$SOL It was in 2017 that Qualcomm engineer Anatoly Yakovenko created Solana. Its operation is of the P2P type. At that time, it was the sixth most capitalized cryptocurrency in the world.

How does Solana work?

What are Solana tokens used for?

Anatoly Yakovenko, a software engineer expert in compression algorithms and distributed systems, began working on the project in late 2017, when he published the White Paper for this new blockchain.

The document introduces the concept of "Proof of History", a groundbreaking method for determining the date of transactions, and a key technology of the platform, which we will revisit in more detail later in this article.

In collaboration with Greg Fitzgerald, Raj Gokal, and Eric Williams, he co-founded the company Solana Labs the same year to implement the project.

Initially, it was named Loom, before quickly adopting its current name to avoid any unfortunate confusion with another blockchain platform that already had a similar name.

The Solana Labs team released the testnet of the Solana blockchain in February 2018 and began a series of fundraising in 2019.

Several tens of millions of dollars were raised to finance the project, which ultimately culminated in March 2020 with the official launch of Solana and its cryptocurrency SOL.

The desire to design a competitor capable of rivaling Ethereum sparked the interest of many investors.

In June 2020, Solana Labs announced the creation of the Solana Foundation, a non-profit organization that now holds the intellectual property of the Solana protocol and is tasked with funding the development of the blockchain and initiatives for its user community.