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Bank of America: Solana Can Overtake Ethereum and Become a Visa Cryptocurrency

Bank of America: Solana Can Overtake Ethereum and Become a Visa Cryptocurrency

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Answer Bank of America: Solana Can Overtake Ethereum and Become a Visa Cryptocurrency

Bank of America praised the Solana project and compared it to the world’s largest credit card network.

Alaksh Shah, a cryptocurrency and digital asset analyst at Bank of America, wrote in a research note published on Tuesday:

Solana Visa can become the ecosystem for digital assets.

There are over 400 DApps built on the Solana Network, which will host everything from peer-to-peer trading platforms to NFT Markets.

Legacy crypto market analysts have long been comparing transactions that occur on blockchain networks per second (TPS) with credit card networks.

I told The company “Visa” that it can theoretically handle at least 24,000 transactions per second.

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While the number of TPS transactions on the Ethereum blockchain is 15.

This number is low, given the requirements of decentralized applications that are constantly on-chain.

With the limited network, transaction fees on the network are usually measured in double digits in dollars.

While a lot of projects are trying to solve Ethereum scalability issues.

It is unlikely that congestion will decrease significantly until Ethereum 2.0 is fully rolled out.

Ethereum founder Vitalik Buterin assumed in June 2020 that the network, when upgraded, could reach 100,000 transactions per second.

While “Solana” outperforms both “Visa” and Ethereum, Solana boasts a transaction number of 65,000 transactions per second with very little fees.

Shah wrote:

Solana prioritizes scalability

But with faster transactions and lower fees there are some drawbacks such as centralization, and network outages that have occurred many times.

He added:

Solana’s ability to provide high throughput, low cost, and ease of use creates a blockchain optimized for consumer use cases such as micropayments, DeFi, NFTs, decentralized networks (Web3) and gaming.

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Read also:

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