Solana (SOL) is a high-performance Layer-1 blockchain platform designed to support decentralized applications (dApps) and cryptocurrencies. It aims to provide fast, secure, and scalable infrastructure for decentralized applications.
Solana's unique Proof of History (PoH) consensus mechanism timestamps transactions, allowing the network to process thousands of transactions per second. This results in low transaction fees and quick processing times.
The native cryptocurrency of the Solana network is SOL. You can use SOL to pay for transaction fees, stake to support network security, and participate in governance decisions.
Developers choose Solana for its speed and efficiency, making it a popular choice for building dApps, decentralized finance (DeFi) platforms, and non-fungible token (NFT) marketplaces.
Solana vs. Ethereum
Ethereum remains a significant blockchain platform; however, Solana offers differences such as a hybrid consensus model and faster transaction speeds. Its lower transaction fees are suited for applications with high transaction volumes, like gaming and DeFi applications.
Technologies employed by Solana, such as Proof of Stake (PoS), PoH, transaction parallelization technology (Sealevel), and 'Gulf Stream' technology, enable secure and efficient transaction verification. These technologies contribute to Solana's efficiency and scalability in the blockchain industry.
Learn more about the differences between Solana and Ethereum.
