Here’s a simple explanation of the SOL currency:
SOL is the native digital currency of the Solana network.
Imagine Solana as a very fast computer for the world. The SOL currency is the "fuel" that makes this computer run. You can use SOL for the following things:
1 Paying transaction fees: Just like paying a small fee to send an email, you pay a small amount of SOL to make transactions on the Solana network. These fees are usually very low.
2 Staking: You can "stake" your SOL coins to help secure the network and earn more SOL coins as a reward. This is like putting your money in a savings account to earn interest.
3 Voting (Governance): In the future, SOL will be used to allow its holders to vote on proposed changes and updates to the Solana network.
What makes Solana and the SOL currency special?
4 Speed: Solana is very fast at processing transactions, much faster than many other cryptocurrency networks.
5 Low fees: The cost of making transactions on Solana is very low.
In short: SOL is the currency that powers the fast and efficient Solana network, used to pay fees and secure the network, and in the future to participate in network-related decisions.