SolanaPrime Review

Blockchain Overview

Since its inception in 1991, blockchain has been used to store and protect digital data. The simplest definition of blockchain is that it is a distributed ledger that can be accessed by millions of computers simultaneously. In addition, the recorded information on the ledger cannot be changed without the approval of all persons concerned.

The following is a list of some of the most common applications of blockchain technology in South Africa.

Transferring money

There are several uses for blockchain technology based on its basic principle. The use of traditional money transfer services may be more costly and slower than the use of blockchain-based money transfers.

Transacting across borders, on the other hand, can be both time-consuming and costly. Although money transfers between accounts in the present US banking system might take days, a blockchain transaction just takes minutes.

Financial Exchanges

Decentralized cryptocurrency exchanges have proliferated in the last few years, with a slew of new start-ups popping up all the time. Faster and less costly trades are made possible using blockchain technology.

Because investors do not have to deposit their assets with a central body, they have better control and security over their funds. Even though blockchain-based exchanges trade in cryptocurrencies, the idea may be adapted to more conventional assets.

Crypto Lending

Smart contracts can be used to conduct collateralized loans on the blockchain. The blockchain-based smart contracts enable specific events, such as a service payment, a margin call, complete repayment of the loan, and release of collateral, to be automatically triggered. Because of this, lenders can lower their rates and provide speedier loan processing.

Insurance

Insurance companies and their clients may benefit from smart contracts on the blockchain because of the increased transparency they bring. A blockchain would prevent consumers from submitting multiple claims for the same incident. With smart contracts, claimants may get payouts more quickly.

Real Estate

Real estate transactions in South Africa require a massive amount of documentation to verify financial information and ownership and then transfer deeds and titles to new owners.

Real estate transactions can be more securely and easily verified and transferred using blockchain technology. In addition, businesses that can minimize the amount of paperwork needed will inevitably have some overall cost reduction.

Personal Information Security

Keeping a South African identity number along with other identifying information is safer on a public ledger like a blockchain than it is on existing systems that are more vulnerable to cyberattacks.

Travel, healthcare, banking, and education are just a few of the areas that might benefit from the usage of blockchain technology.

Voting

The world is only one step away from holding elections and voting using blockchain technology, especially if personal identifying information is stored on a blockchain. Using blockchain technology, votes cannot be cast twice, only qualified voters may vote, and the results of those votes are unaffected by anybody else.

Voting can also be facilitated by making it as easy to cast your ballot as tapping a few buttons on a mobile phone. Additionally, the cost to conduct an election would drop significantly.

Government Benefits

The management of government services like welfare, Social Security, and Medicare may also benefit from the usage of digital identities recorded on a blockchain.

Because of the use of blockchain technology, fraud can be reduced, and operational expenses reduced. In the meanwhile, digital distribution on the blockchain allows recipients to get payments more swiftly.

Healthcare – Storing Medical Information

For medical providers, keeping patient data on a blockchain allows them to access accurate and up-to-date information.

Patients who visit a variety of providers are more likely to get comprehensive treatment because of this. In certain circumstances, it may speed up retrieving medical records, allowing for earlier treatment. In addition, physicians can quickly determine whether a patient has health insurance and, if so, whether their therapy is covered.

Artist Royalties

The use of blockchain technology to monitor the distribution of audio and video files across the internet may ensure that artists get compensated for their labor.

Cryptocurrencies like Bitcoin and Ethereum, which employ blockchain technology to verify that the same content does not exist in more than one location, may be used to assist in combatting piracy. Artists can also get paid for their work utilizing a smart contract and a blockchain-based tracking system for playbacks on streaming sites.

Non-Fungible Tokens

In the minds of many, NFTs serve to secure ownership of digital art. To ensure that only one copy of a digital artwork exists, an NFT is placed on the blockchain, which prohibits data from being replicated. Like investing in actual artwork, but without the storage and upkeep issues, it may be a viable option.

For any means to express ownership over anything that can be represented in data, NFTs are a great option. It might be a property deed, the rights to a movie, or a ticket to a live event. An NFT may be anything that is even marginally out of the ordinary.

Solana Introduction

Solana is a high-speed layer-1 blockchain that was launched in 2017 that seeks to outperform popular blockchains like Ethereum and Bitcoin in terms of throughput while keeping prices down.

To process transactions very rapidly, it uses a unique consensus technique known as Proof-of-History. The lightning-fast timing method, a kind of proof-of-stake, allows Solana to potentially handle more than 65,000 transactions per second without the need for scaling solutions.

When it comes to competing with Ethereum, crypto enthusiasts and developers have favored the layer-1 chain, which has catapulted it to the top ten. Aside from the many challenges and criticisms that it has had to overcome, Solana is now facing rising competition from other L1s.

Solana’s design aims to show that a collection of software algorithms may be used to construct a blockchain that removes software as a performance barrier, allowing transaction throughput to expand proportionately with network capacity.

There are three ideal characteristics of a blockchain: scalability, security, and decentralization. According to the Solana design, a normal Gigabit network can handle 710,000 TPS while a 40-Gigabit network can handle 28.4 million TPS.

Proof of History and Proof of Stake are both used in Solana’s blockchain. If validators (those who verify transactions uploaded to the blockchain ledger) have a certain number of coins or tokens, they may verify transactions; however, PoH speeds up the verification process by allowing transactions to be timestamped.

The Role of VC in Crypto, Blockchain, DAOs, and Web 3.0

Crypto-based systems have seen a significant rate of adoption in the past few years including DeFi applications, NFTs, and cryptocurrencies as investment, trading, and payment tools. The attention has also been drawn to Decentralized Autonomous Organizations (DAOs) that have been around since 2016.

DAO has been around for a while but has been widely unpopular because of its rocky start when hackers got away with $50 million in organization funds. However, despite this, DAO has recovered and has seen a comeback in recent months.

More established frameworks and tools, as well as decreased friction in setting up and dealing with DAOs, were responsible for these developments. DXdao, the Genesis DAO that was created by DAOStack, and MolochDAO were early examples of a new decentralized organization.

DAOs now come in many shapes and sizes, from large to tiny, and are utilized for a variety of purposes, including ecosystem stewardship, collective NFT purchase, and support of social movements.

Furthermore, DAOs will be the most revolutionary shift in how VC firms work going forward. How venture capitalists invest in businesses, connect with them, and deliver value will have to alter.

However, their own business model may be threatened by DAOs that themselves become investment vehicles. It will also radically modify access to investment possibilities and give democratic means of investing without needing to be an authorized investor or without net worth limits.

Introduction to VC-Backed DAO

These firms are hoping to help empower a new generation of decentralized autonomous organizations (DAOs) with various degrees of blockchain dependency, allowing founders to traverse legal challenges while depending on smart contracts produced by these tools’ start-ups.

Some “crypto-native” funds like Andreessen Horowitz and Variant are increasingly investing in DAOs directly, while others, like Paradigm, support entrepreneurs by creating blockchain infrastructure for them.

DAOs themselves are often interested in monetizing their early backend infrastructure. A major emphasis of tools start-ups is helping DAOs demonstrate compliance with local and international rules, forming as LLCs or finding the correct structure for what the DAO is striving to accomplish.

Non-accredited investors in investment DAOs, which bring together crypto-rich purchasers to pool their funds and make investments or provide financial support to start-ups, have run into difficulties in the United States, South Africa, the United Kingdom, and other regions with strict regulatory frameworks.

DAO tooling start-ups face an ever-changing set of compliance difficulties, but the most constant one is assisting DAOs to educate their users about hazards, which will become more crucial as crypto businesses and DAOs seek to attract an increasingly widespread user base.

SolanaPrime Overview and Purpose

Using the Solana blockchain, SolanaPrime is the world’s first Solana Venture Capital DAO, launchpad, and liquid allocations market.

Solana is a massive blockchain that has been catapulted into the sector that is capitalizing on Ethereum’s and other blockchains’ problems with scaling.

Tokenomics, as it now exists in the industry, makes it impossible to scale these launchpads. Overcrowded and costly layers with information asymmetries occur between funds and the wider community, resulting in idle capital.

To meet the needs of ordinary investors as well as major funds, SolanaPrime was created to take advantage of Solana’s universal accessibility. Additionally, SolanaPrime allows DAO-controlled tokenization of the whole pre-money lifecycle, among other things,

While capital efficiency and comprehensive markets govern the SolanaPrime project, its team provides a holistic and unique approach to the economics of the launchpad’s economics.

Before the SolanaPrime pre-money vested allocations, derivatives such as NFT allocations, insurance products, and secondary markets are critical to the project’s objective. To run and grow DeFi, SolanaPrime employs a staff of devoted and active members.

The following statistics show that Solana has the momentum for a project like SolanaPrime:

• The network holds more than 75% of the total supply of $SOL.
• TVL for Solana is above $10 billion.
• Hundreds of projects can be found in the Solana environment.
• A staggering 1,000 live transactions occur on the Solana network per second.
• It costs $0.00025 on average to complete one transaction.
• Solana’s block timings are 400 milliseconds.
• Over 50,000 transactions have been made on the Solana to Ethereum bridge, with over 20,000 different addresses. This bridge is used for transactions involving either USD Coin (USDC) or Tether (USDT).

For developments on Solana, Solana has built “Wormhole” and numerous additional bridges to retain both speed and cost. In addition to these developments, Polygon, Ethereum, Binance Smart Chain, and a slew of other chains offer on-chain liquidity to help make this possible.

What the Future Holds for Solana and SolanaPrime

NFTs, DeFi, and gaming are the primary focal areas for Solana and SolanaPrime. Solana presently has around $10 billion in TVL split among various DeFi projects, as well as cross-chain bridges that can handle transfers, allowing Solana to dramatically enhance growth.

The blockchain is steadily losing its hold on the DeFi industry, which is the truth about Ethereum. Where more capital-efficient layer-1 solutions are concerned, prohibitively high Ethereum gas prices have catalyzed liquidity as well as volume migration.

Layer-1 networks are always fighting for supremacy in the evolving DeFi environment, with Solana now leading the charge. In addition, Solana’s TPS and cheap transaction costs make it a top candidate for the expansion of gaming.

Composable economies are being created to enable individuals to engage and play games inside virtual worlds, which is also known as the metaverse, by combining NFTs, DeFi, and gaming.

Solana and SolanaPrime help these ventures get off the ground by providing the necessary funding and infrastructure. Technology, expansion, and community devotion surpass the size of Solana’s television network (TVL).

Stablecoins, Synthetix, and other important liquidity solutions are all being built on Solana, which offers the industry the considerable enhancements required to make the project stand taller than Ethereum and which has the community support and ecosystem necessary to be successful.

SolanaPrime Distinct Characteristics

The following are elements contained in SolanaPrime:

• PRIME Smart Tiers include the Pool Weight Multiplier, Pool Odds Multiplier, Distribution Balance Factor, and Tail Balancer.
• PRIME Insurance is a product that crypto holders can purchase to protect them against any problems experienced with IDOs.
• PRIME Liquid Allocations refers to a secondary market dedicated to IDO allocations where crypto investors can lend their PRIME to receive interest.
• PRIME Index refers to the Solana Prime Index Pool where 10% of funds will be collected and $iPRIME tokens will be minted.
• PRIME Delegation allows users to access higher tiers by forming PRIME access pools.
• PRIME Charge involves a 10% charge when PRIME holders unstake their tokens. Half of this fee will be burnt, and the other half will be returned to stakes.
• PRIME DAO refers to the governance aspect of PRIME, allowing holders to vote on system parameters, introduce improvement proposals, and more.
• PRIME Burn Booster involves PRIME tokens being burnt proportionally, ensuring that there is an increase in the odds multiplier and the overall pool weight.

PRIME Tokenomics

The allocation of the supply of 100,000,000 PRIME tokens is as follows:

FAQ

What is Solana?

Solana is a decentralized, open-source blockchain that was designed to allow scalable, user-friendly DApp development. Solana supports smart contracts, NFTs, and a wide range of DeFi applications.

What is SolanaPrime?

SolanaPrime is the first VC DAO, IDO launchpad, and liquid allocations marketplace that is launching a venture funding DApp that can foster new projects and launch them in a wide range of secondary markets.

Where can I buy Solana (SOL) and SolanaPrime (PRIME) in South Africa?

Solana (SOL) is available on most major crypto exchanges. SolanaPrime (PRIME) is currently not on the market as the project is set to launch in March. However, these tokens should become readily available on most crypto exchanges.

What is the minimum PRIME that can be staked in South Africa?

The minimum PRIME that can be staked is 50 PRIME, referred to as “Mersenne”, which provides the South African crypto holder with 1 participation ticket.

When will SolanaPrime launch in South Africa?

SolanaPrime is set to launch globally in March.

How much is the token supply for PRIME?

100,000,000 PRIME.

How many sale rounds has SolanaPrime had?

SolanaPrime has held a Seed Round in which $3,500,000 was raised and a private sale, in which $2,500,000 was raised. The next step is the IDO and 1,000,000 PRIME has been dedicated for this round.