The Web 3.0 platform Solana was designed as a publicly traded blockchain-based cryptocurrency network. Using a global network of decentralized computers, Solana has created a fully integrated, user-owned, and operated cloud platform. As opposed to previous networks, Solana allows high-speed and inexpensive transactions on a single-layer blockchain, eliminating the need for additional scaling solutions.
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.