Solana (SOL)

Solana is a highly functional open source project that uses the permissionless feature of blockchain technology to create decentralized finance (DeFi) solutions. While the concept and first work on the project began in 2017, the Solana Foundation formally launched Solana in March 2020, with headquarters in Geneva, Switzerland. 

The Solana protocol is intended to make it easier to create decentralised apps (DApps). It seeks to increase scalability by combining a proof-of-history (PoH) consensus with the blockchain's underlying proof-of-stake (PoS) consensus.

Solana has attracted interest from both small-time and institutional traders because of its revolutionary hybrid consensus strategy. The Solana Foundation is committed to making decentralised money more widely available.

The major leading factor behind Solana is Anatoly Yakovenko. In 2017, Yakovenko began working on a project that eventually became Solana. Solana Labs were founded in collaboration with his Qualcomm colleague Greg Fitzgerald. The Solana protocol and SOL coin were published to the public in 2020, attracting numerous more former Qualcomm employees.

The Solana protocol is intended to serve both casual and corporate users. One of Solana's primary promises to clients is that they will not be shocked by higher fees and taxes. The protocol is meant to have low transaction costs while still ensuring scalability and fast processing.

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