• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback

Solana Could Flip Ethereum To Become “Visa Of Crypto,” New Study By Bank Of America Shows

Anifowoshe Ibrahim by Anifowoshe Ibrahim
1 year ago
in Cryptocurrency news
Reading Time: 3 mins read
Advertisement

New research from Bank of America Reveals Solana might become the “Visa of the digital asset ecosystem.”

Because of its focus on scalability, ease of use, and low transaction costs, the bank stated the Solana blockchain may very well become the equivalent of Visa for the world of cryptocurrencies and NFTs in a research report to its clients after hosting the Solana Foundation’s member Lily Liu.

Solana High Throughput Is It Merit

In a Tuesday research note, Bank of America digital asset strategist Alkesh Shah said that Ethereum competitor Solana may become the “Visa of the digital asset ecosystem.”

Get 30 FREE SPINS at Punt Casino - NO DEPOSIT REQUIRED! Start Playing Now.
No Deposit 40 FREE SPINS at Wild.io on SIGN UP. Wheel of fortune, daily bonuses, 10 BTC in prizes monthly! Start Playing Now!

The Solana network went live in 2020, and its native token, SOL, has since grown to become the fifth-largest cryptocurrency by market capitalization, with a market worth of $47 billion. It has been used to settle over 50 billion transactions and create over 5.7 million nonfungible tokens, and it is an order of magnitude faster than Ethereum (NFT).

Critics claim that the speed comes at the expense of decentralization and reliability. Shah believes the advantages outweigh the disadvantages:

“Its ability to provide high throughput, low cost and ease of use creates a blockchain optimized for consumer use cases like micropayments, DeFi, NFTs, decentralized networks (Web3) and gaming.”

Bitcoin, the world’s most popular cryptocurrency, is up 3.3% this week. The price of ethereum, its closest rival in terms of market capitalization, increased by 5.3%. Other big cryptocurrencies are also experiencing strong gains. BNB is up 9.5%, cardano is up 16.2%, and Solana is up 10.6%.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

Furthermore, Solana has some of the fastest transaction times in the industry. In the note, Shah explained:

“These innovations allow for the processing of an industry-leading ~65,000 transactions per second with average transaction fees of $0.00025 while remaining relatively decentralized and secure.”

Visa now processes 1,700 transactions per second (TPS), however the network has a theoretical capacity of at least 24,000 TPS. On its mainnet, Ethereum currently processes about 12 TPS (more on tier twos), whereas Solana has a theoretical capacity of 65,000 TPS.

Related article | Solana: A Quick Review And Look Ahead

Decentralization trade-offs

In March 2020, Solana was launched as a decentralized blockchain capable of hosting extremely scalable apps. According to Alkesh Shah, it is now the fifth-largest cryptocurrency, having settled more than $50 billion in transactions and generated more than 5.7 million NFTs.

Because both cryptocurrencies allow smart contracts, which are the basic building block of decentralized systems like blockchain-based banks and NFTs, Solana is frequently compared to Ethereum (non-fungible tokens).

Shah conceded, saying, “Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has tradeoffs, illustrated by several network performance issues since inception.”

The cryptocurrency has gotten a lot of attention from investors in the last year, and its price has risen by a whopping 4,000%. Nonetheless, it is dwarfed by its nearest competitor, ethereum. Solana has a market valuation of $47 billion, or little over one-tenth of the size of ethereum.

SOL/USD trades at $146. Source: Tradingview

Solana has had its fair share of network performance issues in recent months, including withdrawal issues confirmed by Binance on Wednesday, reports of delayed performance across social media on Friday, and what appeared to be a distributed denial-of-service attack on Jan. 5, despite Solana’s denial.

Since its start, Solana has settled more than 50 billion transactions, totaling more than $11 billion USD in value locked. It’s also been used to produce over 5.7 million NFTs, demonstrating its focus on consumer applications like money transactions and even gaming.

Related article | Solana Trades Up 15.7%, But Network Issues Raise Concerns

Featured image from Investment U, charts from TradingView.com
Tags: Bank of AmericaethereumSolana
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

Litecoin

Litecoin (LTC) Displays Consolidation – Can We Expect A Reversal Soon?

1 hour ago
Digital assets got government support in 2022

Digital assets got government support in 2022

2 hours ago
Fasttoken (FTN) Secures Multi-Million Dollar Investment to Advance Its Web 3 Ecosystem

Fasttoken (FTN) Secures Multi-Million Dollar Investment to Advance Its Web 3 Ecosystem

13 hours ago
U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

U.S. Government Releases Roadmap To Mitigate Crypto Risk For Investors

17 hours ago
Signal Message FTX Sam Bankman-Fried

Former FTX Boss Sam Bankman-Fried Using Privacy Messaging App Signal

20 hours ago
Silvergate Dividends

Crypto-Friendly Bank Silvergate Suspends Dividend Payouts

22 hours ago

Premium Partners

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
Metaspins

Metaspins

Review · Visit
Coinplay

Coinplay

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
Vave

Vave

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

BudBlockz’s 220% Growth Puts It Ahead of Dogelon Mars and Floki Inu

January 28, 2023

MATIC Gains Over 20% As Polygon Network Records Biggest Whale Transaction Of 2023

January 28, 2023

Connecting the dots on $PAW. Is Ryoshi back?

January 28, 2023

Cardano’s (ADA) first native stablecoin will launch next week, Binance (BNB) Moved $346M for the Defunct Exchange Bitzlato, Snowfall Protocol (SNW) brings in massive 500% profits to investors

January 28, 2023

Cardano (ADA) Leads Crypto Dip as Market Sheds $27B Overnight, DMM Bitcoin starts handling Polygon (MATIC), Less than 7 days remain to Snowfall Protocol’s (SNW) launch

January 28, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.