$33.380 / $29.190
What is Solana (SOL)
Solana is a native coin of the Solana blockchain. Solana is a high-speed single-layer blockchain, supporting up to 65K transactions per second and 400ms block times using a self-developed consensus mechanism. At the time of writing, Solana has more than 80 active third-party validators and over 50,000 community members across Telegram, Reddit, and Twitter. It also supports delegated-Proof-of-Stake protocol whose focus is on delivering scalability without sacrificing security and decentralization.
Solana’s scaling solution focused on its decentralized clock titled Proof-of-History (PoH), built to solve the problem of time in distributed networks. With Verifiable Delay Functions, PoH allows each node to locally generate timestamps with SHA256 computations. This removes the need to broadcasts the timestamps across the network, improving overall network efficiency. In addition to that, Solana uses Turbine block propagation protocol so the platform can support thousands of nodes without sacrificing any performance and scalability. Just like other “third-generation” blockchain, their solutions allow Solana to have a relatively cheap transaction fee.