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What is Solana (SOL)
Solana is a Proof of Stake, third-generation blockchain founded in 2017 by Anatoly Yakovenko. The network is attempting to achieve some of the fastest transaction processing times in the industry through its unique Proof of History mechanism. By combining Proof of History with Proof of Stake, the network claims to process up to 50,000 transactions per second.
Solana hashes all transactions in a linear process, making an easily verifiable order to network activity. This feature removes the need for a timestamp and other validators to confirm that the time of the transactions is legitimate.
The network uses its native token SOL for transactions fees and staking. Solana burns 50% of the SOL in each transaction fee as part of its deflationary model. SOL holders can also become network validators and contribute to the running of the blockchain.
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