Solana

Solana is a decentralized blockchain network, started in 2017. Its native cryptocurrency is a token that is also called Solana, aka SOL which is pronounced “So-uhl.” You can use SOL to trade and stake digital currencies, as well as participate in the network.

Solana uses both Proof-of-History (PoH) and Proof-of-Stake (PoS) consensus models to verify smart contracts. A smart contract is a digital agreement written in computer code that lives on Solana’s blockchain. It automatically does something when certain conditions are met. For example, If you send me 1 SOL, the smart contract instantly sends you a digital artwork that I created. No human needs to be there to make it work, the smart contract follows the rules it was programmed with.

Transactions on the Solana network are timestamped before they are processed. This is called PoH. It creates an order of events that is easy to verify, and removes the need for nodes to agree on the transaction order. Solana’s Sealevel technology allows the network to process many smart contracts in parallel, supporting high transaction throughput.

PoS is a way for blockchain networks like Solana to decide who gets to verify transactions and add new blocks to the chain. PoS lets you stake your digital assets. Staking means depositing your tokens to secure the network. 

By combining PoH and PoS, the Solana network has faster processing speeds and lower transaction costs than other blockchains. This in turn allows for low transaction costs across the Solana network. PoH technology has facilitated two major trends across the Solana network: mobile trading dapps, and the rise of memecoins projects.