We already told you about the Project Serum project in August when it made a strong impression with an increase of 1500% in one day. Today, we are going to talk about this project again, trying to understand what it has to offer, its added value, and finally the promises it has to keep. Project Serum (SRM) is a bit of a special project since its token is not an ERC-20, but a token from the Solana blockchain. And it would be incomplete to speak of the first without writing a few words on the second. Cryptocurrencies therefore invites you to discover within this new episode of Adopt A Crypto Project the very astonishing but promising duo Project Serum and the Solana blockchain!
Warning : This new chapter of Adopt a Crypto project is offered to you in partnership with Serum. Crypto investments are risky by nature, do your own research and invest only within the limits of your financial capacity. This article does not constitute an investment invitation.
At the base of everything, the Solana blockchain
Solana (SOL) is a full-fledged blockchain ready to host an entire ecosystem on top. If you want an easy comparison, you can tell yourself that this is a competing blockchain with Ethereum (ETH).
However, where Solana stands out is that over Proof-Of-Stake (POS), the blockchain has added a software overlay called Proof-Of-History. And that changes a lot, a lot of things!
But what is the Proof-Of-History ? To talk about this, let’s get back to basics first. On the Bitcoin blockchain (BTC), transactions are only validated when the block in which they are entered is validated by a miner who has managed to find the cryptographic solution to a given problem.
However, this implies a time between two blocks (blocktime) of about 10 minutes. However, depending on the context, this blocktime can turn out to be long, or even too long. Indeed, it is useful to have transactions that are validated much faster, as is possible on Ethereum for example.
With the Proof-Of-History, transactions are validated almost immediately (400 milliseconds to be precise) because the blockchain will cryptographically prove that a transaction was created before another, to all validators and almost instantly.
Okay, that’s all well and good, but it’s a hell of a lot of gibberish … What does that actually mean?
A fast … and optimized blockchain
Thanks to this Proof-Of-History, the Solana blockchain can approach 65,000 transactions per second! As a reminder, Ethereum allows 15 transactions per second. In addition, this overlay allows you to pay very little costs during these last: $ 0.00001 per transaction.
These statistics allow Solana to offer itself as a solid and viable alternative to Ethereum!
A shock team
You should also know that Solana is a big team with in particular :
- Anatoly Yakovenko, former Qualcomm and DropBo and creator of Proof-of-History
- Jeff Levy, a Twitter and Google alumnus
It is therefore on these solid foundations that Project Serum emerged.
And this beautiful cast probably explains why everything seems so well thought out in this project!
Project Serum, an ambitious project
An easy-to-use DEX
The primary functionality of Serum is its DEX which allows‘Very simply exchange all existing cryptocurrencies through a swap system.
To use swap, no need for KYC, just create a wallet, a bit like MetaMask or Uniswap.
Then you will be free to swap as you want.
White label DEXs
Where Project Serum stands out is that it offers the ability for anyone to create their own DEX! You will only need a little computer knowledge, but nothing insurmountable.
In addition, Serum offers you not to have to manage your liquidity pools… since the orders are mixed between all the DEXs!
This is a great feature, allowing everyone who creates their DEX through Project Serum to help in the development of the overall project, while benefiting from the effort of others.
Creation of market pair
As you understood, Project Serum is not on the Ethereum blockchain but Solana. You will therefore not necessarily have the ERC20 tokens available natively.
To compensate for this, the project prepared a market pair option, which anyone can use. It will suffice to enter the addresses of each token of your pair.
For example, if the ETH / BTC pair is not available, you can create it by entering the addresses of the different assets (here a Wrapped Ethereum address and a Wrapped Bitcoin address).
Significant support within the ecosystem
When we are interested in Project Serum, we realize that the project is surrounded … majors in the sector ! Binance, OKEx, FTX, BitMax…
All these pretty people come to reinforce the seriousness of the project, its ambitions but also its viability! A great point for investors who did not yet know whether they wanted to take the plunge or not.
Project Serum, a bet on the future
Project Serum is therefore much more than just a DEX. This project is based on an innovative blockchain, Solana, and Proof-Of-History.
On top of that, Project Serum has succeeded in combining the best of centralized exchanges (interface, performance, etc.) with the best of decentralized exchanges.
As of this writing, the SRM token is not yet in the top 100 cryptocurrency marketcap. Yet if it keeps all of its promises (and that, only time will tell), this cryptocurrency may be a whole different future …
We hope you enjoyed this new episode of Adopt A Crypto Project, and that you learned some things about Project Serum! If you ever want to dig deeper into the subject, Owen Simonin, also known as Hasheur, made a video on Project Serum. An excellent complement that we could only recommend to you in view of the context! Have a good viewing, and see you next, for a new project!