Solana's Explosive Growth: PoH and PoS Convergence Puts Pressure on Ethereum
Solana is an open-source initiative that leverages the permissionless nature of blockchain to offer decentralized finance (DeFi) solutions. The development of the idea started in 2017, but the Solana Foundation officially launched it in March 2020, operating out of Geneva, Switzerland.
The Solana protocol is crafted to support the creation of decentralized applications (DApps). It enhances scalability by integrating proof-of-history (PoH) consensus with the foundational proof-of-stake (PoS) mechanism of the blockchain.
Anatoly Yakovenko is the key figure in bringing Solana to life. He initiated a project that eventually evolved into Solana in 2017. Yakovenko collaborated with his former Qualcomm colleague Greg Fitzgerald to establish Solana Labs.