You can deposit or withdraw SOL from Bitso using the Solana network exclusively. Make sure you choose this network when transferring your coins.
What is Solana?
Solana is a unique blockchain protocol that sets out to be a repository layer upon dApps to be built upon. Solana started development in 2017, during the ICO boom when founder Anatoly Yakovenko realized that Bitcoin and Ethereum struggled with the speed with which they reached a consensus. This led Yakovenko to try a new form of consensus mechanism, Proof-of-History, which they combined with an underlying Proof-of-Stake to create a hybrid model. Solana’s mainnet was rolled out in March 2020 and has since been considered one of the biggest competitors to the current largest Defi repository: Ethereum. Solana’s native token, SOL, has quickly risen to a consistent spot among the top ten cryptocurrencies by market cap.
What makes it unique?
Uses a unique combination of Proof-of-History and Proof-of-Stake consensus to reduce transaction latency;
Uses complex infrastructure mechanisms to increase efficiency and eliminate the need for Layer 2 solutions and workarounds such as sharding;
SOL works similarly to how ETH works for Ethereum, holders can participate in governance, receive rewards and pay gas fees. It gains a competitive edge by allowing holders to stake SOL to validate transactions;
Has been labeled the “Ethereum Killer” by proponents due to its increased speed and efficiency.
Solana’s improvements on the architecture necessary to establish consensus have set it apart as a highly efficient and fast blockchain protocol. Their unique approach and hybrid model have led to an elimination of workarounds such as Layer 2 protocols, which are necessary on other competing networks such as Bitcoin and Ethereum. Centralization remains the biggest hurdle for Solana, with Yakovenko stating that he’s committed to onboarding more validator nodes. Additionally, the network has been plagued by frequent outages which have hindered its dash to success.