What is Solana?Solana is a modern open source blockchain project. The project seeks to use several breakthrough technologies for the next generation of DApps (decentralized applications).
The network aims to create a scalable, secure, and highly decentralized platform that can potentially support thousands of nodes without compromising on bandwidth, helping to avoid some of the challenges faced by competing systems.
The project was founded in 2017 during the ICO boom (initial coin placement) and raised more than $ 25 million in various rounds of private and public bidding.
Network featuresThe main feature is the bandwidth of the network. The blockchain can support more than 50,000 transactions per second (TPS) at peak load, making it one of the fastest blockchains.
The average block time is from 400 to 800 milliseconds, and the average transaction fee is 0.000005 SOL (a small fraction of one cent).
SOL tokenSolana, like most smart contract platforms, has its own token called SOL. All transactions and operations with smart contracts on Solana will use SOL.
The SOL token can also be stocked to help maintain network security and receive a portion of inflation as a reward.
The token was first introduced in the Solana beta testing network in March 2020 and is currently among the top 20 largest cryptocurrencies by market capitalization.