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Solana Wallet: Ultra-Low-Cost Transactions at High Speeds

Solana garnered attention in 2021 with massive gains of more than 12,000%! When cryptocurrencies shoot the moon, like Solana, investors pay attention.

Solana is a relatively new project in the crypto world. What makes Solana so unique? In some ways, Solana is similar to Ethereum. It has smart contracts, it lets you buy and sell non-fungible tokens (NFTs), etc. Solana does everything Ethereum does, but much, much faster. It's also way, way cheaper. Also, Sol blockchain is famous for Solana Dapps. Let's look at some of Solana's features, and I'll show you what to do if you're interested in getting some.

Solana Background

Anatoly Yakovenko, CEO of the Solana Foundation, created Solana. He wanted to solve the problem of slow transaction time, network congestion, and high fees.

Yakovenko saw that crypto was becoming more mainstream and believed cryptocurrencies needed to transact as if they were mainstream. Using a payment system like Visa won't charge you massive fees and make you wait for 30 minutes per transaction. If that happens to you with Visa, you'd stop using it. The same applies to cryptocurrencies; why would you use them if it takes forever to process transactions?

Yakovenko went to work, developing a network that was fast and cheap. Let's take a look at some numbers.

Time is Money

Let's pull out some facts and look at these numbers. Solana can handle 50,000 transactions per second (TPS) on its main net versus Ethereum's 15-per-second TPS. Solana's scalability is predicted to support up to 710,000 TPS on a standard gigabit network and a mind-boggling 28.4 million TPS on a 40-gigabit network.

Solana and Sol tokens' transactions cost around 0.000025 Solana or about $0.002 at the exchange rate of early February 2022. Ethereum transaction costs are through the roof, almost $50 for one transaction! Now, you understand why Solana's price skyrocketed last year: quick processing and low costs.

Solana is known as the Ethereum killer. Yet, many say that Ethereum is too big to fail. Like Bitcoin, Ethereum has a first-mover advantage in its category of cryptocurrencies with smart contracts. It has a massive network, network outage, and 450,000+ ERC20 tokens. That made the new cryptocurrency look very green. Still, that doesn't mean it's going to fail.

The crypto sphere will always be full of competition and rivalries. New technology will be built on old technology, and many coins will claim they all do similar things. Some new technologies and features will always be specific to one currency. Speaking of unique technologies, what's Solana offering to the world?

Proof of… What Did You Say?

Proof-of-History (PoH) intends to prove a systemwide synchronized time.
You recall that the Solana blockchain can process over 50,000 TPS, scalable up to 28.4 million. Now, imagine trying to coordinate the timestamps on each transaction. How would you manage this in a worldwide, decentralized, distributed system? You develop the novel idea of having the blockchain generate the timestamp. Hold on! That'll get scientific.

A producer must first pass through a verifiable delay function to create a Solana timestamp with a verifiable block. This function is triggered before the producer can access its slot to produce a slot. The function is triggered, a time is captured, and stamped onto the hash. The hash now has this timestamp, making it unique and appended to the block. This verifiable delay function is the PoH. Yakovenko says this gives the ledger an interesting property, inferring event occurrence once you examine it.

The PoH mechanism makes it hard, even impossible, for other users to profit from stacking transactions. That's where miners pick and choose which transactions to validate based on the fees and rewards. The protection against this transaction's frontrunning ultimately improves your experience. It also makes Solana blockchain active platform for future developments.

Tokenomics of a Self-Correcting Digital Currency

Solana network has a total of 489 million tokens. The current circulation is only 260 million. At the start of each year, Solana releases x number of tokens based on the previous year's inflation rate. Solana leverages inflationary and deflationary mechanisms to balance the token supply and price.

Token staking is an inflationary mechanism. Staking percentages started at 8% and will slowly decrease until they hit 1.5% in 10 years. Solana moves on its epoch cycles, which aren't parallel to standard years. The Solana ecosystem burns a percentage of each transaction fee to counter this inflation effect. That reduces token supply to counter-staking.

The Solana Network aims to become a global cryptocurrency through this double-edged sword method to control inflation. The more transactions it has, the more deflationary it becomes. The more stakers it has, the more inflationary. That makes it a self-correcting, stable, fast digital currency everyone can use. The market nowadays is full of different wallet solutions. To store Solana, you can choose a web wallet, hardware wallet, or so-called hot wallet, like Atomic. Unlike many other apps, Atomic provides users with a powerful crypto wallet, fulfilled with staking and its validators.

Atomic Crypto Wallet

Atomic Wallet often considers as most popular wallet for Solana and SOL tokens. It's a desktop and mobile app, a multi-coin wallet that can store more than 300 cryptocurrencies. Not many other wallets allow you to buy crypto with a credit or debit card, sell, trade, stake, send, and receive crypto coins and tokens. As a reward for using Atomic Wallet, you'll receive up to 1% cash back for your transactions in the form of Atomic Wallet's token, AWC.

Follow these five quick steps to start using your Atomic Solana Wallet today:

  • Go to Atomic Wallet's website, and download the installation file for your operating system. You can also go to the Apple Store or Google Play Store to get the mobile app for your mobile device.
  • Click Run Atomic, then click Create Password.
  • Enter a strong password, and click Set Password.
  • Save your 12-word seed phrase in a safe place. You need it to restore access to your newly created wallet. If someone gets your seed phrase, they can take over your wallet. That's why you shouldn't share it with anyone. Be very careful where you store your seed phrase.
  • Click Start Using Atomic, and you're ready to start trading!

Solana Wallet Features

Atomic Wallet's Solana wallet has many features. You can track your portfolio and price history, monitor the current market value of your crypto assets, instantly swap tokens, trade tokens, receive push notifications, and many more. Let's go over easy onboarding and check the new features of Atomic.

1. Solana Wallet Address

A Solana wallet address is like your email address; you give it to anyone who wants to send you some Solana! Where's your address, and how do you use it? Easy; you'll find it on Atomic Wallet's main screen for each asset. Just a few steps on Atomic Wallet to find your Solana wallet address:

  • Single tap on Solana and open it (If you don't see what you're looking for, just start typing in the search bar)
  • Find send and receive at the bottom
  • Click on receive, and you'll see your wallet's address for that particular asset (Remember: each asset has its wallet and address)
  • After you send or receive crypto, you can check the transaction history.

A wallet address is a long string of base58 characters. Base58 encoding is common in the crypto sphere. A Solana address's length varies from 32 to 44 characters.

An example of a Solana address is: 3n2C45yBiNapKh6EdDekesZccAFdwTatu46Eyw1UnKx2

Always ensure you're sending your Solana tokens to the correct Solana address, or you could lose it forever. The process is irreversible, so it's best to double and triple-check before you click send. This applies to all cryptocurrencies, not just Solana. If your Solana goes to the wrong address, you will never see it again. Don't forget to check other features of Atomic Solana wallet!

We can't emphasize this enough, always double-check your addresses!

2. Seed Phrases

You'll need to create a seed phrase when you create a new wallet. It usually consists of 12 random words in a particular order. The words are essential, and so is their order. Jot your seed phrase down and place it somewhere for safekeeping. This is your only chance to set up your passphrase. We'll get to passphrases next, but save your seed phrase for now.

This phrase allows you to regain access to your wallet if you forget your password. It's also helpful in getting a new device and re-downloading your wallet. You also need the phrase to activate your old wallet on your new phone or tablet. Don't forget to delete your wallet from your old phone. You should also wipe any data off the device once you've migrated everything to your new device.

3. Passphrases

You must create your seed phrase to transfer your wallet to another device. You should also use a passphrase to enhance your wallet's security. You must ensure your crypto is as secure as possible.

A passphrase is like two-factor authentication but stronger. The questions are about things you know, not something you are/have. Many traditional security questions ask things like: what's your grandmother's maiden name, what city were you born in, what was your best friend's first name, etc. Cybercriminals can easily discover the answers to these questions. That's not the case with passphrase questions.

4. Private and Public Keys

You've probably heard the terms private and public key when discussing encryption. Your wallet needs a private key to generate a public key. The private keys help identify your wallet on the network. You must also store it in a safe place, like your seed phrase. Learn how to store it properly in our blog post.

The public key is a hashed version of your private key. It's only available for decryption in one direction, for one time. The public key is decrypted to show the private keys and send funds to the correct address. This one-way encryption is hashing, the most prevalent form of encryption in cryptocurrency. If you want to move your Solana from an existing wallet, you can import private keys to Atomic.

5. Transaction Fees

Let's take a look at transaction fees. In the crypto world, fees are ever-present, and as a savvy crypto investor, you'll want to pay attention to how much it costs you to transact.

When you buy cryptocurrencies on Atomic Wallet, you'll pay a flat 2% fee with a minimum fee of $10 per transaction. You'll have to check your bank, as they might charge a fee too. Finally, you'll need to pay a network or miners' fee.

When you exchange, send, or receive crypto on Atomic Wallet, you'll pay us zero fees. That said, you'll need to pay the network fees to that cryptocurrency network. For that transaction, you can check the network fee on Atomic Wallet's exchange pairs page.

FAQ

What is Solana?

Solana is a new smart-contracts-based cryptocurrency running on its blockchain. It's ultra-fast, processing some 50,000 TPS. It's also ultra-cheap to use: transactions cost 0.000025 Solana. Anatoly Yakovenko, CEO of Solana Foundation, created it.

What is a Solana Wallet?

A Solana wallet lets you interact with your Solana. Atomic Wallet allows you to buy, sell, send, receive, trade, use an exchange, and earn rewards with Atomic Wallet Coin (AWC). It's a great wallet if you're just starting with crypto. Atomic is available for desktop operating systems and as Android app + iOS app.

What is Proof of History?

Proof-of-History is Solana's specialty. It has a unique way of creating timestamps on transactions in a distributed network. That way, all transactions can happen in order. They're appended to the blocks as unique identifiers. That means they can be searched during any audits. The timestamps are also immutable so that no one can change the historical transactions' order. The timestamp is proof that a transaction occurred, hence the name PoH.

Do I need a hardware wallet for Solana?

Hardware wallets provide an additional layer of security compared to web wallets or browser extensions. Considering choosing your Solana wallet, take note, that it's almost impossible to hack your hot wallet until you store a single mnemonic phrase in a safe place. That's the way to keep your funds safe.

How long is a Solana Epoch?

Solana moves on its epoch cycles, which are 48 hours in length. Its documentation often mentions epochs regarding time. Suppose you stake some Solana, but you decide to unstake it. It'll take three epochs (or six days) for your staked Solana to return to your wallet.

What is the Solana SOLAR Bridge?

The SOLAR bridge was created for Solana. A blockchain bridge lets two different blockchain ecosystems exchange data and tokens. That's cool because you can interact with different blockchains like Ethereum ERC20 and Tron TRC20 without much trouble. A major issue in blockchain development is the need for interoperability between different blockchains.

What language is Solana written in?

That's not a question we often hear, but we're glad you asked it! Solana was programmed in Rust. This little-known programming language was developed in 2010. Even though not many projects run on Rust, developers still love it.

Resources

Atomic Wallet FAQ

Get answers to your questions in our own Atomic Wallet FAQ section.

Staking on Atomic Wallet

Ready to stake your tokens and earn? Check out Atomic Wallet's staking guide.

Solana Official Site

Learn more about Solana and its ecosystem on the official website.

Solana Blockchain Explorer

Follow the price, supply, active stake, and more on the blockchain explorer.

Solana Fees

Learn more about how Solana keeps the fees low in this documentation.