What is Solana (SOL)?
Solana (SOL) is a web-scale blockchain that provides fast, secure, scalable dApps (decentralized apps) and marketplaces. It’s native token, $SOL, is used for transactions on the network. Currently, the system can carry out 50,000 (transactions per second) and 400ms Block Times (time taken to create a new block in a blockchain). Solana’s long term goal is to address speed, scalability and transaction fee issues associated with other blockchains by utilising a combination of Proof of Stake and so-called Proof of History consensus mechanisms. Solana hopes to support all high-growth and high-frequency blockchain applications and to democratize the world’s financial systems. Achieving these goals requires the implementation of several optimizations and new technologies, Solana’s success signals a new phase in blockchain development.
Real World Example:
Solana’s native digital asset is SOL. SOL can be used for transactions on the Solana network. The total supply of SOL will be 500,000,000. The current circulating supply is 273,000,000 at the time of writing (July, 2021). Validators and network contributors earn SOL as a reward for running on chain processes. Users also use SOL to pay for network transaction fees.
Fun Fact
It is estimated that it would only cost $10 to send a $10 million transaction on the Solana network. Small transactions on the network can cost as little as a fraction of a cent.
Solana Links
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Click on the button below, to buy Solana in Ireland today: