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Solana is a public blockchain platform with smart contract functionality. Its native cryptocurrency is SOL. Solana works to one up Ethereum by providing faster transaction times and cheaper fees.
In 2021, Bloomberg journalist Joanna Ossinger described Solana as "a potential long-term rival for Ethereum", citing superior transaction speeds and lower associated costs.
On 14 September 2021, the Solana blockchain went offline after a surge of transactions caused the network to fork, and different validators had different views on the state of the network.
The network was brought back online the next day on 15 September 2021. On 16 December 2021, former First Lady of the United States Melania Trump announced her plans to use Solana to launch a non-fungible token (NFT).
The Solana Foundation issued a press release to clarify that her choice of the platform was not officially "part of any Solana-led initiative.
Solana faucets are a reward system, in the form of a website or app, that dispenses rewards in the form of a satoshi, which is a hundredth of a millionth SOL, for visitors to claim in exchange for completing a captcha or task as described by the website. There are also faucets that dispense alternative cryptocurrencies. Rewards are dispensed at various predetermined intervals of time. Faucets usually give fractions of a solana, but the amount will typically fluctuate according to the value of solana.
Faucets are a great way to help introduce new people to solana, or to your favourite altcoin. Many faucets provide information to newbies as well as offering them some free coins so that they can try before they buy, experimenting with a test transaction or two before putting real money on the line. Since this whole area is so new and a bit scary to some people, who perhaps don't quite trust it with their hard earned cash yet, this is a great way to promote digital currency and bring in new users.