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Solana 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 initial work on the project began in 2017, the Solana Foundation with headquarters in Geneva, Switzerland, officially launched Solana in March 2020.
The Solana protocol is intended to make it easier to create decentralized apps (DApps). It aims to improve scalability by combining a proof-of-history (PoH) consensus with the blockchain’s underlying proof-of-stake (PoS) consensus.
Solana’s innovative hybrid consensus model has piqued the interest of both small-time and institutional traders. The Solana Foundation is committed to making decentralized finance more widely available.
Anatoly Yakovenko is the driving force behind Solana. His professional career began at Qualcomm, where he quickly rose through the ranks and was promoted to senior staff engineer manager in 2015. Later in his career, his professional path shifted, and Yakovenko began working as a software engineer at Dropbox.
In 2017, 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 token were released to the public in 2020, attracting several more former Qualcomm colleagues in the process.
