Last week, a report from Bank of America predicted that smart contract platform Solana is expected to become the “Visa” of digital assets. The report explained that while the Ethereum blockchain was a popular choice due to its security and decentralization, it suffered in its scalability. As an attractive alternative, Solana’s prioritization of micropayments regarding gaming and NFTs allowed for a utility similar to that of Visa, but for crypto. “Solana could become the Visa of the digital assets ecosystem. Ethereum’s prioritization could optimize it for high-value transactions and identity, storage, and supply chain use cases,” Alkesh Shah told the Daily HODL. It’s not just Bank of America analysts that saw Solana’s potential. The cryptocurrency has outperformed Ethereum over the last year, with its market price skyrocketing 4000% over the last year as well as reaching a market cap of $47 billion. After launching in March 2020, Solana has witnessed over 50 billion settled transactions and has had over 5.7 million NFTs minted on its blockchain. “[Solana’s] innovations allow for the processing of an industry-leading 65,000 transactions per second with average transaction fees of $0.000025 while remaining relatively decentralized and secure,” Shah said. Although Solana has seen a successful debut and made a name for itself in the media, it isn’t without its shortcomings. In December and January, the blockchain’s distribute...
