Solana Lab Announces Solana Pay P2P e-commerce payment system

On Feb 1, 2022

Under the collaboration with some leading crypto players, Solana is working to launch the SolanaPay payment system.

Solana is currently the 7th ranked crypto blockchain network and it is popularly known for its unique Proof-of-history consensus-based blockchain operations, which provides higher scalability in the list of crypto blockchain networks in this space.

On 1 February, Solana announced through Twitter that it is introducing SolanaPay. Solana Pay is a decentralized open-source peer-2-peer payment network.

Tweet also noted that, with the help of Solana Pay, people can facilitate micropayments to each other in a decentralized medium. Where Digital dollars can be used like USDC, SPL tokens.

Through Solana Pay, the team targeted the e-commerce platforms to adopt the crypto-based payment platforms closers. Solana Pay will act as an intermediary between the traditional platforms and the crypto market to facilitate fast transactions.

“Solana Pay enables the first direct connection between merchants and customers via a decentralized payment gateway; this is a new type of payment rail ready to build on today, allowing users to spend crypto without relying on a centralized entity.”

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In the future, the team will try to integrate this new open-source software into WooCommerce, Magento, BigCommerce, Wix, Squarespace Platforms.

3/ The Solana Pay spec lets merchants generate transaction requests with relevant metadata. Users can approve this transaction via their web wallets, or scan a custom-generated QR code – now supported in @phantom, @slope_finance, and @ftx_app. pic.twitter.com/gtEDWgYIGv
— Solana (@solana) February 1, 2022

Solana getting criticism for network outage

However, Solana is known for its high scalability but the developers of this project faced huge criticism because of the outage of the network two to three times in the past.

Last time the network of Solana was offline for more than 1 day and the delay to fix the issue took place because of time consumption in finding the bug.

SOL is the native token of the Solana blockchain Network and the price of this coin is $108 at the time of writing this article. When Solana announced the launching of Solana Pay then at that time Sol saw a sudden pump in its price and touched $110. At the current trade price, Sol is up by 18%.