In-depth analysis of the features of the Solana blockchain that make it an attractive option for Visa’s future payment solutions.
Visa’s recent investigation of Solana provides insights into its capabilities and why it may be a game-changer in the payments sector, highlighting the potential of blockchain networks to revolutionize payment systems. In light of Visa’s recent investigation into Solana for its stablecoin pilot, the development takes on further intrigue.
The Solana blockchain network was analyzed thoroughly by Visa on Tuesday, September 12th. Solana’s high transaction throughput, scalability, and cost-effectiveness are highlighted in the research. Visa has promoted Solana as a stablecoin settlement pilot participant and a possible payments partner.
Visa cites Solana’s average transaction rate of 400 per second as one of the many benefits of the platform. According to the market leader in payments, Solana stands apart from other chains because of its capacity to execute transactions in parallel, which boosts network performance and reduces congestion. During peak times, the daily transaction pace might reach above 2,000.
Solana’s transaction costs are cheap and consistent (usually less than $0.001) because of its scalability. Visa stresses the significance of irreversible transactions and constant network access. Solana’s fast confirmation speeds and a strong network of 1,893 active validators as of July 2023 are cited as notable strengths.
Due to Solana’s features, Visa wants to try out its stablecoin settlement capabilities on its network. Visa stated on September 5, 2023, that its stablecoin settlement capabilities will be expanded to include Circle’s USDC on the Solana blockchain.
Settlement of fiat-denominated VisaNet-authorized payments has already begun in live pilots, with millions of USDC being transferred between Visa’s partners through the Solana and Ethereum blockchain networks.
Visa’s blockchain efforts extend beyond Solana. A comparable application for USDC settlement on the Ethereum blockchain was released earlier.
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