**Solana **is a 🏷️#blockchain platform specifically designed to host decentralized applications. It is similar to other leading dApp blockchains like 📝Ethereum and Cardano. However, Solana is an open-source project currently run by the Geneva-based Solana Foundation. The blockchain was built by developers at San Francisco-based Solana Labs. [2]

Solana has gained traction by offering something that the Ethereum blockchain has so far been unable to deliver; faster operation and lower transaction fees. Unlike Ethereum, Solana is a PoS (proof of stake) blockchain, making it more environmentally friendly than the popular PoW (proof of work) blockchains like Ethereum and Bitcoin. It has a naïve coin called Solana and has the ticker SOL. [2] Solana has over 350 projects in its ecosystem. These include decentralized finance (DeFi) applications that offer intermediary free banking services, non-fungible token (NFT) projects, gaming apps, and various others. [1]

The magic of blockchain technology is that it takes the middleman out of all kinds of transactions. For example, Bitcoin (BTC) is a form of digital currency that does not require the backing of a bank or government. But with no intermediaries, blockchain networks need other methods to keep themselves secure and avoid fraud. Bitcoin uses a proof-of-work validation model to do this. Without getting too technical, it has a series of network validators that have to contribute huge amounts of computing power. The idea is, it would take so much processing power to create false records, that it would be almost impossible. This keeps the network secure but is not energy efficient. Other systems use a proof-of-stake validation model, which restricts the number of validators to those who own enough of the token, making it quicker and more sustainable. Solana takes this a step further. It integrates timestamps into its proof-of-history validation model, which is how it is able to process transactions so quickly. [1]

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