Solana NFTs | Top 5 Solana Projects | Solana NFT Projects
Solana NFTs | Top 5 Solana Projects | Solana NFT Projects
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Links mentioned in the video:
✅ Get your own free Binance account: https://bit.ly/Binance-Register-Now
✅ Best Hardware Wallet (Ledger Nano): https://bit.ly/Ledger-Cold-Wallet
✅ Best Hardware Wallet (Trezor): https://bit.ly/Trezor-Cold-Wallet
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Welcome to our Solana NFTs Video!
What is Solana?
In short, Solana is a public, open-source blockchain. It was built to host a wide array of scalable decentralized applications (dApps), and its native cryptocurrency is SOL. Like the rest of the world’s most popular blockchains, Solana supports smart contracts. This is critically important, as NFTs are minted and traded using smart contracts — they assign ownership, allow users to access digital assets in the NFT, and so on.
Today, Solana’s TPS rivals that of Visa and Mastercard, making it an industry leader in terms of speed and global scalability. Additionally, Solana’s price is astoundingly low. Unlike Ethereum and its high fees, which make it challenging to use for those who don’t have a high-risk threshold to participate in NFT trading, Solana’s transactions price is only a fraction of a penny apiece. This has made Solana remarkably popular and one of the fastest growing ecosystems in crypto.
How does Solana work?
Solana runs on a combination of Proof-of-Stake (PoS) and Proof-of-History (PoH) mechanisms. These algorithms contrast sharply with that Proof-of-Work (PoW) mechanisms that are used by Ethereum and other blockchains.
In short, PoW requires computers to compete with one another to solve complex puzzles to add blocks and transactions to the blockchain. These puzzles are remarkably complex and require a lot of computer power to solve, which results in astronomical amounts of energy loss. Solana removes these puzzles from the equation. As a result, it doesn’t cause the same kind of environmental degradation, and its TPS performance is much higher.
What is Proof-of-Stake?
In PoS, users stake an amount of their cryptocurrency for the chance to be randomly chosen as a block validator. To break this down even further, in PoS, crypto holders stake their Solana crypto to a validator. Validators are computers that are chosen to add the next block of transactions on the Solana blockchain based on how much Solana crypto their owners have staked (along with a set of other requirements).
The idea here is that Proof-of-Stake encourages user loyalty when it comes to the Solana (SOL) crypto. How? By measuring the level of commitment the network participants have (i.e., measuring the amount of crypto they staked) and rewarding those who invested the most for their dedication by selecting them as the validator.
I hope you found value in our Solana NFTs video. Make sure to leave a like on the video if you gained value from it!
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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.
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#Solana #NFT #Crypto
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⏰TimeStamps⏰
0:00 introduction
0:36 - no.1 Cartoon Kids
2:10 - no.2 Rumble monkeys
4:18 - no.3 Communi3
7:23 - no.4 Zenjin Viperz
9:53 - no.5 Crypto Coral Tribe
12:32 - Recap