While the Solana network is not as big as the bitcoin blockchain or Ethereum’s network, Solana has fast transactions (65,000 per second) and low cost (fractions of a cent per transaction). Solana Pay is an open protocol for developers with standardized payment specifications to build on and customize, meaning merchants can connect directly or use software built by ecommerce providers, point-of-sale software-makers or payments companies.īitcoin and Ethereum suffer from slow speeds and high transaction costs. Solana Pay’s backers are also working on an integration with Shopify that is expected to be released soon. But Solana believes it has solved some of the problems that have held crypto payments back.Ĭompanies that helped develop and support the protocol include Solana Labs, which initiated the project Circle Citcon and digital wallets from crypto exchange FTX and Solana wallets Phantom and Slope. It’s one of many efforts to solve the crypto payments puzzle, from bitcoin’s Lightning Network to stablecoins. A new way for people to pay with crypto, Solana Pay, is launching Tuesday.
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