- What is Solana?
Solana (SOL) is a web-scale blockchain that provides fast, secure, scalable, decentralized apps and marketplaces. Solana ensures composability between ecosystem projects by maintaining a single global state as the network scales. The network introduces various new and unique technologies to provide users with unmatched transaction speeds and enterprise-level security.
Solana is a high-performance cryptocurrency blockchain which supports smart contracts and decentralized applications. It uses a proof of stake consensus mechanism with a low barrier to entry along with timestamped transactions to maximize efficiency. Solana (SOL) is a highly functional open source project that banks on blockchain technology’s permissionless nature to provide decentralized finance solutions.
Solana can process 50k transactions per second.
SOL is a cryptocurrency native to the Solana blockchain. It is burned to pay for fees on the Solana network. SOL can also be staked to become a blockchain node.