The world of blockchain is expanding rapidly, and there are always new improvements being made to facilitate the use of the platform and make trading cryptocurrency simpler. Zelcore has decided to go the extra mile by integrating one of the most revolutionary blockchain systems around — Solana.
Solana is paving the way for the global adoption of blockchain, and Zelcore plans on making the use of this platform as easy and intuitive as Netflix.
If you don’t know what Solana is yet, you will soon. This article will explain in detail what Solana and its partnered decentralized exchange Serum are and how they are important to the cryptocurrency world. You’ll then get a sneak peek into what Zelcore’s integration with the platform will look like. If you’re ready for simpler cryptocurrency trading and an application that is easy to use, we’ve got a lot in store for you.
Introducing Solana
Solana is a platform that was founded in 2017 by Anatoly Yakovenko designed to deal with traditional throughput (transactions per second, TPS) problems that occur within the Bitcoin and Ethereum blockchains. As an issuance and settlement blockchain system, its goal is to scale blockchain for global adoption. Unlike a large majority of cryptocurrency projects that are based on other projects such as Bitcoin, Ethereum, and Dash — Solana is built from the ground up.
What makes Solana so different is that it was created by embedded systems engineers, who considered the computing power requirements and built a chain around that instead of starting with a previous blockchain. Using this, the creators have managed to achieve higher throughput than other blockchains, where they currently have a TPS of around 50,000. This is incredibly higher than Bitcoin, which is about 5 TPS, and Ethereum, which is mostly less than 25 TPS.
Solana has come about to solve many traditional issues that blockchain technology faces by presenting a new structure to verify transactions and a more practical consensus algorithm. Showing more promise than Bitcoin and Ethereum, it’s providing the fast advancements needed to push the cryptocurrency industry forward in the financial world.
Serum: The Decentralized Exchange
One of the biggest partners of Solana is Serum, offering a decentralized exchange and order books. Since teaming up, Serum is now running on Solana and provides a decentralized approach to every process in a cryptocurrency transaction. If you currently trade on other decentralized blockchains like Ethereum, they require Automated Market Makers (AMMs). These are not ‘on-chain’, meaning they have a point of failure and don’t have all the security of decentralization.
Serum is a complete, non-custodial exchange that is completely ‘on-chain’ through a central limit order book and runs through Solana’s main net. It’s seen as a platform that will decentralize the entire DeFi stack on offer. The Serum DEX was created in-house by their own dev team, and backed by Alameda Research, a cryptocurrency market maker.
The screenshot below displays a relatively simple Solana-Serum setup. There are five different services Solana offers. On the upper left, you have the default Solana wallet (Sollet) web app. Next is Raydium, an automated market maker (AMM) on Serum Central Limit Order Books, followed by Step, a dashboard visual. The fourth service is SolFarm, a compounding staking service, and the last service on the upper right is Orca — for staking and providing liquidity.
The Importance of Solana and Serum
Solana and Serum partnered up for a reason and have become an important part of the cryptocurrency world. The extremely quick TPS of both’s on-chain order books allows everyone to access the same market, with no-arbitrage across markets needed. What they offer is a complete paradigm shift to the current Ethereum and Bitcoin blockchains.
Ethereum is the most popular blockchain around at the moment, but the slow throughput and TPS make every transaction expensive. It’s not cost-effective for cryptocurrency services and apps to be able to be completely decentralized. Solana’s extremely fast TPS can provide large amounts of data to many users while also processing all the exchange transactions needed to create liquid markets. The speed even presents the opportunity for all sorts of financial tools to be built on blockchain, such as prime brokerages, index funds, sentiment analysis, and much more.
As blockchain technology becomes increasingly popular and more widespread, there will likely be more than one blockchain thriving in the cryptocurrency world. This could mean that Ethereum and Solana could work together and provide a specific critical infrastructure needed to benefit everyone. For example, Solana could provide and process all the data for transactions and provide it to millions of users, while Ethereum settles in/out of fiat currency. Many different combinations could be used.
Now Available: The Revolutionary Zelcore and Solana Integration
Although Solana and Serum are amazing platforms for blockchain and cryptocurrency, they do have some downfalls. Solana is built on the web, and when you use the application to look at different places to stake or trade, you have to look at different sites. This involves logging into your Solana account multiple times on these sites and having multiple windows open. Since most of the world is now mobile, Solana’s numerous open windows and logins are unmanageable.
This is where Zelcore comes to make a difference. Zelcore is a multi-asset cryptocurrency wallet and platform powered entirely by blockchain. The app uses a free wallet with ZelID — a pseudo-anonymous ID system used to communicate with the blockchain. It allows you to have financial freedom and take charge of all aspects of your cryptocurrency investments without depending on any middleman or having to access multiple platforms.
From now on, Zelcore will be offering integration with Solana and Serum for its users. Solana is good for seeing what you hold and Zelcore will allow you to look at tokens one at a time and what has happened with them. Currently, on Solana, when you open the application on the web, you can only view your tokens with no history of what you’ve done with them. If you have multiple Solana wallets, you’ll also be able to view them all in one account on Zelcore.
When using Zelcore, you no longer need to have multiple windows open, switch back and forth, or log in multiple times. You just log in one time and keep one window open. All you have to do is go to the wallet, click ‘Open in Zelcore’, and that’s it, you will have the crypto world in your hands. You’ll be getting all the benefits Solana and Serum offer but in a much easier and user-friendly way.