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If you forget about the minor things, such as the hacks and other things. Solana has had some incredible growth. Created by Anatoly Yakovenko, a former contributor to Qualcomm and Dropbox, founded and announced the platform in 2017.
The Solana team are going to make mistakes and there are going to be mishaps but they always have tricks up their sleeves, making the Solana ecosystem solidified within the space.
rival Solana Labs launched Solana Pay in February. It allows merchants and customers to accept point of sale (POS) and direct stable coins such as USDC online.
With Solana Pay merchants can accept and move any amount of Stablecoin currency compatible with the Solana blockchain anytime, anywhere in the world but with transaction fees of less than 1 cent, very much.
It will be lower. According to the company, traders have a more extraordinary ability to manage working capital, liquidity, and debt protection, with real-time access to money. They have direct access to cash in seconds, without brokers or hold periods or bank transfer fees. I can do it.
In addition, Solana connects directly to the blockchain wallet address, allowing merchants to unlock bidirectional communication channels with their customers, submit offers, grant NFTs, reward loyalty to execution, and more. He said he would be able to do it.
The competitive advantages of Solana Pay are scalability of 65,000 transactions per second (TPS), 400 ms “almost instant” payments, and the use of the Solana blockchain at meager rates. In addition, the decentralized payment structure is high-speed. $ 0.00025 per offer transaction.
The initial development of Solana Pay came from a variety of sources, including Solana Labs, Global FinTech Circle Internet Financial, Digital Wallet Phantom and Slope Wallet, Mobile Wallet Payment Processor Citcon, Cryptocurrency Exchange FTX, and State Car Rental Company Bandago Van Rental.
Another competitive advantage of Solana Pay is its ease of use. This is as easy as activating a barcode on the seller’s website or point of sale. For example, with the Solana Pay SDK, merchants can peer-to-peer customers with millions of crypto wallets that can be paid using stable coins such as USDC and other cryptocurrencies compatible with the Solana blockchain. Then, you can start the connection.
Solana said it’s working to attract larger-sized merchants to adopt its new payment platform, along with more POS providers and e-commerce platforms.
