures, heading to a million in the next decade, just behind it was Ethereum which brought a different vibe into the world of cryptocurrencies, allowing people to build on top of its platform, not so many people had enough information to purchase Ethereum when it was less than $50 now it’s over $4,0000 in less than a year.
I am happy to announce to you that there is another moving train, this time it came with another spice, making it the fastest blockchain alive, it is sometimes called the 5th generation blockchain.
Dear readers, I present to you the future of money, the next cryptocurrency to produce the most significant amount of cryptocurrency billionaires, Welcome Solana.
What is Solana?
Solana is a newcomer blockchain network focused on fast transactions, It has been credited with the title of the quickest and most efficient blockchain service globally. It adopts a new method of verifying transactions called proof of history.
Solana was Founded in 2017 by Anatoly Yakovenko from Solana Labs to compete with established cryptocurrencies such as Bitcoin, and Ethereum which suffered speed issues to become the fastest-growing blockchain network alive.
Solana blockchain can handle thousands of transactions per second because it uses a unique method of ordering transactions to improve its speed.
The native coin used in the Solana ecosystem is called SOL, with it, users can pay their transaction fees and interact with smart contracts.
In 2021, there were about 302 million SOLs in circulation. Like many coins, Solana has a restricted annual distribution, as coins are rewarded to those supporting the cryptocurrency.
Why Should I Invest in Solana?
Solana has risen quickly in a short period and is growing fast enough to become the fastest-growing cryptocurrency in recent times, so even those who have purchased recently are likely to have made significant money.
In this section, I am going to list vivid reasons why you should become part of the Solana blockchain ecosystem.
1. Solana is Fast.
Scalability is necessary for any project to succeed, this is why big players in the cryptocurrency industry like Ethereum and Bitcoin are likely going to be major losers because their networks have become too loaded thereby making them not scaleable.
Solana has grown so fast to become a rival to Ethereum, largely because of its speed.
Solana can support tens of thousands of transactions per second compared to only about 13 transactions for Ethereum, which currently operates on a proof-of-work, model that requires miners to complete complex calculations to validate transactions.
Solana’s proof-of-history, and proof-of-stake, models verify transactions based on coin ownership, making it process way faster than every other altcoin including Bitcoin. This has made Solana have way lower fees than Ethereum.
2. NFTs and smart contracts.
NFTs are becoming a major player in cryptocurrencies with more projects being created and minted daily. Ethereum was the first cryptocurrency to introduce smart contracts, and ever since, it has witnessed massive adoption among every other blockchain network including Solana.
Solana is also rapidly gaining market share in the high-growth non-fungible token world. NFT marketplace Solanart runs on the Solana network, allowing NFT buyers to enjoy faster transaction speeds and lower fees than buyers on the Ethereum network.
The increasing demand for smart contracts and NFTs could be a major determiner for the long-term success of Solana.
3. Consider The Environmental impact.
Bitcoin and Ethereum over the years have become the largest emitter of CO2 which is a major discussion among world leaders. Their negative environmental impact may slow the growth of these two major players in the crypto world.
The computing power needed for mining Bitcoin and verifying transactions currently generates about 60 million tons of carbon dioxide per year, giving Bitcoin roughly the same carbon footprint as an entire industrialized nation.
Solana, on the other hand, is less energy-consuming, making Solana a greener alternative and more environment-friendly to Bitcoin and Ethereum.
How do I make money Online With Solana?
Ethereum’s multiple use cases have caused a huge surge in demand for its blockchain. To counter this, an alternative was created, and Among them is Solana.
There are a few reasons why Ethereum and Solana are often compared. For one, both have smart contract capabilities.
Smart contracts, or collections of code that carry out a set of instructions on the blockchain, are crucial in running decentralized finance, or Defi, applications and nonfungible tokens, or NFTs. Do you want to make money online with Solana? Here is how it can be done.
1. Buy and Hold SOL.
The very first way to make money from every blockchain project is to invest in its native token, and in the case of Solana, its native token is SOL.
Buying and holding SOL tokens is one way to build passive income with Solana. Bitcoin and a couple of other cryptocurrencies have handsomely rewarded investors who have bought and held them.
There are different buy-and-hold trading strategies. The main idea behind these strategies is to ride long-term bull trends and eliminate the market ‘noise’ associated with lower time frames.
Anyone can buy SOL tokens anywhere on top cryptocurrency exchange platforms. I wrote a comprehensive guide on how beginners can get started with acquiring their first cryptocurrency. Check out the link to the article to learn more.
2. Get Paid in Solana (SOL).
Next is to get paid for your goods and services using the Solana token called SOL. One of the fastest and easiest ways to earn Solana coins is to work and get paid in SOL.
Anyone can go through freelance and outsourcing marketplaces such as Upwork, Giggrabbers, goLance, Guru.com, and Freelancer among others.
Once you have built great professional relationships with particular clients which can turn into personal relationships.
And when next you decide to work with them, kindly inform them that you are open to paying them through cryptocurrency, you can send your wallet address, and see the payment reflected in your account.
Fortunately, the advancement in technology has made it possible for people to work from all corners of the globe without having to need the bank.
At the moment, more than 50% of individuals and companies you work for will ask if you are interested in being with cryptocurrencies.
If you are the kind that offers services or sells goods online, you can decide to get paid using the SOL token.
I wrote a comprehensive guide on this blog on how to become a successful freelancer. Check out the link to the article to learn more.
3. Earn Free Solana (SOL) Coins through Airdrops.
An airdrop in crypto finance is a distribution of a cryptocurrency token or coin, usually for free, to numerous wallet addresses.
Airdrops provide an avenue for anyone to earn an income with cryptocurrency without having to invest a single dollar.
Do you know that thousands of Solana tokens are being given away in December? You can earn tens, hundreds, or thousands of SOL if you know where and when they are available.
There is a total of 35,000 SOL airdrops that will be given away in the first ten (10) days of December.
To successfully participate in any given airdrop, you would be asked to complete a given number of tasks, and as soon as that is done, you will submit your details to the giveaway page.
4. Solana Staking.
The next way to make money online is through staking. Staking crypto is one of the best ways to make constant passive income.
Staking cryptocurrencies is a way of committing your crypto assets to support a blockchain network and confirm transactions.
Since staking is common with cryptocurrencies that use the proof-of-stake (POS) model to process payments, Solana is one of the best-yielding POS-backed cryptocurrencies you can find in the market today.
5. Day-trade Solana.
Trading is another avenue to make money online with Solana. Trading takes place on centralized and decentralized exchanges.
You can sell your investments off and lock in gains when the asset reaches your price ceiling. One of the tricks of getting more SOL coins through trading is the conversion of the worth of SOL holdings to stablecoins when there is a bearish outlook of the market. Once there are huge dips, you can use your stablecoins to buy more SOL coins.
I wrote a comprehensive guide on how anyone can become a successful day trader. Check out the link to the article to learn more.
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