What is SolScan?
What is SolScan and how to use it?
Solscan is a royalty-free information review platform that makes it possible to find various data on the Solana blockchain. It is considered a necessary replacement for Solana Explorer, the official Solana blockchain explorer.
Solscan is comfortable to use and has a reference bright platform together with NFT and DeFi panel. With its support, you can track everything that happens on the rapidly growing Solana blockchain, including personal transaction numbers, addresses and tokens.
So what makes Solscan work, right? Read on to find out everything about Solscan and why it has become a favorite blockchain tool for crypto giants like Alameda Research and Solana Ventures.
What is SolScan?
SolScan is an information review platform for exploring specific data on the Solana blockchain. Solana has a personal blockchain intermediary – Solana Explorer, which is a service provider of the Solana blockchain, but SolScan is considered a very famous candidate for it.
With SolScan support, it is possible to freely view transaction information in the blockchain.
Due to the large number of different quantities and lengthy codes, the blockchain can be confusing in some cases, but with SolScan support, this is much easier.
With SolScan support, you get access to the whole of what is happening in the Solana blockchain. You can view not only transactions but also smart contracts, constructs, and tokens on the blockchain.
SolScan account
Are you looking for the advantages of SolScan? One of the positive sides of SolScan is that it is free for every user.
In addition, to look at the blockchain, you do not need to create a credential, but it is possible to purchase one.
The use of a ledger guarantees increased operability, for example, you will be able to freely view your transactions.
Solana ecosystem scanning tool
It is important to have blockchain explorers for ease of use. At the end of the day, blockchain is used for transactions, which can be freely traced with the support of an explorer.
If you are not convinced of the successful completion of a transaction or your equilibrium is not reflected properly, you can find out what is happening, for example, through SolScan.
Since the Solana system is composed of different distributed add-ons (DApps), there is a huge number of add-ons that can be used by the public.
Particularly in busy periods or in the presence of difficulties with the Solana blockchain, it may be useful to have a mechanism for recognizing the entire ecosystem.
Since SolScan is based on the Solana blockchain, SolScan allows users to explore the entire blockchain ecosystem.
Since the blockchain methodology for many people is considered a new land and can be quite difficult to use, cryptocurrency firms often strive to make the scheme as simple as possible.
This affects SolScan as well. The SolScan pattern is very similar to the EtherScan pattern, a blockchain conduit for the Ethereum blockchain. Since Ethereum has a much longer lifespan and is ahead in terms of proliferation, users will be free to switch to SolScan.
SolScan features
The SolScan mediator has a lot of features that allow you to explore the entire Solana blockchain. First of all, in general, the main page of the device is a previously very fascinating page full of data.
For example, here you will be able to find out the size of the Solana prescription, and Solana cryptocurrency. In addition, you can see how many SOLs are set in the conic and how many transactions were made in a single difficulty.
But not only the main page is fascinating: The platform has several additional features. Under the headings “Analytics” and “Blockchain” you can find a variety of numbers and statistics, which I will analyze in more detail later in this post.
On top of that, there is also the DeFi Dashboard, where you can get the most absolute understanding of dispersed capital (DeFi) on the Solana blockchain.
You can also find out about the stakes in SolScan. Starting with betting and ending with the release of a bet, you will be able to find a lot of data about it through the SolScan specialist.
How to use SolScan?
So SolScan has several features, but how do you apply them? In a blockchain cohort, the role of address and transaction lookup is considered to be more common.
The community often finds data about a particular transaction or token, so it makes perfect sense that these functions appear on the screen.
By including the necessary information in the search function, you can quickly and freely familiarize yourself with a variety of information, such as the price of transactions, wallet addresses, and almost everything else.
To help you understand the more frequently used SolScan functions, I have highlighted the effects associated with transactions and addresses below.
SolScan addresses
If you want to learn more about a specific address, it works almost the same way as with transactions. If you want to know the history of a particular address, you can find those historical actions with a few clicks of a button.
First, it’s important to find the right Solana address, the one you want to learn more about.
The address code is much shorter than the transaction signature, but it’s also made up of numbers and letters.
By copying this code and pasting it into SolScan’s search bar, you’ll be able to find a list of addresses in question.
How do I find tokens on SolScan?
If you want to find tokens on the SolScan blockchain ledger, you can also use the search bar. This multi-purpose search feature works just as easily when searching for tokens as it does for transaction and address information.
If you need more information about tokens on the Solana blockchain, you can enter the address of the token into the SolScan search bar.
You can often find the address of a token on a website or through social media channels. If that fails, you can also often find it on sites like CoinGecko and CoinMarketCap.
Who should use SolScan?
The Solana community can use SolScan to access important data. When you have problems or questions about transactions, it is very convenient to turn to SolScan.
For example, if you are in doubt about a transaction, information from SolScan can help you a lot. Especially when it comes to large sums of money, it is very nice to know what is going on with a particular transaction.
Sometimes the cryptocurrency doesn’t arrive in your wallet for a long time, or it seems that the transaction is not yet completed.
If you want to avoid these problems, you can send a small amount first to see if everything is okay with the transaction. Of course, this is not a 100% guarantee, but this is how you can avoid mistakes.
SolScan Alternatives
Among many users of the Solana blockchain, SolScan is a widely used tool. However, several blockchain explorers may suit you better. For example, there is the official Solana blockchain explorer. SolScan is its alternative, but not the only one.
In addition to SolScan, tools like Solanascan and Blockchair are also blockchain explorers that run on the Solana blockchain. These Solana explorers have a different scheme. If you like using EtherScan for the Ethereum blockchain, then switching to SolScan in this case will be much easier.
Solana cryptocurrency: features and prospects of SOL
The Solana crypto project is new on the market and has already gained approval among a large number of miners.
Since the release of Bitcoin in 2009, more than 9000 types of cryptocurrency have appeared on the market, and this list is constantly expanding.
Each new coin is endowed with individual features to become a leader in the ranking of competitors.
SOL cryptocurrency has become a special blockchain innovation, successfully combining time reference and network-wide decentralized clock. An overview of the cryptocurrency and its main features are presented below.
What is Solana
Solana is a blockchain platform with high performance, smart contracts, and decentralized applications.
The platform is capable of processing 50-70 thousand transactions per second, with no sharding or multilevel layers.
Such performance was achieved using timestamping, PoH, Turbine, and Gulfstream technologies.
Solana was officially introduced in 2017, and its founder was Anatoly Yakovenko.
The project raised about $30 million in sales, but nevertheless, the beta version of the SOL network did not start functioning until 2020, and the main one – in 2021.
Solana currently has about 400 projects known in the crypto world, including Chainlink, Serum, and Audius. Today, the virtual machine competes with platforms such as:
- Ethereum;
- Cardano;
- VeChain;
- FreeTON et al.
But unlike its competitors, the Solana crypto project consists of a single layer. It does not delegate operations to other chains.
The platform doesn’t need second-layer scaling, as in the future the owners plan to make transfers between accounts at up to 700 thousand transactions per second.
Here is a simple comparison of new blockchain creation speed for the most popular crypto platforms:
- Ethereum – about 15 seconds;
- Bitcoin – about 10 minutes.
For Solana, this figure is no more than 400 milliseconds. Thus, the platform has created a decentralized clock, where one “tick” is 400 milliseconds.
The platform also has roles (validators, leaders, archivers, and others), but participants can exchange them.
In addition, the platform does not set a minimum stake to become a blockchain node. But the amount of reward will be set depending on the number of SOL tokens contributed to the bid.
Solana token ICO
Solana had a total of 5 funding rounds, with the public ICO being the most recent.
Solana raised more than $25 million in funding during those five rounds and even provided a buyback price guarantee of just under 20 cents to those who registered and delivered their tokens within the first 3 months of the March ICO.
The auction took place on the CoinList service, where 8 million SOLs were sold. They were worth more than $1.7 million, representing 1.6% of the total supply.
The cryptocurrency SOL has a total supply of 500 million. Of this total supply, 36.2 percent (approximately SOL 160 million) was sold to private investors in the four sales mentioned above.
12.8 percent (approximately 65 million SOL) was allocated to the Solana team.
Proof-of-History (PoH) algorithm
The presence of PoH is considered one of Solan’s main advantages. Proof of History is a blockchain synchronization algorithm that allows the setting of the same time for all nodes.
This eliminates the problem of inaccurate timestamps in a distributed network. The feature involves the formation of a chain that describes events and their sequence.
Solana is the developer of the technology, so it has implemented it in its operations, thereby improving the service for platform users.
Cryptocurrency SOL: prospects
Experts claim that the project has significant prospects and may outperform many of its competitors in the future.
Even though it is now at the stage of a project with high potential, the number of partners and investors is constantly growing.
According to experts, users are attracted by the numerous modern technologies used by Solana. It is thanks to them that the increase in the value of tokens is likely to take place.
The following version of events is considered to be the most popular among experts’ forecasts:
- By the end of 2022, the price of the coin will be at least $80;
- By 2023-2024, the value of the coin could reach $400-$600.
From 2020 to 2021, the cryptocurrency SOL had a value growth of 11600%. In May 2021, the price was $58, but in June there was a drop in value to $30-40.
And even despite the absence of the possibility of mining Solana has every chance to enter the top cryptocurrency in the market.
Should I buy SOL cryptocurrency
Solana belongs to the promising and promising projects, which can be definitely recommended for investment. The value and attractiveness of the cryptocurrency is appreciated by many users.
But it is important to understand when it is better to perform the purchase of tokens. The following factors may influence the value:
- the emergence of new, reputable investors;
- the general state of the cryptocurrency market;
- changes made by developers or regulators of the virtual asset sector;
- opinion leaders’ statements about the coin.
Constant monitoring of the situation in the investment market will allow you to choose the optimal period to buy SOL. Experts recommend waiting for a price decrease to 22-25 dollars to enter positions. After that rapid growth of price is expected.
How to buy Solana cryptocurrency
If you already have cryptocurrency, the best way to get Solana is to use exchangers. Most of them offer several ways to make an exchange. To exchange fiat funds, it is better to use exchanges. When choosing a site, pay attention to a number of factors:
- amount of commission;
- the current rate on the cryptocurrency market;
- rating of the selected service.
You can buy SOL by exchanging another currency: USDT, Bitcoin, or Tether. People buy SOL coin to support the development of smart contract platforms or to invest in crypto-assets.
If you are interested in the Solana blockchain, you can access them from several trading venues. It is easier to buy through trusted global decentralized exchanges.
SOL crypto exchanges
Solana is well-quoted on many well-known crypto exchanges. In particular, a third of sales are made on the largest platform Binance, as well as through the trading pair SOL/USDT.
Below is a list of cryptocurrency exchanges where it is possible to buy Solana cryptocurrency.
However, if you decide to buy SOL through an exchange, the best option would be Binance. The share of trading on other exchanges is quite small, in addition, many of them are not reliable enough.
Where to exchange Solana cryptocurrency
Wellcoinex service is one of the major crypto-exchangers, allowing fast transactions with cryptocurrency. In particular, the system supports payments with Solana cryptocurrency. Among the advantages of the service are:
- work in 24/7 mode;
- favorable and fair exchange rate;
- performing the exchange in a matter of minutes;
- support for several types of currencies and cryptocurrencies;
- quality service;
- high level of security and confidentiality.
With Wellcoinex exchanging SOL will not be a problem – it will not take more than a few minutes. You can also use other exchange services, but make sure that they support SOL crypto and have a high level of security.
Where can I store SOL cryptocurrency
To store SOL cryptocurrency, it is allowed to use only those wallets, which support Solana Program Library.
This can be the official wallet of the company, also the developers recommend Trust Wallet – a wallet with a simple, clear interface and a wide range of functions.
When choosing the best crypto wallet for SOL, consider a number of factors:
- Support for this cryptocurrency. Make sure the wallet supports Solana Program Library.
- Availability of an app. It is recommended to choose wallets that can be downloaded to Android or iPhone – this will increase the convenience of use and allow you to carry out transactions at any time.
- Additional features. Look for a wallet that fits your needs. For example, if you plan to earn money by staking, make sure it supports this feature.
Among the most popular wallets for SOL are: Meta Mask, Tangem, CoinPayments Wallet, ZenGo, Coinbase Wallet. You can also use a special extension for the browser MathWallet.
Conclusions
Even though Solana is still in beta, it has great promise. The platform has completed billions of transactions over its lifetime, and Proof of History and timestamps have made the blockchain one of the fastest in terms of transaction speed.
It is a sought-after blockchain for hosting decentralized exchanges and experts are confident that SOL cryptocurrency could become one of the market leaders in the near future.