The Solana protocol was designed to simplify the creation of decentralised applications, DApps.
Its aim is to increase scalability by introducing a new Proof-of-History (PoH) consensus, combined with the already known Proof-of-Stake (PoS). Solana's uniqueness is due to this PoH consensus, which allows for greater scalability, thus contributing to increased usability (it can process 50,000 transactions per second) and is already well known in the crypto world thanks to the incredibly short processing time it provides. The hybrid protocol significantly reduces confirmation times and the time needed to execute smart contracts. The lightning-fast processing times have also attracted the interest of institutional investors. While the idea for the project dates back to 2017, its official launch is scheduled for March 2020 with the Swiss-based Solana Foundation. The most important person in the story is Anatoly Yakovenko, who started working on the project in 2017, which later became Solana.
Together with his colleague Greg Fitzgerald, they launched a project called Solana Labs. After more experts joined, the SOL token was released in 2020 and the Solana Protocol was launched. Solana aims to serve both small users and giant enterprises. One of their promises to users is that their charges will not increase. The protocol is designed to keep transaction costs low while guaranteeing scalability and fast processing.