The Solana protocol was created to simplify the creation of decentralized applications, DApps. Its aim is to increase scalability by introducing a new proof-of-history (PoH) consensus, all combined with the already known proof-of-stake (PoS).
The uniqueness of Solana is on the one hand the PoH consensus, which enables greater scalability, thereby contributing to increased usability. It can process 50,000 transactions per second.
It is already well-known in the crypto world thanks to the incredibly short processing time it provides. The hybrid protocol significantly reduces the confirmation time and the execution time of smart contracts. Thanks to the lightning-fast processing times, it also attracted the interest of institutional investors.
While the idea of the project dates back to 2017, its official launch was dated March 2020 with the cooperation of the Swiss-based Solana Foundation.
The most important person in its history is Anatoly Jakovenko, who in 2017 started working on the project that was later realized under the name Solana. Together with his colleague - Greg Fitzgerald - they started the project called Solana Labs. After more experts joined, the SOL token was issued in 2020 and the Solana protocol was launched.
Solana has set itself the goal of serving both small users and giant companies. One of their stated promises to users is that the fees charged will not increase. The protocol is designed to keep transaction costs low while guaranteeing scalability and fast processing.