What is Solana (SOL)?

Solana, an open-source blockchain platform, was created in 2017 by former Qualcomm executive Anatoly Yakovenko with the vision of increasing blockchain scalability. Its launch in 2020 marked a significant development in the cryptocurrency space. Solana stands out for its high-speed layer 1 blockchain that aims to surpass the performance of popular blockchains like Ethereum while maintaining low costs. It uses a hybrid consensus model that combines proof of history (PoH) and proof of stake (PoS), theoretically enabling more than 710,000 transactions per second (TPS) without additional scaling solutions. As a versatile platform, Solana supports various decentralized finance (DeFi) platforms and non-fungible token (NFT) markets, facilitating the creation of smart contracts and decentralized applications (dApps). It has gained traction among cryptocurrency enthusiasts and developers who use it for a variety of industries, including finance, computer science, and art. Solana's ecosystem is designed for scalability and distinguishes itself from.