Solana labs solana pay usdc solanabasedkhatri

Payments are made in stablecoins such as USD Coin (CRYPTO:USDC) that are designed to maintain a stable price.

By using Solana Pay, businesses can avoid high payment processing fees.

Where Solana came from

In November 2017, Anatoly Yakovenko published a white paper introducing Solana’s proof-of-history concept. Yakovenko was previously a senior staff engineer at Qualcomm and a software engineer at Mesosphere and Dropbox. He went on to work with Greg Fitzgerald, Stephen Akridge, and Raj Gokal in developing a single, scalable blockchain.

The original name for their project was Loom, but Ethereum released Loom Network at the same time.

Rather it is trying to change the whole paradigm of payments to one that puts merchants in control by creating rails that are decentralized, permissionless and P2P and enable new commerce experiences in web3.”

While the Solana blockchain is faster and cheaper, it has been experiencing issues lately. Shere said, “we’re very confident that the core protocol developers in the ecosystem will continue to enable the network to serve hundreds of millions of users and support scalable use cases like merchant payments.”

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All Rights Reserved. This article is provided for informational purposes only.

  • Solana Labs introduces Solana Pay to enable faster payments in cryptocurrencies.
  • Developers would be able to build new commerce experiences on top of the protocol.
  • Merchants using Solana Pay will be able to accept USDC, SOL and other Solana-based tokens.
  • Solana Labs has recently introduced a new payments protocol, Solana Pay, to allow merchants to accept payments in cryptocurrencies directly from consumers. Solana Pay will accept USDC, SOL and other tokens on the Solana blockchain.

    Solana Pay to introduce a new era of digital payment experience

    Solana Labs has launched Solana Pay as an open protocol for developers with standardized payment specifications to build on and customize.

    Solana had a little more than $7 billion.

    How Solana works

    Solana is built for scalability, and it accomplishes that through its unique hybrid protocol. This protocol uses both the proof-of-stake consensus mechanism popular with other blockchains, as well as Solana’s proof-of-history algorithm.

    Proof of stake is a way to validate blockchain transactions.

    Validators are chosen based on the amount of crypto tokens that they’ve staked (pledged to the blockchain). Validators receive rewards when they confirm new blocks of transactions and add them to the blockchain.

    Proof of history verifies the order of blockchain transactions and the passage of time between them.

    The timestamps on transactions are built into the blockchain itself.

    Although the Solana blockchain enables cheaper and more efficient transactions, the protocol has recently experienced outage issues. Shere explained that the core protocol developers in the ecosystem will “continue to enable the network to serve hundreds of millions of users.”

    Solana further believes that its new payment protocol will pave the way for a future where cryptocurrencies are prevalent and enable digital assets to “move through the internet like data,” where it is uncensored and without the use of intermediaries and taxing for every transaction.

    Solana bulls aim for $122 next

    Solana price has sliced above the upper boundary of the symmetrical triangle pattern on the 4-hour chart, projecting an optimistic target toward $122.

    There seems to be little resistance ahead for Solana as the bulls attempt to tag the bullish target with a 10% ascent.

    What makes Solana unique?

    The biggest draws of Solana are its fast and cheap transactions. It’s reportedly able to handle 65,000 transactions per second, and the average cost per transaction is $0.00025.

    Solana is able to do that because it uses proof of history, a unique algorithm to validate transactions.
    Most blockchains use either a proof-of-work or proof-of-stake consensus mechanism, with proof of stake being the more efficient option. Solana uses a hybrid protocol that combines proof of stake with proof of history for even faster processing.

    As far as what Solana does, it’s an open-source blockchain, which means that developers can use it in a variety of ways.

    In addition, Solana noted that the “direct connection” between a merchant and a consumer’s wallet address could unlock a “bi-directional communication channel” that allows them to send offers and promotions, grant NFTs and create rewards and loyalty programs.

    “Solana Pay gives merchants a new, simplified framework to transact with their customers, enabling them to accept and settle funds directly with no intermediaries, zero fraud liability, and processing fees measured in fractions of a cent,” said Sheraz Shere, Head of Payments at Solana Labs.

    “Solana Pay transforms outdated one-way transaction models into powerful, two-way merchant-to-consumer relationships, giving brands and retailers a direct channel to surprise and delight their customers in new ways.”

    Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.

    Here are a few examples of what can be done on the Solana ecosystem:

    • Minting, selling, and trading non-fungible tokens (NFTs).
    • Developing decentralized finance (DeFi) platforms, such as decentralized crypto exchanges.
    • Building blockchain games, including Web3 games, and partnerships with big-name companies such as FTX, Lightspeed (NYSE:LSPD), and Forte.

    One of the most exciting developments with Solana has been Solana Pay, a free-to-use payments framework. It allows merchants to accept payments directly from customers through the Solana network.

    $ rustup install nightly

    Run the benchmarks:

    $ cargo +nightly benchRelease Process

    The release process for this project is described here.

    Code coverage

    To generate code coverage statistics:

    $ scripts/coverage.sh $ open target/cov/lcov-local/index.html

    Why coverage? While most see coverage as a code quality metric, we see it primarily as a developer productivity metric. When a developer makes a change to the codebase, presumably it’s a solution to some problem.
    Our unit-test suite is how we encode the set of problems the codebase solves. Running the test suite should indicate that your change didn’t infringe on anyone else’s solutions.
    Adding a test protects your solution from future changes. Say you don’t understand why a line of code exists, try deleting it and running the unit-tests.

    On Ubuntu:$ sudo apt-get update $ sudo apt-get install libssl-dev libudev-dev pkg-config zlib1g-dev llvm clang cmake make libprotobuf-dev protobuf-compiler

    2. Download the source code.

    $ git clone https://github.com/solana-labs/solana.git $ cd solana

    3.

    Build.

    $ cargo buildTesting

    Run the test suite:

    $ cargo test

    Starting a local testnet

    Start your own testnet locally, instructions are in the online docs.

    Accessing the remote development cluster

    • devnet – stable public cluster for development accessible via devnet.solana.com. Runs 24/7. Learn more about the public clusters

    Benchmarking

    First, install the nightly build of rustc.

    The nearest test failure should tell you what problem was solved by that code. If no test fails, go ahead and submit a Pull Request that asks, “what problem is solved by this code?” On the other hand, if a test does fail and you can think of a better way to solve the same problem, a Pull Request with your solution would most certainly be welcome! Likewise, if rewriting a test can better communicate what code it’s protecting, please send us that patch!Disclaimer

    All claims, content, designs, algorithms, estimates, roadmaps, specifications, and performance measurements described in this project are done with the Solana Foundation’s (“SF”) good faith efforts. It is up to the reader to check and validate their accuracy and truthfulness.

    Although proof of work was common at the time, it’s not energy-efficient. Ethereum is currently in the process of transitioning to proof of stake, which is used by Solana in conjunction with its proof-of-history algorithm.

    That results in a major difference in transaction processing.

    Solana regularly processes thousands of transactions per second and is theoretically capable of handling 65,000. Ethereum can only handle about 30 transactions per second (although once it completes its upgrades, it will reportedly be able to handle up to 100,000 per second).

    Ethereum also has been around for much longer, and it’s still well ahead of Solana in terms of users.

    For example, according to DeFi Llama, Ethereum had about $120 billion in total value locked (TVL) across its DeFi protocols as of April 2022.

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