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Known for speed and low costs, Solana is one of the best-performing digital currencies of recent years with major potential when it comes to solving some of Ethereum's most pressing problems. This has resulted in Solana becoming a top-10 cryptocurrency in terms of market capitalization. Recently, Solana Labs, a company working to advance the Solana ecosystem, introduced Solana Pay, a payments platform that could revolutionize how merchants and customers interact with each other. Thanks to its underlying blockchain technology, Solana is also known as "Ethereum Killer." So, do you think Solana Pay will overtake PayPal in forthcoming years?
Solana Pay, a new payments protocol, ushers in a new era of payments and commerce. Creators of Solana Pay believe that it will pave the way for a future where digital currencies are prevalent and digital money moves through the internet like data – uncensored and without intermediaries taxing every transaction.
The protocol provides a specification that allows the consumer to send digital dollar currencies, such as USDC, from their wallet directly into the merchant's account, settling immediately with costs measured in fractions of a penny. This embeds loyalty, offers, and rewards in the same messaging scheme and becomes true building blocks for the future of commerce.
Technically, Solana is a proof of stake; a third-generation blockchain that looks to achieve fast transaction processing times via its proof of history mechanism. Therefore, by combining the proof of stake and proof of history, the network is capable of processing over 50,000 transactions per second.
It's giving Ethereum sleepless nights for the bragging rights of the globe's largest decentralized apps platform. Besides, it's an open-source blockchain with its native currency being "Solana" with a symbol of SOL.
Solana was launched in April 2020 but has gained popularity over a short period with its price climbing from merely US$0.75 to a current of about US$170. Solana is not only fast, but also its congestion, as well as, fees are low. Its founders believe that low fees and high speed will enable Solana to scale up.
