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What is Solana (SOL) currency? | A simplified introductory guide
In the rapidly evolving world of cryptocurrencies, some projects stand out due to their innovations and speed of performance, among which Solana emerges as one of the most prominent modern blockchain networks. But what is SOL currency? And why is it being talked about by so many? In this article, we will provide you with a comprehensive and simplified introductory guide.
What is Solana?
Solana is an open-source blockchain network developed to be fast, secure, and scalable. Launched in 2020, it aims to support decentralized applications (DApps) and decentralized finance (DeFi) projects.
The currency of the Solana network: SOL
SOL currency is the native digital currency of the Solana network. It is used to pay transaction fees on the network, to participate in securing the network through what is known as "staking," and it is also used within applications built on Solana.
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Key Features of Solana
1. Ultra-fast:
Solana is capable of processing over 65,000 transactions per second, making it one of the fastest blockchain networks in the world.
2. Low fees:
Transaction fees on the Solana network are among the cheapest, costing a fraction of a cent per transaction.
3. Proof of History Mechanism:
An innovative technology used to speed up transaction verification, making the network more efficient compared to its competitors.
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Uses of SOL currency
Paying transaction fees on the network.
Participating in securing the network through Staking.
Investing and speculating through trading platforms.
Using it within games and decentralized projects built on Solana.
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Is SOL currency safe?
Despite some technical interruptions that the Solana network has experienced in the past, the development team is continuously working to improve performance and enhance
