• Solana Pay – Innovative Initiative in Payment Process
• How Solana Execution differs from others?
• Accessibility of Solana pay
• Pros and Cons of Solana pay

Solana Pay – Innovative Initiative in Payment Process

Solana Pay is an open protocol for developers to create and customize based on standardized payment criteria needed for real-time use. Digital Payment Platform Solana Pay provides companies and customers with immediate, fee-free i.e. No-fee transactions that allegedly have zero effect on the environment by harnessing the power of the Solana blockchain network.

Many people consider Solana (SOL) Pay to be the next innovation in the payments processing arena, with the possibilities of being able to make payments using Nonfungible Tokens (NFTs) and Web3 into account.

How Solana Execution Differs from Others?  If there are several transaction validations in process, it will slow the transaction time. On Solana, all nodes run on the same clock, removing one validation factor and speeding up the network as a result other blockchains are efficient or at least working toward efficiency -  Many of them fail to factor in time. Solana CEO refers to this consensus method as proof-of-history (PoH) — a modified version of proof-of-stake (PoS) that factors in time for verification purposes.

The network claims to support 65,000 transactions per second and provides an easy-to-implement software development kit for businesses to integrate the product. Bitcoin supports seven transactions per second, while Ethereum averages thirteen transactions per second.

Accessibility of Solana Pay

SOL token is used to transact within the Solana network, to stake for governance purposes and is given as a reward to validators. Otherwise, Solana has its own unique decentralized exchanges to trade the various tokens built on top of its platform.

Head of payments at Solana Labs, Sheraz Shere, states in his blog post announcing Solana Pay, the Solana team wants the world to look at Solana Pay as something bigger than allowing users to “pay with crypto.” Instead, Sheraz Shere looks at Solana Pay as a platform where “all currencies are on-chain and used for a wide range of transactions,”

Solana’s PoH consensus permits it to process tens of thousands of transactions per second without any fees, Solana Labs is building Solana Pay to provide that transaction power to the masses.

Developers building DApps on Solana can integrate Solana Pay for easy transactions, just as traditional retailers can implement it if they have a Solana wallet. That accessibility is why many compare Solana to PayPal, stating that Solana can do for crypto payments what PayPal did for traditional online payments.

Pros of Solana Pay

• Solana’s network is faster and cheaper, which is attractive to businesses and customers.
• Solana supports thousands of transactions per second.
• Solana Pay allows its users to pay in real-time in SOL or any other supported Solana token, such as real-time payments in USD Coin (USDC), without involving a third-party such as a bank or payments processor.

Cons of Solana Pay

• Solana Pay, alongside the Solana network, itself, is in an early stage of development. So, need more developments to make this as reliable payment method.
• Businesses who switch over to Solana Pay run the risk of losing their assets due to a programming error or attack on the network.