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Solana is one of the world’s cheapest and fastest public blockchains.
It has a block time of 400 milliseconds and transaction fees of less than $0.01.
Solana’s native token is SOL. Fractional sols are called “lamports” and each lamport equals 0.0000000000582 SOL.
SOL can be:
- staked directly on the network
- delegated to validators in return for inflation rewards
- used to pay for fees for sending transactions
- used to pay for running smart contracts
The Solana Foundation is a non-profit organization headquartered in Zug, Switzerland, dedicated to the decentralization, growth, and security of the Solana network.
Solana has a very vibrant ecosystem with more than 400 DeFi, NFTs, Web3 projects.
Consensus mechanism: Proof of History (PoH) and Tower BFT