Solana (SOL) is a blockchain that enables the hosting of decentralized, scalable apps. It was created to function like and improve upon the Ethereum Blockchain.
Solana (SOL) is a highly functional open-source project that leverages the permissionless nature of blockchain technology to provide decentralized finance (DeFi) solutions. While the idea and first work on the project began in 2017, the Solana Foundation with headquarters in Geneva, Switzerland, formally launched Solana in March 2020.
The Solana protocol is intended to make it easier to create decentralized apps (DApps). It intends to increase scalability by combining a proof-of-history (PoH) consensus with the blockchain’s underlying proof-of-stake (PoS) consensus.
Who Founded Solana?
Solana, one of the largest blockchains in the crypto industry, was founded by Anatoly Yakovenko. He is a blockchain pioneer, and since founding Solana in 2017, he has played a key role in the cryptocurrency industry.
Yakovenko began work on a project that would eventually become Solana. He collaborated with his Qualcomm colleague Greg Fitzgerald to establish Solana Labs. The Solana protocol and SOL cryptocurrency were released to the public in 2020, attracting numerous more former Qualcomm colleagues in the process.
What Makes Solana (SOL) Unique?
Solana is well-known in the cryptocurrency community for the blockchain’s extraordinarily fast processing rates. Solana’s hybrid protocol drastically reduces validation times for both transaction and smart contract execution. With lightning-fast processing times, Solana has attracted a lot of institutional interest as well because it was introduced as a solution to some of the problems plaguing the Ethereum Blockchain.
The Solana protocol is designed to serve both casual users and business clients. Customers are promised by Solana that they would not be startled by higher fees and taxes. The protocol is meant to have minimal transaction costs while ensuring scalability and quick processing.