About Solana (SOL)
Solana is a blockchain founded in 2017 by Anatoly Yakovenko with a unique Proof of Stake consensus mechanism. The Solana network concentrates on high transaction throughput and fast processing times. It achieves this via its Proof of History technology. Solana claims to be able to process around 50,000 transactions per second, making it one of the fastest in the industry.
The Solana blockchain linearly hashes transactions to create a verifiable order of all the network's activity to reach these speeds. Because of this, there's no need to rely on a block creator's timestamp or for network validators to check transactions have occurred in the correct order.
Solana's native token SOL is primarily used for staking and transaction fees and has an unlimited supply. However, the blockchain burns 50% of the SOL used in each transaction fee to maintain a set level of year-on-year inflation. Anyone holding enough SOL can become a network validator and support the consensus process needed to run the blockchain. This mechanism generates rewards for users who stake in support of the blockchain.