Published February 29, 2024
Token name | Metaverse |
Ticker | SOL |
Website | https://solana.com/ |
Network | Solana |
Summary of Token | Solana is a blockchain platform that uses proof-of-stake (PoS) and proof-of-history (PoH) mechanisms. Its native cryptocurrency is SOL, covering transaction fees. |
Circulating Supply | 440,722,334 SOL |
Max Supply | 569,876,030 SOL |
Blockchain | Solana |
Year in-corporated | 2018 |
Governance Token | Solana |
Token Use Cases | SOL, Solana’s native digital currency, performs several functions. It is used for staking and covering transaction costs, as well as giving owners the chance to vote on planned enhancements. Furthermore, SOL tokens enable peer-to-peer transactions and trading activities, as well as rewards for maintaining the Solana network’s integrity as a validator.
Other uses cases include: dApp Development Non-Fungible Token Development Play-to-Earn Games Development Decentralized Finance Decentralized Autonomous Organizations
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What is SOLANA?
Solana is a layer 1 blockchain platform which uses a proof-of-stake mechanism to provide smart contract functionality. Its native cryptocurrency is SOL. Solana was launched in 2020 by Solana Labs, which was founded by Anatoly Yakovenko and Raj Gokal in 2018.
Its native currency, SOL tokens, cover transaction fees. Proof-of-history (PoH), which uses hashed timestamps to verify transaction times, is an added functionality to Solana’s proof-of-stake (PoS) blockchain. Based on timestamps, this PoH algorithm chooses the subsequent block in Solana’s chain.
Learn about SOLANA projects here:
1. Token Extensions
2. Gameshift
3. Compressed NFTs
4. Visa settlement provider
