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What is Solana?

The Solana (SOL) blockchain was launched in 2020 by Solana Labs founders Anatoly Yakovenko and Raj Gokal. It is a layer–one blockchain designed to handle smart contracts, decentralized apps (dApps), NFTs, and DeFi.

It’s a permissionless network that's become known for quick transaction speeds and relatively low fees. One of the technologies credited for that speed is something called Proof of History (PoH), a kind of built-in clock that uses a sequence of cryptographic hashes to timestamp transactions on–chain. This setup helps the network run efficiently without depending on external time sources.

Over the past couple of years, Solana has also become a popular platform for meme coins, with low costs and fast processing attracting active communities.

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Buy Solana on Newton

Trading on Newton is fast and easy.

Create an account in a matter of minutes, and start buying Solana and more on your phone or computer.

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How does Solana work?

Overview

Solana is a high-throughput blockchain optimized for speed, using novel timestamping and parallel execution. The development community has a shared goal of increasing bandwidth and reducing latency. The SOL supply is not capped like Bitcoin, this means new tokens can continue to be issued over time.

Consensus Mechanism

The chain uses a combination of both Proof-of-History (PoH) and Proof-of-Stake (PoS). PoH acts as a high-speed cryptographic clock that helps order transactions efficiently, while PoS allows validators to secure the network by holding and staking SOL tokens. This hybrid setup supports high throughput, with estimates suggesting Solana can process up to 65,000 transactions per second (TPS), though actual performance depends on network conditions. 

Transaction Processing

Solana is built for speed and scalability. It uses Sealevel, a parallel processing engine that enables multiple smart contracts to run simultaneously/ Additional components such as Turbine, which breaks data into smaller packets for efficient distribution, and Gulf Stream, which forwards transactions before previous blocks are confirmed, help to increase overall throughput. This architecture supports use cases that require frequent and fast transactions, such as decentralized finance (DeFi) and gaming.

Network Security & Ledger

Tower BFT (Byzantine Fault Tolerance), is an algorithm optimized for PoH that helps reach consensus quickly and confirm blocks securely. Each block is cryptographically linked to the previous one, creating an immutable ledger. The network’s infrastructure requires relatively powerful hardware and has been the topic of ongoing debates surrounding decentralization. SOL’s was designed to maintain network integrity and responsiveness under high transaction loads yet it has suffered some downtime since its launch. 

Environmental Impact

The Solana Foundation’s 2022 Energy Use Report, revealed that the network consumes approximately 0.00051 kilowatt-hours (kWh) per transaction. Energy metrics can vary depending on methodology and measurement practices.

Additional Features

Solana’s fees, often less than a penny, make transactions affordable. Solana offers pseudonymity, with transactions linked to wallet addresses, not personal identities, ensuring user privacy. Its SPL (Solana Program Library) token standard powers an ecosystem of decentralized finance (DeFi) apps, stablecoins, and non-fungible tokens (NFTs). 

SOL to CAD: Conversion rates

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How to buy Solana on Newton

1. Create an account. Most new users are quickly reviewed within a matter of minutes. You can also enable 2-factor authentication for stronger security.

2. Connect your bank account and use e-transfers to instantly fund and withdraw on Newton, a regulated crypto platform.

3. Start buying and selling crypto from your web browser or mobile device. Be aware of cryptocurrency volatility.

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SOL to CAD: FAQ

How do I convert SOL to CAD?

You can use our SOL to CAD calculator at the top of this page to convert any amount of SOL into Canadian Dollars.

Prefer viewing a quick reference guide? Scroll up to check out our asset conversion tables that are populated with the most common conversions. For example $5 CAD is equal to approximately ... SOL, while 5 SOL is worth about ... CAD.

Can I use CAD to buy Solana (SOL)?

Canadians can legally buy, hold, spend, or sell Solana (SOL) through regulated crypto platforms like Newton or through decentralized peer-to-peer networks.

How much is 1 Solana in CAD?

Today, Solana is valued at ... .

How much Solana can I get for $1 CAD?

At the current exchange rate, 1 Canadian Dollar equals ... SOL.

How much Solana can I buy?

You can buy as much Bitcoin (BTC) as your available account balance and individual risk tolerance allow, since there is no maximum limit. Use our converter to estimate the exchange rate. Or start with as little as $10 CAD, which is the minimum deposit amount.