Solana has been on the news for various reasons since it has been working relentlessly with payments firm Circle to support the proper adoption of USDC and other assets introduced in the markets across the globe. Solana Pay is known to be a peer-to-peer infrastructure dedicated to payments and is designed completely for enabling the global market consisting of different point-of-sale providers and online merchants.
This will allow the people to have an ability to properly accept as well as settle the transactions and payments with an efficient combination of different digital assets for sure. With this fantastic collaboration amongst Checkout.com, Solana Labs, Citcon, and Circle, new provisions are to be added to the cryptosystem in the best way. What is even better news is that certain wallet integrations are included from FTX and Phantom.
So, the software development system of the platform that is inbuilt will act as the intermediary between the cryptocurrency segment and the flat-centric businesses while promoting more engagement and worldwide adoption from different traditional customers.
A very exclusive statement made by Solana Pay made a revelation that they always perceive the most prevalent use-case to be with certain currencies of digital dollars, such as the USDC stablecoin of Circle. However, they also revealed that they enable the particular option of certain assets related to Solana, such as the native FTT of Solana, SRM of Serum, and FTT or FTX, along with many other assets in the best way.
The entire development system was efficiently built over Solana, a blockchain that was properly launched in April in the year 2019. After its release, it mostly became famous and well-known for the high-speed transaction fees. However, Solana Pay also seeks to provide a proper low-barrier entry to the entire alternative of crypto payment. Not to mention that it also seeks to integrate certain emerging asset classes such as NFTs or nonfungible tokens.
In an interview with Cointelegraph, Sheraz Shere, who is the head of payments from Solana Lab, made some statements about the future expectations from Solana Pay. Formerly, Shere also had a very important role in the co-creation of the Google Wallet. In the interview, they had a few things to say about the growth factor of the entire ecosystem of Solana by the time the company reached 2022. She revealed that the platform will reap the benefits of the unique differentiation that Solana has, such as scalability, low cost, and high throughput.
“While Solana Pay will provide frictionless payments to Web3 participants in the Solana ecosystem, we believe this protocol transcends Web3 and will be transformational for the payment’s ecosystem across physical and online commerce.”, he said.
There was also an interview in Cointelegraph on the 22nd of December where the Head of Communications working at Solana Labs answered a few questions about the different network outages related to the company. Austin Federa talked about the incident in Solana and attributed it to certain denial of services attacks.
Shere also noted that Solana Pay was completely dedicated to providing proper support to the different merchants all the time, no matter what their prior education was. “We anticipate a growing understanding amongst mainstream merchants about the benefits of stablecoins and digital dollars.”, he said
Apart from all this, Solana Pay is also supposed to launch a particular payment-centric series of hacking events in the same year as a bid to connect the entire global community consisting of white hats and developers with their technology infrastructures.