Solana is a third-generation blockchain that supports fast transactions and high throughput. It was established to scale transactional speeds without compromising on security, privacy or decentralisation by supporting thousands of nodes. The project first began in 2017 and was officially launched in 2020. Solana aims to improve scalability and create a system for determining the time transactions take place using a unique Proof of History (PoH) consensus mechanism.
SOL is the native cryptocurrency of the Solana blockchain. SOL is used to pay for fees when making a transfer or interacting with smart contracts. The SOL token can also be used for staking as part of the PoS/PoH hybrid consensus mechanism.
Solana is one of the biggest cryptocurrencies in the world by market cap and currently sits in the top 5. The team has secured partnerships with several major companies, including Google Cloud and Circle. You can buy Solana (SOL) in New Zealand on the Swyftx crypto exchange.
View the live Solana price (AUD).