Bank of America Claims Crypto Solana “Could Become a Visa for Digital Asset Ecosystem”

Posted:

13 ene 2022 13:50 GMT

Solana offers its customers low transaction fees, ease of use, and scalability compared to other cryptocurrencies, according to a crypto asset specialist.

Crypto asset strategist and analyst at Bank of America Kish Shah claimed This Tuesday, cryptocurrency Solana (SOL) can become Visa of the digital asset ecosystem”, in comparison to the popular credit card system.

In its report to its clients, the expert noted that Solana has more than 400 applications in its network, which contains everything from peer-to-peer exchanges to NFT marketplaces.

In addition to comparing this digital currency to the world’s largest credit card network, Shah noted that by comparison, Ethereum The “blockchain” will become “for high-value transactions, identity, storage, and supply chain use cases.”

Solana prioritizes scalabilityHowever, a less decentralized and relatively secure blockchain has its advantages and disadvantages, as evidenced by various network performance issues from the start.Ethereum prioritizes decentralization and securityBut at the cost of scalability, which has led to periods of network congestion and transaction fees that are sometimes greater than the value of the transaction being sent.”

According to the gate DecodeIn theory, Visa is able to perform at least 24,000 transactions per second (TPS), but it averages about 1,700 transactions, Etherum is about 15 TPS, while Solana, according to its own conclusions, is able to reach a limit 65,000 tons per second.

Similarly, Solana stands out for clearing more than 50,000 million transactions since its launch, has over $11,000 million in total insured value and has hosted more than 5.7 million non-fungible (NFT) tokens.

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Shah also highlighted that Solana offers its customers low transaction fees, ease of use, and scalability compared to other cryptocurrencies. “Its ability to provide high performance, low cost and ease of use creates a blockchain optimized for consumer use cases such as Micropayments, DeFi, NFT, Decentralized Networks (Web3) and Games’ concluded the expert.

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Myrtle Frost

"Reader. Evil problem solver. Typical analyst. Unapologetic internet ninja."

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