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Solana reach an all-time high for second time in a week





 A one-year-old cryptocurrency Solana has done it again with the interest of institutions in cryptocurrency

Solana is a secure and censorship-resistant blockchain that provides open infrastructure.

Solana grew a staggering 22.7% overnight to hit a price of $83.21 shortly a week after beating its former all-time high of $78.63.

Today surge in the price of Solana pushes the cryptocurrency to be the tenth-biggest crypto by market cap, according to CoinGecko data.

Solana been the Ethereum competitor also utilizes smart contracts - lines of code that execute "if-then" statements akin to productivity tool IFTTT on its blockchain like Ethereum.

Solana's network mines its native SOL token using a proof-of-Stake (PoS) consensus mechanism. This means that it's a lot greener than Bitcoin and Ethereum, in which both currencies use the energy-intensive proof-of-work (PoW) model.

Proof of stake is an alternative to proof of work that Bitcoin and Ethereum currently use. Ethereum Founder has acknowledged that proof of stake has several advantages over proof of work which makes Ethereum recently pushed for upgrades to Ethererum 2.0 that will run on proof of stake and will eventually merge with the Ethereum mainnet.

In PoW, network miners that are capable of verifying the most network transactions are those with the most hardware muscle and the highest electricity bills. In a PoS environment, however, the miners who validate the most transactions are those that stake the most crypto.

Solana can run about 1,000 live transactions a second another area where Solana have an edge over Ethereum and its developers claim that number could theoretically be as high as 50,000 significantly greater than Ethereum's capacity of around 15 transactions a second.

There are signals of some weighty institutional backing, Solana, after digital asset management company Osprey Funds beat out industry titan Grayscale to prepare a Solana investment product. The Osprey Solana Trust was registered with the U.S. Securities and Exchange Commission (SEC) on Tuesday.



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