Solana is a next-generation internet platform (Web 3.0) structured as a publicly traded blockchain-based crypto network. Solana’s open-source software network coordinates decentralized computers across the globe into a fully unified, user-owned and operated cloud platform. Solana supports high-speed and low-cost transactions on a single-layer blockchain alleviating the need for additional scaling solutions that other networks typically require.
SOL is the native token of the Solana network and represents a piece of ownership in the ecosystem. The SOL token is utilized for (i) powering Decentralized Applications (dApps), (ii) making payments, (iii) paying network fees, (iv) providing network security via staking, and (v) facilitating network governance.
Learn more about the history and defining characteristics of Solana in our report, which is part of the Building Blocks series.