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Saturday, September 16, 2023

All The Details About Solana Pay And Its Mechanism

Solana Pay is a protocol that is made for developers as they can create and customize with the criteria of standardized payment. Among all innovations, PayPal was massive which was established by Max Levchin, Elon Musk, and Peter Thiel, and all of them thought ahead of their time making the payment between customers easier. 

Advantages Of Using Solana

Solana Pay, on the other hand, is another big innovation that will facilitate payments, process them while they would consider Web3 and NTF. In the views of some people, SOL is the next advanced form of Web3, Paypal, or Visa. 

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The foundation of SOL happened in 2017 by Anatoly Yakovenko, who was simply a software engineer but with a lot of experience from Dropbox to other leading technology companies. SOL advocates running all nodes on the same clock and one authorization factor will be removed which will result in the increase in speed of the networks. 

This method of consensus is called a PoH which is the advanced version of PoS that comes in handy while verification. SOL is also a DeFi with ETH as its strong competition. Both of them offer DApps that are decentralized along with cryptocurrencies which in the case of Solana is known as SOL.

The fact that PoH of SOL has the consensus that allows the company to handle thousands of transactions every second without charging any fees, the Solana Labs are constructing the payment method. 

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Though Solana Lab is the leading creator of Solana Pay, other companies like Shere, Citcon, Phantom, Circle, and many more were also associated with it. BTC, Ethereum, and other similar cryptocurrencies though declare that they conduct instant payment in regard to cryptocurrency, still, they are expensive and not as fast as they claim. On the other hand, users pay in real-time with the help of SOL tokens or other tokens without involving any processor of payments or bank.

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