Solana Crypto Faucets (SOL)
The microwallet service FaucetPay recently added its newest coin to the platform, Solana (SOL). We view this as a significant update as there are very few if any faucets that support Solana directly. This update is sure to change that, now any faucet that is integrated with FaucetPay will now enable users to claim and withdraw in Solana (SOL). Since there are not may Solana (SOL) faucets around, we wanted to take a moment to cover what Solana (SOL) is and provide you a few links to faucets that for the time being are paying.
What is Solana (SOL)?
Solana (SOL) is a Layer One block chain that is built to enable scalable and user-friendly applications to be built on top of it. It is amongst many Layer One solutions that many consider to be direct competitors of Ethereum (ETH), such as Cosmos (ATOM), Algorand (ALGO), Cardano (ADA), or Polkadot (DOT) to name a few. Whether you believe it to be an Ethereum “killer” or not really depends on your view regarding ETH’s current gas fees and scalability problems. Many consider the ETH competitors not true competitors of Ethereum but more likely competitors to the Layer Two scaling solutions built on Ethereum, such as Polygon (MATIC). Regardless, many investors consider Solana (SOL) a very promising project as seen by its Top 10 (Top 5 at time of writing) rank on CoinMarketCap.
The main feature of Solana (SOL) is the capability to build smart contracts and applications on a faster and cheaper platform than Ethereum (ETH). Solana (SOL) is a very fast block chain that can theoretically process 50,000 transactions per second vs ETH which currently does around 15 to 45 per second. How Solana (SOL) does this is by using Delegated Proof of Stake(PoS) consensus model in addition to Proof of History (PoH), vs Proof of Work (PoW) such as Bitcoin or Ethereum currently. Proof of History introduces a timestamp element in the blockchain. Each time a validator votes on a fork, the number of hashes that may be voted on is restricted to a slot. The present network setup for one slot is around 400 milliseconds. Every 400 milliseconds, the network has a potential rollback point, but each subsequent vote increases the amount of time it must wait before it may unroll that vote. In conclusion, each additional vote makes it far more difficult to undo transactions. As a result, a block with many votes has a higher chance of remaining on the chain permanently. On the other side, the most recent vote has an 800ms lag. Existing blocks are more likely to be confirmed when new blocks are added to the ledger, depending on the number of slots old votes are committed to. Consensus is made when two-thirds of system validators have voted on the order of occurrences. When a transaction is finished, it is sent to the next phase in the process and cannot be reversed on-chain.
Because Solana (SOL) is a delegated PoS blockchain, holders can stake their coins and become a validator themselves or delegate their coins to a trusted validator and earn rewards. Currently, according to StakingRewards, delegating your coins you can earn an estimated 6.79% return, running your own validator node will result in roughly 7.53% but comes with a bit more complexity.
Some Additional Resources:
Project Website – https://solana.com/
CoinMarketCap – https://coinmarketcap.com/currencies/solana/
YouTube Explainer (not a price prediction) – https://youtu.be/1jzROE6EhxM
Modern Finance Podcast – https://modern.finance/episode/solana-ceo-anatoly-yakovenko/
What is a Faucet?
A crypto faucet is a site that distributes crypto to users of their site in exchange for those users completing faucet claims, PTC ads, shortlinks, games, offerwalls and surveys. Originally faucets were built to give exposure to new projects like Bitcoin in 2010, but eventually turned into a profitable business model for faucet site creators who would earn advertising revenue from their users’ activity and then give a portion of it back.
What is FaucetPay?
You have seen FaucetPay mentioned above, now is time I explain it a little more thoroughly. FaucetPay is a Microwallet, faucet earnings aggregator/provider. Its aim is to minimize the transaction fees paid by Faucet operators, by having it all connected within one site. Meaning transferring BTC or any other coin, from one wallet/user to other costs nothing (until you wish to withdraw from FaucetPay which will require a transaction fee. This way you can earn from hundreds of different sites/faucets and the funds instantly will be credited to your account. Many sites pay out to FaucetPay exactly for this reason. It’s a win-win for both site operators and users. A FaucetPay account is a must have for anyone using faucets, sign up here!
How can I get some of that Solana (SOL)?
As I mentioned previously, there are not many faucets currently set up to pay Solana (SOL) directly to your wallet, however there are new sites popping up that are integrated with FaucetPay. For a full list of faucets supporting many coins, head to our home page at TapCrypto and follow us on Twitter.
Here are a few easy to use Faucets paying Solana (SOL), I have chosen these for a few reasons, but mainly I prefer not having to sign up and maintain login info and passwords for a million sites! So if you are anything like me, these are good sites to occasionally spam to pick up a few bits if you wish. These all pay to FaucetPay, so you will need to sign up and use your deposit address, that’s it!