Solana is a type of cryptocurrency or digital currency that exists exclusively online.
Solana was initially released in April 2019 and started trading at less than $1 per coin. Since then, its price has risen remarkably fast, and as of November 2021, Solana traded for more than $200. It’s among the top 10 largest cryptocurrencies by total value, according to CoinMarketCap.com.
Here’s what Solana is and what you need to know about how it works.
What is Solana?
Solana is one of the most popular cryptocurrencies among more than 10,000 that currently exist. The cryptocurrency platform is called Solana, while the individual unit is called a sol.
Created by Anatoly Yakovenko, Solana operates on a decentralized computer network using a ledger called blockchain. This blockchain database manages and tracks the currency, and effectively records every transaction that’s ever occurred in it, like a long running receipt. The computer network records the transactions in the currency and verifies the data’s integrity.
This decentralized setup makes the network more robust, and users can make transactions without the need of an intermediary. Solana calls itself the fastest blockchain in the world and touts its ability to verify 65,000 transactions per second at a cost of less than a penny each.
While many people think of crypto coins as only a currency, it’s useful to think of crypto as a token that can power or enable other apps on the platform. For example, Solana can power smart contracts, decentralized finance apps, NFTs and more.

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