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What is Solana Coin (SOL) and how does it work?

by Financial Economy

Solana is one of the crypto currencies on the agenda. Solana coin is a highly functional open source project for banks that uses the permissionless nature of blockchain technology to provide decentralized finance (DeFi) solutions. The idea and first work on the project started in 2017. But Solana was officially launched in March 2020 by the Solana Foundation, headquartered in Geneva, Switzerland. Information about Solana Coin (SOL) is in rest of the article.

What is Solana Coin (SOL) and how does it work?

The Solana protocol is designed to make it easy to create a decentralized application (DApp). It aims to improve scalability by offering a proof of date (PoH) consensus combined with the underlying Proof of Stake (PoS) consensus of blockchain. You can browse here for information about Avalanche.

Anatoly Yakovenko is the most important person behind Solana. Akovenko started working on a project that would later come to life as Solana in 2017. He worked with his colleague at Qualcomm, Greg Fitzgerald, and they set up a project called Solana Labs. The Solana protocol and SOL token were made public in 2020, which attracted several more former Qualcomm colleagues in the process.

Advantages of Solana (SOL)!

It is easy to see the benefits of a network that can scale to meet the demands of the global economy. Additionally, this scalability makes Solana a better blockchain for Dapps such as DEXs and staking protocols. In addition to being resistant to censorship, it also has the advantage of authorized staking.

For information about crypto currency: https://en.wikipedia.org/wiki/Cryptocurrency

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