What is Solana?
Solana is a high-performance blockchain designed to scale and support decentralized applications (dApps) with high transaction throughput. It was launched in 2018 by the Solana Foundation, which is based in Switzerland. Solana aims to solve the scalability problem that many blockchains face by using a unique consensus mechanism called Proof of History (PoH), which allows for fast and efficient transaction processing.
Solana also features a smart contract platform that is compatible with Ethereum’s Solidity programming language, allowing developers to easily migrate their dApps from Ethereum to Solana. In addition, Solana has a growing ecosystem of projects and applications built on its blockchain, including decentralized exchanges, prediction markets, and more.
The native cryptocurrency of the Solana blockchain is called SOL, which is used to pay for transaction fees and other network services. The supply of SOL is capped at 489 million tokens, with a significant portion reserved for ecosystem development and community initiatives.