The world keeps evolving, and so does the course of adaptation; to accommodate more users, 1xBit now supports Solana as a new payment method on its platform. Solana is one of the few projects that has revolutionised the world of Cryptocurrency using a unique blockchain infrastructure.
This singular action shows the resolve of the crypto betting platform to maintain its position as one of the top online casinos. It will create an atmosphere that can host a variety of users. Such strategic partnership is also beneficial to the Solana community, where the online sportsbook can be adopted as another means of liquidity.
Solana brings the benefit of scalability to the table – an essential factor that entrepreneurs can harness to maintain a quality users’ experience and formidable security.
While Ethereum solved the scalability problem faced by Bitcoin, it faced further problems of high gas fees, low processing time and an unpopular programming language for developers. Solana was launched as a messiah in the cryptocurrency space to solve these problems.
Solana is an open-source blockchain network that supports DeFi and smart contracts deployments with SOL as the native token in the network. The network solved the problem faced by Ethereum through its hybrid of proof-of-History (PoH) and Proof-of-Stake (PoS).
For those who are new to cryptocurrency, Proof-of-Stake (PoS) is a newly popular method of verifying transactions and blocks. Most popular cryptocurrencies use Proof-of-Work (PoW) instead. Unlike PoW, PoS is faster, has reduced computational work, and can be more competitive for those seeking to mine or validate.
With Bitcoin and other old cryptos, people mine coins by investing in high-powered computers and spending on the amount of electricity those computers will use. Anyone can do it as long as they have the computing power.
For those unaware, mining is a process of verifying blocks and transactions in exchange for coins, which requires PoW. The validation makes cryptocurrency secure and allows coins to be minted and distributed. Since everyone with a computer can mine, validating blocks and transactions became a competition and a highly resource-intensive activity.
With Solana and other cryptocurrencies planning to utilise PoS, only actual coin owners can become validators. To put it succinctly, coin owners who are willing to use their coins as collateral or ‘stake’ during the validation process can become validators. The system governing the crypto will then randomly choose who will become one for every new block and transaction.
PoS effectively reduces the number of computers that needs to compute to verify, which results in less competitive mining activity and electricity consumed. It primarily solves the problems of older cryptocurrencies. Currently, a few popular cryptos like Ethereum will follow suit in the future.
Solana was added to the list of crypto assets on 1xBit because of its many advantages, including pioneering the blockchain miracle that ensured the Solana network could process over 50,000 Transactions Per Second (TPS) and still maintain low fees of $0.01 or less per transaction.
Financial institutions like the Bank of America once praised the transaction speed of Solana; the reputable bank told clients that Solana could become the Visa of Digital assets.
Proof-of-History is the core functionality in the Solana network. PoH works as a digital recorder that encodes the time or sequence of events as transactions occur in the network – a feature that was non-existent in the blockchain industry.
The creators of Solana did implement the PoH alongside the PoS to reduce the amount of time needed to validate a transaction. In essence, the workload of PoS is reduced through a process called time stamping implemented by PoH.
Solana is among the cryptocurrency of choice for 1xBit because the betting platform is satisfied with the governance structure of the Solana network. This Governance structure, maintained through Proof-of-History and Proof-of-Stake, protects the network against any external disruption.
As a cryptocurrency betting platform, 1xBit is determined to provide the best gambling experience for every user.
With a simple registration using only email, new users are rewarded with up to 7BTC for their first-four deposits on the website. Use this promo code COINWORLD125 upon registration to boost the 1st deposit bonus to 125%.
The recent development also ensures that 1xBit users can access Solana and over 40 cryptocurrencies.
Solana will be an excellent addition to the website. Users can always check out the features of Solana and find out the best way to gamble with it; be among the first to try out the latest depositing method and stand a chance to win more.