Solana is a blockchain that offers solutions to the scalability problems that plague blockchain technology. It uses an innovative consensus algorithm approach known as the Proof of History together with Proof of Stake. This new algorithm enables very high transaction throughput with a theoretical maximum of 710,000 transactions per second on a 1 gigabit per second network. Solana provides a Turing-complete smart contract, called Programs which is based on Rust, C and C++. Many top decentralised applications have been built on Solana ranging from decentralised finance, to gaming. In addition to its high TPS, Solana attracts developers as it guarantees a transaction fees of less than $0.01. As Solana provides fast confirmation time, this enables the development of decentralised exchange with experience similar to centralised exchange as in fast trade execution.
Solana uses SOL for its currency. It is used to secure the network through validators and delegators. The validators run validator nodes through Solana clusters by staking their SOL, while delegators stake their SOL to validators and share the responsibility of securing the network. Solana also provides a token program for applications built on Solana, called SPL tokens.