Solana Labs

About the company

Solana is engineered for widespread, mainstream use by being energy efficient, lightning fast, and extremely inexpensive. Some of the current leading blockchain technologies use energy-hogging, time-consuming mining — or solving very complex calculations — to validate security, and have fees that can range into the hundreds of dollars per transaction. Solana uses what’s called proof of stake to validate information — there’s no mining involved — and a special innovation called proof of history on top of that that allows it to validate even quicker. That makes it extremely efficient, using energy at the same scale as a few Google searches and significantly less energy than other regular household uses like running your refrigerator. Transaction fees, which are used to maintain blockchain networks and have ballooned elsewhere, are a fraction of a cent on Solana.