What is Solana?
Solana is based on a hybrid protocol that combines proof-of-stake (PoS) and a concept called proof-of-history (PoH). SOL tokens are the native coin of the Solana network and are used in all kinds of network activities.
Proof-of-stake requires cryptocurrency owners to “stake” their SOL coins with a validator – a computer that runs the blockchain software and holds its own copy of the blockchain. Stakers trust the validator to authorize transactions by staking tokens with them, and the staker is rewarded with newly minted SOL tokens for their efforts in securing the blockchain.
Proof-of-history is a technique for demonstrating that transactions are in the appropriate order and were discovered by the right person so that SOL rewards don’t go to imposters or other undeserving individuals.
Solana transactions are a fraction of the cost of other transactions on other blockchains, averaging $0.00025 for each transaction. Because of its low pricing and high throughput capability, Solana attracts consumers from all over the world and has a number of applications, of which gambling is one of the most popular.
The history of Solana
Anatoly Yakovenko founded Solana in 2017 alongside current Solana board member and Chief Operations Officer Raj Gokal.
The founders wanted to construct an entirely new blockchain that was faster and cheaper than others around at the time and that could handle worldwide demand.
Because of its speed and low transaction costs, Solana presently has a theoretical peak capacity of 65,000 transactions per second and has become one of the most widely utilized blockchains today.
Benefits of SOL betting
SOL has some of the fastest transfer speeds in the cryptocurrency space, with transactions typically hitting the blockchain within 3-5 seconds. However, congestion on the network can delay transactions by a few minutes.
The use of addresses (a 44-character string of letters and numbers) rather than personal information is one of the advantages of gambling with SOL. Using SOL to gamble online provides you with more anonymity, transaction security, and overall safety than traditional currency options.
Its cheap transaction costs and fast processing time make SOL a good option for small bets and even micro bets.
As with most cryptocurrencies, transferring SOL to and from your chosen online casino is unaffected by laws governing fiat currencies due to the fact that most authorities do not consider digital assets to be currencies.
Gambling with SOL has the added advantage that it is easier to deposit and withdraw large amounts, which would normally be subject to enquiries if conducted in fiat. This is in addition to it being much faster.
Such freedom gives gamblers access to dozens of different SOL casinos and games, greatly expanding their options and boosting their overall experience .
Drawbacks to gambling with SOL
Being a cryptocurrency, SOL is prone to volatility, which means that holdings may rapidly increase or decrease in value in a short time.
The Solana blockchain has also experienced lengthy outages in its short life, while network congestion is not uncommon. This can mean that deposits and withdrawals take much longer to process than usual.
As with many cryptocurrencies, SOL deposits may not be instant because of how the casino handles them. Whereas small fiat deposits are often instant, SOL casinos may need to ‘confirm’ the transaction before they can credit the player.
The number of confirmations varies between casinos, although 20 confirmations is normal, which typically takes seconds.
What are SOL slots?
SOL slots are comparable to other online crypto slots except that bets and payments are made in SOL, while winnings are typically higher than you’d find with fiat casinos.
SOL slots are very similar in nature to other crypto and non-crypto slots, with nearly identical levels of gameplay and the same types of games you would expect.
SOL slots differ from fiat slots only in that fiat slots have more constraints on them in terms of betting limits. With SOL, you have free reign from such restrictions, increasing the opportunity for bigger wins.
What are SOL table games?
SOL table games, like SOL slots and regular slots, have a lot of similarities to traditional casino table games that have been enjoyed for decades.
Baccarat, Poker, and Texas Hold’em are among the traditional table games you will find when you gamble with SOL. SOL’s benefits, such as enhanced anonymity, more significant limits, and lightning-fast transaction speeds, enable gamers to have a markedly better experience than they would otherwise.
Even better, the best SOL casinos offer live-action table games with expert human croupiers that make you feel like you’re there in person.
Where can I buy SOL?
SOL can be purchased with a credit card, debit card, or bank transfer from several reputable cryptocurrency exchanges and then transferred to your preferred SOL wallet or casino.
Every cryptocurrency exchange has its own set of advantages and disadvantages, so do your research to find the best SOL-selling exchanges. At the very least, investigate any you’ve heard of.
Be aware that you will be billed a processing fee when you buy SOL on an exchange. Also, find out if the exchange you plan to use allows you to withdraw your SOL to your casino of choice – some don’t allow withdrawals at all, rendering it useless for SOL gaming, while others prohibit the sending of SOL to online casinos.
Some SOL casinos permit you to purchase SOL from them, but the fees are often greater, so ensure you’re informed of all the charges before proceeding.
Best SOL Wallets for gambling
Many wallets support SOL, so finding a solid and reliable wallet is not too difficult. In fact, the problem may end up being which you choose!
There are different types of wallet available, each of which has important advantages and disadvantages.
Some wallets even allow you to stake your SOL for rewards when you’re not using it.
We recommend that you keep large holdings of SOL in an offline/cold wallet (a hardware wallet is best) and keep a small amount in an online/hot wallet (mobile or web wallet) so you can easily send it onto your SOL casino of choice.
You can then top up your mobile wallet from your offline wallet and vice versa.
Some wallet makers worth looking at are Solflare, Trezor, and Trust Wallet.
SOL is an innovative cryptocurrency that allows you to enjoy a wide variety of casino games and make bets of any size, large or small. The platform offers cheap transaction fees at lightning speeds and still has a lot of room to innovate since the project is still so young.
Many casinos already accept SOL as a currency for gambling, with some explicitly built for the SOL crowd. As the platform evolves we will see more SOL adoption, which will trigger a growth in options for SOL gamblers.