Solana is an L1 blockchain with an innovative hybrid consensus model that combines a unique Proof-of-History (PoH) algorithm with Proof-of-Stake (PoS). The network’s PoH algorithm is used primarily to ensure node synchrony, while running in parallel with the Proof-of-Stake consenses layer. This allows nodes to create their own timestamps, with the leader of each node sequencing messages while others process transactions. Due to this unique consensus mechanism, the Solana network can theoretically process over 710,000 transactions per second (TPS) without any scaling solutions needed.

 

SOL is the native token of Solana used to transfer value, secure the network through staking, and participate in governance.

 

Solana is developed by Solana Labs, a private company based in San Francisco.