The FTX drama affected the price of Solana (SOL) to a great extent. However, FireDancer is an improvement that is set to be rolled out from Solana in 2023. The goal of FireDancer is to drastically increase the Solana’s Networking throughout.
Ex-Goldman executive Raoul Pal stated, “I’m really interested in Solana because I think the team is exceptional in what they’re doing. What they’re doing is building a consumer chain… Now, there are a lot of naysayers about it, it’s down 95%, it got caught out in the whole FTX thing, but I think it’s clean now because they all had to sell so now you’ve got this chain with retail adoption doing deals with Meta, Google, and all sorts of others.
They’ve just done a deal with Discord as well and I expect more to come from them. I think they’ve really understood where their place is, having a store in Manhattan selling Solana merch is great and the mobile phone, who knows where that goes? But I think they’re unlocking something big.”
Widespread opinion is that Solana is more centralized than its competitors Ethereum, Cardano and Polkadot. Cardano is considered to be more decentralized as the community controls most of the block production.
How will Cardano compete with Solana in the micro-transaction space when it has min transaction fee of ~23 US cents? E.g., automatically moving purchase transaction “change” into investments or charitable donations (eg rounding up to save or donate)
Micro transaction is mostly abbreviated as MTX. It is a business model where users will be able to purchase virtual goods with micropayments. These microtransactions play an important role in providing for a revenue source for developers, and it is mostly used in free-to-play games.
Some of the well-known Play-to-Earn NFT games are Solchicks, Genopets, Star Atlas, Space Falcon, Project Seeds, Defi Land, Cryo War, Void, Nyan Heros.
Most of the NFT projects which are launched in the Solana Ecosystem come with a roadmap which has Solana-based games. These NFTs come with a certain utility value, investment potential, transaction volume, traffic volume and community activity. The fact that these NFTs have community value ensures that it has transactional requirement.
Seamless gaming experience and in game rewards and earning of in-game currency is made possible in these games. It all starts with purchasing the NFT to play the games.
Micro-transactions as in-game purchases unlock specific features and provides users with special ability, character, and content. These purchases are mostly virtual.
Microtransactions in gaming is done using credit cards, e-wallets, mobile carrier billing, prepaid cards, codes, Paysafe cards or Boku codes.
Some of the special features which are unlocked using micro-transactions are excellent gaming experiences with enhanced features.
Solana is well known for the number of transactions it can process with a very low transaction fee. However, even SOL was not spared in the cryptocurrency blood bath situation in 2022. Solana is a Proof of Stake (PoS) Blockchain; however, they improvise on it with a mechanism popularly known as Proof-of-history (POH), which makes use of hashed time stamps to verify when the transactions will occur.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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