BTCS Inc. a blockchain technology-focused company, announces the addition of Solana (“SOL”) to its blockchain infrastructure. In addition to BTCS’ current revenue streams, it will now be rewarded with SOL tokens. Solana’s open-source blockchain protocol features a robust variety of decentralized solutions that includes but are not limited to non-fungible tokens (NFTs), decentralized applications (dApps), smart contracts, digital asset transactions, and payment mechanisms.
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What is Solana?
A key selling point of Solana are low transaction fees compared to other top-performing blockchain systems. According to an article in the Wall Street Journal, Bitcoin transaction costs can drop to as low as $1.78 but could be as high as $62 depending on several factors. To compare, SOL’s average fee per transaction is $0.001. SOL’s fast and cost-effective network will allow the following types of decentralized use cases to thrive including, but not limited to, derivatives, high-frequency trading, central limit order books and cloud computing.
One core innovation of the SOL network is the Proof-of-History (“PoH”) timing mechanism. Each SOL validator maintains its own synchronized clock so it doesn’t need to wait for confirmation across the network before moving forward.
Solana Has Become One of the Fastest, Most Cost-Effective Blockchains
As a result of the platform’s growth, speed, potential, and development team, Solana has a market cap of over $32B and is garnering attention from today’s top analysts and companies.
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“In a January research note, Bank of America analysts said that Solana has the potential to be the equivalent of Visa to the world of crypto. Additionally, Solana’s network is powering event experiences for world-leading entertainment companies. For example, an NFT released earlier this month by California-based music festival Coachella used the Solana ecosystem. The integration of a ticket-focused Solana NFT should not be ignored,” Allen said.
Technical Work Completed to Run a Solana Node
BTCS has staked 6,997 SOL tokens valued at approximately $710,000, and is generating compounding rewards. Staking allows users to generate an annual percentage yield (“APY”) on their staked assets whereas validator node operators charge a fee on users’ staked asset rewards in addition to earning an APY on staked crypto. As such, the highly-scalable nature of running validator nodes is the premise behind BTCS’ Staking-as-a-Service platform that they are currently developing. BTCS has completed all the technical work needed to deploy its own validator node on the Solana network and is working on the integration into its planned Staking-as-a-Service platform.
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