What is Solana (SOL)? | Solana Crypto Explained in Under 60 Seconds

Solana is an open source project that implements a permissionless blockchain to build scalable decentralized apps. The Solana token (SOL) is the native token of the platform. Used for staking, payments, and to secure the blockchain network.

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Solana is known for short processing times, with the ability to process 50,000 transactions per second. Validation times are decreased with Solana’s hybrid protocol.

Scalability is significantly improved by leveraging the innovative Proof-of-History (PoH) consensus combined with the Proof-of Stake (PoS) consensus of the blockchain.

The Solana protocol is designed to keep transaction costs low for applications with many users, while maintaining scalability and processing speeds.

Solana’s 8 core innovations enable businesses to scale to billions of users, and remain decentralized and secure without the need for sharding.