Solana is an open source project that is betting on blockchain technology’s permissionless nature to provide decentralized finance (DeFi) solutions. Solana was officially launched in March 2020 in Geneva, Switzerland.
The Solana protocol is designed to facilitate decentralized app creation. It aims to improve scalability by introducing a proof-of-history (PoH) consensus combined with the underlying proof-of-stake consensus of the blockchain. Meaning it has less environmental impact then traditional proof-of-work projects.
Solana is known in the cryptocurrency space because of the incredibly short processing times the blockchain offers. Solana’s hybrid protocol allows for significantly decreased validation times for both transaction and smart contract execution.