The initial concept and framework for Solana were conceived in 2017, with the official token launch taking place in 2020. Solana aims to be a Layer-1 blockchain with a strong emphasis on scalability while maintaining security and decentralization.

Solana operates its blockchain network using a dual consensus mechanism, combining Proof of Stake (PoS) and Proof of History (PoH). With PoH, Solana's network nodes can generate timestamps locally, eliminating the need for communication with other nodes and thereby enhancing overall network efficiency.

SOL is the native token of Solana, with a total supply of 500 million. It serves various purposes, including transferring, trading, storing value, and paying blockchain usage fees. Solana employs a deflationary mechanism where all fees are paid in SOL and subsequently burned, reducing the total supply. This mechanism incentivizes more token holders to participate, thus enhancing security.