Frequently asked questions
Solana is a project that aims to combine scalability with lightning-fast speed and near-zero fees. It’s ambitious — but it’s shown promise thus far, with new blocks being produced in less than half a second, and support for more than 50,000 transactions per second. The network has been around since 2017, but it didn’t launch officially until 2020. It’s favoured by creators of decentralised applications.
Solana takes a slightly novel approach to achieving consensus across the network. It uses a ‘Proof of History’ function, alongside a proof of stake consensus for the underlying blockchain. Rather than ascertaining what time that particular events happened, it focuses on establishing the order in which they happened. It’s this method that’s behind the currency’s impressive achievements.
Solana's ticker symbol is SOL. On exchanges, you sometimes may need to use this ticker name to find trading pairs for Solana.
Solana's price is determined on exchanges, based on supply and demand. This means that Solana's price will rise if there are more buyers than sellers.
Solana's price action is — like other forms of crypto — somewhat tied to the wider crypto market. Like they say: a rising tide lifts all boats.
That said, investors should also look at the potential utility of the network in the long term. Solana is highly scalable and could accomodate many different real-world applications. It’s also of particular utility for the financial sector.
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