Solana is a layer-1 blockchain designed for fast transactions and low fees. It supports decentralized applications (dApps) and smart contracts, competing with Ethereum. Solana uses a Proof of Stake (PoS) consensus mechanism combined with Proof of History (PoH) to enhance scalability, processing up to 65,000 transactions per second. Its native token, SOL, is used for transaction fees and staking. Solana is popular for DeFi, NFTs, and blockchain-based gaming due to its speed and efficiency.
1 Like