Solana (SOL) is a third-generation layer 1 open-source blockchain that supports a variety of DeFi solutions, including decentralized applications (DApps) and smart contracts.
Also called the “Ethereum killer”, Solana differs from other blockchain technologies because of their use of a hybrid consensus algorithm that combines proof-of-history (PoH) with proof-of-stake (PoS), allowing the network to carry out up to 50,000 per second.
Solana was released in 2020 and created by Anatoly Yakovenko and Greg Fitzgerald.
Solana(SOL) uses a diverse set of technologies so it doesn’t have to rely on sharding or any other type of layer 2 solution to maintain its speed and scalability. This allows developers to build directly on the blockchain, which is thousands of times faster than working on Bitcoin or Ethereum.
Solana’s native token (SOL) works similarly to how ETH is used on Ethereum, but instead holders stake the token in order to validate transactions through the PoS mechanism. This enables users to participate in governance processes, receive rewards, and pay gas fees.
The network has had unprecedented growth, onboarding multiple projects to their platform, including Chainlink, USDC, USDT, Serum, Terra, and several others.
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