What is Solana?

Solana is a crypto computing platform that aims to achieve high transaction speeds without sacrificing decentralization. It employs a bundle of novel approaches, including the “proof of history” mechanism. Solana’s native cryptocurrency is SOL, which is used to pay transaction fees and for staking. It also gives holders the right to vote in future upgrades.

It is the fastest blockchain in the world and the fastest-growing ecosystem in crypto, with over 400 projects spanning Defi, NFTs, Web3, and more.

Because Solana is so fast, congestion and fees remain low. Developers hope high speeds and low fees will eventually enable Solana to scale to compete with centralized payment processors like Visa.

Solana can quickly add multiple properties to its existing network, whether its building applications or mining SOL tokens, this network can perform it all within microseconds. This cryptocurrency is often hailed as “ethereum’s competitor”.