Founded in 2017 by systems engineer Anatoly Yakovenko and current COO Raj Gokal, the Solana network is distinguished by its use of the Proof-of-History (PoH) timing mechanism, which precedes its current proof-of-stake (PoS) consensus layer. As an independent Layer 1 blockchain, Solana was launched in 2020 and quickly established itself as a formidable competitor to Ethereum, earning the nickname ‘The Ethereum Killer.’
Solana’s architecture is designed for high speed and efficiency, with an embedded smart contract protocol that supports its robust capabilities. The network is favored for various applications, particularly in the realms of non-fungible tokens (NFTs), decentralized finance (DeFi), and blockchain-based digital payment systems due to its scalability, low transaction fees, and rapid processing speeds.
With its innovative PoH technology, Solana boasts a transaction capacity of up to 65,000 transactions per second, positioning it as one of the fastest blockchain networks in the industry.
