Solana, the VISA of cryptocurrencies? The unprecedented compliment from the Bank of America

A statement that does not go unnoticed! – In a research note published Tuesday, January 11, Alkesh Shah, digital asset analyst at Bank of America, described the Solana blockchain as the Visa potential of the cryptocurrency ecosystem. Solana does not seem to be content to make its small impression with the usual public fan of cryptos: now the SOL even obtains the recognition of the enemy of always, namely the banking sector.

Solana, a blockchain that performs

Blockchain to 50 billion transactions in 2021, quickly put in the spotlight thanks to its impressive scalability, takes on a scale that is difficult to ignore. Indeed, the project whose public testnet was born in 2020 sees its native token the SOL now rise to the rank of 5th market cryptocurrency, with a capitalization of more than 46 billion dollars.

“These innovations enable industry-leading operation of 65,000 transactions per second with an average transaction cost of $0.00025, while remaining relatively decentralized and reliable”

Market Insider

Considered as one of the potential Ethereum killers, Solana draws her strength from her consensus in proof of history, supposed to enable it to manage no less than 65,000 transactions per second for a very low cost: it is precisely this asset that caught the attention of Alkesh Shah.

The analyst, however, raises the point of the partial decentralization of the network and opposes it to Ethereum. Taking into account the prioritization of the scalability of the Solana network to the detriment of its decentralization and the prioritization of the decentralization of the Ethereum network to the detriment of its scalability, Shah intends to do so. two different utilities.

If for him Ethereum offers optimal security, its lack of scalability is equivalent to approximately 15 transactions per second makes it currently unsuitable for massive and continuous demand. Ethereum could become, according to him, the blockchain of high-value transactions and identity, storage and supply use cases chain.

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A comparison that hits the mark

Visa can theoretically support 24,000 transactions per second but actually deals with it more or less 1700. Looking at it from this perspective helps to understand the breadth of Solana’s payment processing capability and the comparison far from meaningless of the analyst – even if lately, the project is far from this supposed cruising speed.

“Solana could become the Visa of the digital asset ecosystem. »

La Bank of America

Smiling man holding a blue card

In addition to this purely functional aspect, it is more than 400 effective projects deployed on the network. Passing through the gaming, NFTs and micropayments, Solana would therefore have the shoulders to be the ideal candidate to take on the role of the American giant, in his own way.

However, there are a few parameters to take into account in this announcement, in particular the marked use of the conditional – rightly so. Although Solana announces features that have something to unleash passions, the network is not free from all defects. As the blockchain is not fully mature, it is not uncommon to witnessevents limiting its functionality.

Solana is developing at high speed and stands out from its supposed competing blockchains due to its technical prowess. If Solana was able to convince the Bank of America, it is now more difficult to think that the project will not last… and would not be there to try to win the day. Despite a capricious market, 2022 seems to be part of the same movement as 2021 in terms of the democratization and adoption of blockchains.

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