Solana(SOL)
Print
Modified on: Fri, 22 Sep, 2023 at 11:50 AM
SOL is the native token of the Solana Blockchain which aims to be an alternative to Etherum by offering to solve limitations of costs and speed. Solana is currently the fastest layer-1 blockchain network in the crypto industry. Solana can process up to 50,000 transactions per second. The Solana blockchain network focuses on scalability, security, and decentralization, and is compatible with Smart Contracts allowing for DeFi projects, DApp, and Stablecoins to launch on the blockchain. Solana’s consensus mechanism is a combination of proof-of-stake and proof-of-history used for validation of transactions. Solana’s decentralized clock is used to place time-stamps on transactions as validators take turns to produce blocks and perform other tasks such as securing the network.
Did you find it helpful?
Yes
No
Send feedback Sorry we couldn't be helpful. Help us improve this article with your feedback.
