Ethereum-Challenger Solana (SOL) Launches New Peer-to-Peer Payments Feature

Sensible contract platform Solana (SOL) is launching a brand new peer-to-peer funds function that lets clients straight pay retailers.

Based on an announcement by Solana Labs, shoppers can now deposit cryptocurrencies or fiat {dollars} straight into vendor accounts for lower than the price of a penny utilizing Solana Pay, chopping out the necessity for costly intermediaries and middlemen.

“Solana Pay, a brand new funds protocol, ushers in a brand new period of funds and commerce. Our staff helped create the constructing blocks for a decentralized, open and actually peer-to-peer fee protocol.

We imagine it will pave the way in which for a future the place digital currencies are prevalent and digital cash strikes by the web like knowledge – uncensored and with out intermediaries taxing each transaction.”

Solana Pay would additionally function a communication hub between patrons and sellers.

“The core premise behind Solana Pay is that the fee and underlying know-how goes from being a crucial service utility to true peer-to-peer communication channel between the service provider and client.”

Solana Labs says that the subsequent section of the function would enable retailers to ship digital property straight again to clients.

“The subsequent section of improvement of the protocol will allow retailers to ship digital property again to the shoppers which can open up new capabilities in commerce not attainable earlier than…

When a buyer buys one thing, it’s a vote of help. A service provider ought to reward that help with customized provides, on-chain loyalty packages, and distinctive digital items to accompany bodily purchases.”

Solana is exchanging fingers at $98.12 at time of writing, a 12% enhance from its seven-day excessive of $87.63.

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