Smart contract space is the one
I'm the most interested in in all of crypto. It allows for a decentralized internet which will be peer-to-peer,
censorship resistant and for the people. It's a future that I want to live in,
not a Great Reset future. We know the big players,
Ethereum, Cardano, BSC, Polkadot, but there's a newcomer to the fray
that you have to know about. This one is going to shift the way you think
about blockchain and smart contracts and could make you a ton of money along the way. I'm talking about Solana. And I hope you're listening. Let's get it! BitSwap is the hottest new way to trade tokens. Crawling all the top decentralized exchanges, BitSwap will get you the very best price
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The largest crypto channel in all the Interwebs.
My name is Ben. Everyday, I show you how to make money in cryptocurrency. If you like money and crypto,
then make sure to hit that subscribe button. In this video, we're going to be discussing
Solana and its price prospects. This is one of the hottest projects out right
now we've been telling you for months. Now, you may not know this, but one of the most connected guys in all
of crypto is deeply involved with this one. Sam Bankman-Fried The project's actually ran by Solana's
founder and CEO, Anatoly Yakovenko, who in fact actually helped develop the
technology found in all our smartphones during his 12 years at Qualcomm,
according to Crunchbase. So in other words,
he's way smarter than 99% of you guys and I don't know, maybe even me. At least not better looking. But Solana lauched its mainnet
in March 2020 of last year. However, its origins can be traced
as far back as 2017 to a whitepaper published by Yakovenko. Despite not being the CEO of Solana,
Sam Bankman-Fried, the CEO of both Alameda Research
and trading platform FTX has been an early force helping push
Solana blockchain development.
Solana uses a different approach
to how blockchains work utilizing time. Solana integrates a decentralized
clock inside its blockchain. It's something unique
that's never been done before, Solana also utilizes a special proof-of-stake based
consensus mechanism known as the Tower BFT, which has a component within based on
what's known as Proof of History. When talking about Solana,
you have to reference the uniqueness of PoH. Essentially, this is a process of timestamping transactions
when they're added to a new Solana block.
A new block on Solana is generated
every 400 milliseconds in comparison to Ethereum's blocks
that are 15 seconds and Bitcoin's roughly 10-minute block times. Without getting too deep into Solana's
built-in decentralized clock, Solana uses Proof of History as one of its means of security to prevent
against double-spend transaction attacks. Speaking of transactions, of course, Solana is able to process 50,000 to 65,000
transactions per second.
It has a theoretical transaction limit
of over 70,000 transactions per second. In comparison, Ethereum can only handle
approximately 30 transactions per second. However, Ethereum 2.0 plans to be able to
execute 100,000 transactions per second, but that's not going to be ready for at least another year. And that's being kind as Ethereum
has faced delay after delay. To further put that into perspective, Bitcoin can handle around 4-5 transactions per second. So Solana saying it can handle 70,000 transactions
at this current time without sharding is absolutely insane. Now, what's more? Solana supports smart contracts
and decentralized applications exactly like Ethereum does. Solana also uses proof-of-stake consensus, which is what Ethereum is having
trouble transitioning to.
That may be why some people call Solana the ETH killer. A lot of things have been called that. None have done it yet, but Solana is the latest to be added to that list. In addition to the PoH consensus mechanism,
Solana has also implemented seven key innovations that make the Solana network possible. Sam Bankman- Fried's Alameda Research
recently established ties with Ren's virtual machine and the goal of bringing in more DeFi assets
into the Solana blockchain ecosystem. Ren acts as a bridge between
various blockchain assets through a custodial node. RenVM isn't the only project that
Alameda Research has helped on Solana.
FTX and Alameda Research also
created the Serum Foundation. Serum is a non-custodial spot
and derivatives exchange. So, unlike Uniswap,
you can trade with leverage. Also, unlike traditional decentralized exchanges, Solana runs on an on-chain central limit order book
that's hosted on Solana's mainnet. Serum will support cross-chain asset swaps,
decentralized stablecoins, decentralized oracles and non-custodial wrapped coins, such as Bitcoin, Bitcoin Cash, BSV, Litecoin,
Zcash, Ethereum and all ERC-20s. Serum will decentralize the entire
DeFi space with its initiatives. When you look at Solana, you should see that it's Alameda's
high throughput blockchain baby. And they will keep pumping money into this project. They do it all the time if you know about them.
But besides Alameda, Solana has also partnered with Civic, Chainlink,
Akash and more according to Binance Research. Solana has achieved interoperability
with its Wormhole bridge, which allows users to transfer value cross-chain
between Ethereum and Solana by turning ERC-20 tokens
into Solana's equivalent SPL. Solana's ecosystem is booming. You guys can see here on this image
just how big it is. Now, although this image is only
a small taste of what's to come and doesn't include a number of current
projects being built on Solana's network, according to the Solana ecosystem tracker, there are only 100 different projects from exchanges
to blockchains to apps building on Solana right now. If this doesn't show you how early
we are into cryptocurrency in general, I don't know what will. Now, we're briefly going to cover some of
the projects we feel should be highlighted. Beside Serum, another project to look out for
on Solana is Raydium, a DeFi protocol and automated market maker. You may know this initial AMM.
It's what it stands for.
The protocol leverages the central order book
of the Serum decentralized exchange to allow snap of the finger fast trades and share liquidity as well
as other features are earning yield. Next, we have Civic, which previously built a decentralized
identity ecosystem, enabling identity verification
in a safe and cost effective way. Using their digital identification platform, you can create your own virtual identity and store it
together with personal information on the device. Now, there's even a developer building
a video game on Solana called Star Atlas which combines blockchain mechanics
with traditional game mechanics.
The Solana team consists of developers
who formerly worked for Qualcomm, Google, Apple, Microsoft and Dropbox. Because of this, Solana is based on similar database
technologies used by some of the big tech giants. Solana is an absolute monster. And we are actually going to be investing in
Solana starter projects a lot on this channel. One of my researchers absolutely loves Solana, and you already know that it's one
of TJ's favorite projects. I hope that doesn't turn you off from it. Here at BitBoy Crypto, we currently hold
about $350,000 worth of Solana, but we are going to be upping that
to half a million here pretty soon because we are anticipating a huge run-up.
You don't want to miss Solana. And definitely don't sleep on this one. Over the last couple of months
since the start of 2021, it's risen over 2,000%. Solana is currently ranked in the top 15
on CoinGecko at the time of this recording with a market cap of around $12 billion
and a current evaluation of $43. So, how high do I think Solana can go? Well, if we compare Solana's market cap
to the likes of Cardano or Ethereum, which are also smart contract blockchains, then Solana still has a lot of running potential,
in my opinion.
With Solana's buzzing ecosystem just
getting started, the sky is the limit. I think we could see Solana get an easy
10X by the end of this bull run even from where it is right now. However, I think it should be stated that
Solana is becoming a longer term hold, moving up there with Ethereum,
Bitcoin, Cardano and Polkadot. Definitely keep this one on your radar. I think a $500 Solana is definitely
in play for this bull run. Let me know what you think about Solana
and give me your price prediction down below. That's all I got. Be blessed. BitBoy out..