What is Solana (SOL)?
Solana is a blockchain platform designed to support decentralized applications (dApps) and smart contracts — similar to Ethereum — but with much higher speed and very low transaction fees.
SOL is the native cryptocurrency (token) used within the Solana network to pay for transaction fees and interact with apps.
Key Features of Solana
High Speed
Solana can handle over 65,000 transactions per second (TPS), compared to Ethereum’s ~15–30 TPS.
It uses a unique mechanism called Proof of History (PoH) alongside Proof of Stake (PoS) to efficiently order transactions
Low Fees
Transaction costs are very low, often less than a penny.
Many decentralized apps (DeFi, games, wallets, NFTs) are built on Solana due to its speed and scalability
What is SOL used for
1. Paying transaction fees on the Solana network.
2. Staking: Users can lock up SOL to help secure the network and earn rewards.
3. Used within dApps, including DeFi platforms and NFT marketplaces.
4. Governance: In the future, SOL holders will vote on changes to the network.
Who created Solana?
Solana was founded in 2017 by Anatoly Yakovenko, a former engineer at Qualcomm
Solana vs. Ethereum
Feature Solana Ethereum
Speed Much faster Slower
Fees Very low Often high
Programming Lang Rust / C / C++ Solidity
Scalability Strong Improving (via Layer 2)
