Solana is a high-performance decentralized finance platform built on Tether’s USDT protocol. The native cryptocurrency of the Solana network is SOL, which is used to pay transaction fees and secure the network. The Solana Foundation is a non-profit organization that promotes the development of the Solana ecosystem. The main goal of Solana is to provide a scalable, decentralized platform for financial applications. The team behind Solana believes that current blockchain platforms are not suitable for large-scale applications due to their slow performance and high costs.
Solana uses a Proof-of-Stake (PoS) consensus algorithm called Tower BFT, which allows the platform to process up to 65,000 transactions per second. The platform also uses a new data structure called Segment Trees, which reduces the amount of data that needs to be stored and verified by each node. Solana is developed by a team of experienced engineers who worked for some of the biggest tech companies known today.
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