Solana has released a new blog that illustrates its vision for a new and improved payment system for digital currencies. The blog post brings an anecdotal depiction of how the system would bring a mutually beneficial environment. The system would adopt the means currently used by fiat money transfers to offer an integrated, peer-to-peer transaction method. This new proposal would bring a universal outlook that includes even fiat money like the USD in the digital world.
What if a person can walk into a shop to buy their favorite pair of shoes. What if the payments can be made just by scanning a Quick Response code on the merchant’s table. And What if the digital currency can be transferred for less than a penny and immediately helps you earn high-yield interest. The payment concept by Solana is a one-stop solution for all the needs of a customer and also enables connectivity between different aspects of a decentralized financial system.
Let us imagine that the customer gets a virtual replica of the shoes they just bought as NFT as soon as they leave the shop. Another receipt enables them to have entry to a sneaker-loving community. This way, digital currency exceeds from being just a payment system and makes a bridge between the real and virtual worlds. The purchase by the person is not to be considered a sale, the new idea of Solana thinks it us a vote of support and rewards them accordingly for it.
This promise of a seamless, integrated, and secure payment system has been promised by many before but has never been materialized. The overhead expenses of these brick and mortar firms hinder any attempt to connect with the customers, and eventually, the customers themselves became the commodity for the lack of connection. Solana’s model could invert the corporate model and help small-time owners to help build a customer-centric model for their business. The database of this integrated system will help with all these aspects in a hassle-free way.
The intermediaries and line of taxes involved in a transaction often make the merchants overlook the loyalty of the customers. The merchants, customers, and everything in between are fragmented in this existing payment system. However, Solana’s model helps finance to work in the real world without having to come under intermediaries, moves through the digital space like any form of data, and is secured by peer-to-peer connectivity.
This model transcends from the crypto payment model and tries to build a channel where even fiat money is usable. Apart from rewarding customer loyalty, the merchants can get benefits like cost efficiency, ownership of the asset, zero fraud liability, and yield generation. Solana is in works realize this dream thanks to some seminal partnerships with names like Circle, Citcon, FTX, Phantom, Slope, and others. The acceptance of Solana as the blockchain of choice for DeFi, NFTs, and other DApps, among other things, will determine the future of SOL. The evolution of the cryptocurrency space as a whole might potentially have an influence. Consumers may utilize Solana in a variety of ways, and it has the potential to become the Visa of digital assets.
You can find more details here about Solana’s benefits that might definitely provide it an advantage over Ethereum in the future, eroding its market dominance.