Solana is a blockchain on which smart contracts can be executed. Its native currency is SOL. Recently, its founders held a large event in the UAE to show its potential. In the text below, we pontificate about the move and what it means for the currency.
Startups and developers in the United Arab Emirates have been invited to a large-scale event held by the Solana Blockchain. Web3 customers in the Middle East are attractive prospects for the California-based company, as the country begins to develop its cryptocurrency strategy. Running from October 6th to 26th, the event is a series of workshops and seminars. In its first week, around 450 visitors attended.
Solana's Plush Party in Dubai
Held in Al Barsha, the event is set in the grounds of six upmarket villas. Within the grounds are a cat room, gymnasium, and five private swimming pools. The event was aptly named the ‘Solana's Superteam Founders' Villa’.
This is the second of their events, with the previous one bringing in $100,000 in deals. Five of the original founders relocated there afterward to further enhance the project, and four new companies were set up. The organizers are aiming to double the number of attendees this year and thus, double the impact.
Another focus of the event will be to show how tech companies using Solana how they can operate within the UAE and its frameworks. This blockchain is pivotal in the implementation of Smart contracts and Web3 applications. It native currency, SOL, has risen in value as its useful nature has become more apparent in a range of industries.
The Future of the UAE and Blockchain
The UAE is quickly positioning itself as the blockchain capital of the world. The country's plans stem back to 2016 when they set out to become the first fully digitized government. It aimed to do this by 2021 and though it did not fully reach the goal, it is on track to doing so.
Much of this has been done through its Global Blockchain Council. This is a body made up of agencies, tech firms, and banks. This has seen the testing and often implementation of several projects, using technology that is still yet in its earliest stages. This has been in education, health, and infrastructure. It has also had joint initiatives with tech giant IBM and Smart Dubai.
Part of its aim has also been to clean up crypto, with several high-profile cases. Its regulators recently began an investigation into pop star Cardi B’s $WAP coin. A complaint was made by a Dubai VC firm and local Emirati investors, who believe the coin has been part of a pump and dump scheme. This is where coins are inflated in value, later to be sold and dumped so initial investors make a lot of money. This rings true as many social media personalities have said that they were paid to promote the coin.
If this is true, it could also position the UAE in a new light: As those who oversee and make the crypto market safer. By investigating celebrity-backed coins, they could become the world's foremost experts on the topic.
Dirham Backed Stablecoin
The Solana event could not have been staged at a better time, and may well have been done so to coincide with this week's announcement about the dirham-backed cryptocurrency. This will see the implementation of AE Coin, a government-backed stablecoin pegged to the UAE Dirham. While it is still in the approval stage, it is expected that this will need to go through some more regulatory bodies before full approval. It will then be used in the local economy for transactions between businesses and companies.
This follows a huge step in January, where $50 million in digital dirhams were transferred to China. This was done via the mBridge. The mBridge is a platform where users can send and receive digital currencies in real-time. In April the country made more steps into crypto acceptance when Binance was given a license to operate in Dubai. The Dubai Financial Services Authority has also shown endorsements for XRP.
Where Will Solana Fit Into This?
In the scheme of cryptocurrency, Solana is a relative newcomer. It is a blockchain that allows proof of stake to provide smart contracts. Its native currency is SOL, often referred to simply as Solana. As a provider of smart contracts, it has a lot of appeal to financial and government institutions. It is also useful in the creation of decentralized applications.
If Solana is to get a foothold in the UAE it needs to move fast, as it has done with this event. What the UAE is trying here is a big risk. However, as a country reliant on fossil fuels in a world increasingly fixated on clean and renewable energy, the UAE needs these companies. It can not survive on the old methods forever and is looking to a possible future in which it can remain a big player. As one of the most well-known blockchains, Solana is an obvious partner. Its currency will naturally rise with more mainstream adoption, so now may be the time to start buying.
