What is Solana?
Solana is a highly functional layer-1 blockchain that helps create crypto apps. It was built in 2017 by Anatoly Yakovenko, a former Software Engineer at Dropbox and Senior Staff Engineer at Qualcomm. Solana’s cryptocurrency is SOL. Headquarters in Geneva, Switzerland.
Solana includes proof-of-history (PoH) technology and a proof-of-stake (PoS) mechanism. As a result, the Solana network can process over 700,000 transactions per second (TPS) with no scaling solutions needed. Furthermore, Solana's scalability ensures transactions remain less than $0.01 for both developers and users.
Solana blockchain architecture is formed to support smart contracts, decentralized apps (DApps), decentralized finance (DeFi), and NFT marketplaces.
What is unique about Solana?
- Anatoly Yakovenko developed PoH (proof-of-history) consensus. This protocol helps to increase its scalability and usability.
- Speed. Solana’s protocol help to decrease validation time for transactions and brilliant contract execution.
- User-friendly. Solana is both user and developer-friendly. As a result, it can be used by significant projects, entrepreneurs, and small-time users.
- Low transaction costs. The Solana protocol is designed to maintain low transaction costs without unpredictable changes.
What about SOL?
SOL token was launched in March 2020, and rather quickly, it has become one of the TOP-10 cryptocurrencies on the market. SOL is a native token of the Solana blockchain, so it serves both as network governance and currency for payment. As a result, SOL holders may either be network validators, or they can just stake their coins.
