What is Solana (Sol)?

Solana is a crypto computing platform that aims to achieve high transaction speeds without sacrificing decentralization. It employs a bundle of novel approaches, including the “proof of history” mechanism. Solana’s native cryptocurrency is SOL, which is used to pay transaction fees and for staking.

What is a Sol token & how does it work?

Staking is an integral feature of all PoS-enabled platforms, and the SOL token is no exception. The concept revolves around locking up tokens to secure the network. In return for doing this, stakers are rewarded with newly minted coins.

Why should you choose a crypto app on Solana?

The crypto app ecosystem on Solana supports billions of dollars worth of assets. One reason a user might choose an app that runs on Solana over, say, Ethereum, is that speeds are high and congestion is low — resulting in very low fees. The Solana blockchain can also support stablecoins and wrapped assets.

How many sol coins are there?

While it is time-consuming, letting nodes come to an agreement without an intermediary tallying votes has been core to decentralized blockchains since Bitcoin was created. There are currently 315,100,273 SOL coins in circulation with a total supply of 511,616,946 without an established maximum supply. The SOL token has two use cases.