Solana (SOL) is a secure, open-source platform that utilises blockchain technology to provide decentralised finance (DeFi) solutions. Officially launched in March 2020 by the Solana Foundation, Solana was created by the engineers behind Dropbox and Intel who sought to scale transactional speeds without compromising on security or privacy.
Today, the Solana network can support up to 65,000 transactions per second (TPS) as well as thousands of nodes by using the Turbine block protocol. Based in Geneva, Switzerland, Solana aims to improve blockchain scalability by combining Proof of Stake (PoS) and Proof of History (PoH) protocols. A significant aim of Solana is to improve the accessibility of decentralised finance (DeFi) on a larger scale.
You can buy Solana coin (SOL) in New Zealand directly through Swyftx.
The simplest way to buy Solana in NZ is through a cryptocurrency exchange, such as Swyftx. Our trading platform enables you to purchase Solana tokens as well as a wide variety of other digital assets – all with low spreads. You can also swap and sell your crypto at any point, through our user-friendly app or desktop portal.
To get started, simply sign up, verify and deposit funds into your new account. We accept NZD deposits via bank account transfer, which typically take 1-3 business days to clear. Once your money is cleared, you’ll be able to buy and sell Solana and any other crypto you’re interested in.
Proof of Stake (PoS) is a consensus algorithm that was created to solve the perceived energy consumption issues of Proof of Work blockchains like Bitcoin. PoS blockchains select users to create new blockchains, as opposed to PoW blockchains that involve multiple computers racing to validate transactions. In order to be selected, users must stake a certain amount of crypto (i.e. Solana) to be considered for selection.
The Solana blockchain relies on a combination of Proof of Stake (PoS) and Proof of History (PoH) consensus algorithms in what is called an innovative hybrid consensus model. PoH records and processes bulk transactions, whereas PoS is responsible for monitoring the PoH mechanism and validating each sequence of blocks used.
There’s been a lot of discussion around Solana since it launched, with some dubbing it an “Ethereum killer”. Whether or not Solana is actually better than Ethereum (ETH) though, is up for debate. SOL has been designed to address many of the weaknesses of ETH, like its lack of scalability and expensive transactions. Where Ethereum can handle around 30 TPS, Solana can do around 65,000. This is a feat that not even Visa has been able to achieve!
That said, Ethereum has been around much longer than Solana and is continuing to upgrade its network. So, while Solana may be making big strides in the crypto space, it’s still too early to say whether it will ever outpace Ethereum.
Yes! Verification is an important part of the security framework Swyftx has built to protect our users from fraud and other scams. When you first create an account with us you will be required to verify your identity through a simple KYC 1 form. If your account ever gets flagged by our system, we may require you to complete additional verification checks to ensure the safety of your account.
Security is a top priority for Swyftx. We have implemented a series of advanced features to ensure all of our users can securely buy and sell cryptocurrencies on our platform. These range from two-factor authentication (2FA), biometric logins, and breached password protection to KYC verification, automatic session expiry and external penetration testing. So, you can buy SOL and other cryptocurrencies with confidence!
Swyftx supports New Zealand dollar (NZD) bank transfer deposits. Once your deposit has landed in your trading account (typically between 1-3 days), you can buy Solana instantly.
Swyftx has 4x lower spreads and 2x cheaper trading fees when buying Solana than our closest competitors.
Verification takes 2 minutes to complete and then deposit NZD to starting trading SOL in New Zealand.
Our advanced security framework with features such as breached password detection and Two Factor Authentication (2FA) protect our customer’s accounts.
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Deposit and withdraw NZD via bank transfer.
Automate your crypto investments. Setup recurring deposits to your Swyftx account and have then automatically split across your own range of cryptos.
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Easily secure your account with multi-factor authentication and biometric login. Swyftx also monitors other sites for data breaches that might result in compromises on your account.