What is Solana?
Solana is a PoS layer-1 that achieves high throughput via methods such as parallel execution.
Background
Solana Labs, under Anatoly Yakovenko and Raj Gokal, founded Solana in 2018.
How Does It Work
Solana partially achieves a higher throughput due to generally higher consensus node specs. A common misconception is that Solana uses proof of history (PoH) for consensus. However, Solana uses a form of PoS consensus. PoH is not a consensus mechanism, but Solana uses it to improve Solana’s PoS consensus performance by timestamping blocks. Solana uses $SOL as the native token for paying gas fees and staking.
Key Takeaways
- PoS Layer 1 with high throughput and parallel execution.
- Solana uses a Proof of History to improve the consensus mechanism by timestamping blocks.
- $SOL is the native token for the chain.