Solana is a blockchain built for speed and low fees. How the network began, and why it has become one of the largest.
Solana is a blockchain that can process a very large number of transactions quickly and cheaply. A fee usually costs a fraction of a cent.
The aim was to solve what is known as the blockchain trilemma: that it is hard to achieve security, decentralization and high capacity at the same time.
Solana was founded by Anatoly Yakovenko, who had previously worked on distributed systems at Qualcomm and Dropbox. Together with Raj Gokal, he started Solana Labs in 2018.
The network launched in 2020. The name comes from Solana Beach in California, where several of the founders lived.
Solana's own currency is called SOL. It is used to pay fees and as stake for the validators who secure the network through proof of stake.
The distinction is the same as for Bitcoin and Ethereum: Solana is the network, SOL is the currency.
Solana has become one of the most used blockchains, especially for trading, stablecoins and payments. Low fees make the network well suited to many small transactions.
At the same time, Solana has had a turbulent history, with several outages and close ties to the collapsed crypto exchange FTX. A separate article covers this.