Can we all use Solana Coin for online payment soon? Brave Browser makes it possible and integrates the Solana ecosystem – but why Solana?
Brave, the company behind the popular Brave browser, announced on May 24, 2022 that it is integrating Solana blockchain and SOL transactions. The company is committed to this Aware of the “Ethereum Killer” Solana.
More than 50 million people worldwide are now using the browser, which has its own crypto wallet in addition to its BAT cryptocurrency, which rewards users for viewing personalized ads. The Brave ecosystem and blockchain are expected to merge over time.
“Solana’s integration into the Brave wallet is an important step towards bringing billions of users to Web3“And Anatoly Yakovenko, co-founder of the SOL blockchain, explained.
Solana: full integration into Brave Browser
According to the official announcement, there should be one “Full integration of the Solana ecosystem” Give it to the Brave ecosystem. One reason for this is the lower transaction fees on the blockchain.
“Thanks to the partnership with Solana, Brave allows users to explore the Web 3 with significantly lower transaction fees and faster processing times than the Ethereum network.“
For comparison: Ethereum transaction currently costs always Still around $30. Only SOL transaction cost is included $0.00025. At 100,000 transactions per second, the transaction throughput of the blockchain is also significantly higher than that of Ethereum (15 TP/s). This is why Solana’s chain integration can be implemented instantly and is at least theoretically suitable for the masses. In the past, though, network failures have occurred time and time again.
Along with version 1.39 of the desktop browser, users can now buy, sell and exchange Solana tokens (SPL) with Brave Wallet and buy SOL and other cryptocurrencies using fiat currencies. In addition, holders of the Basic Attention Token (BAT), the native cryptocurrency of the Brave ecosystem, can use BAT in a SOL chain wrapped via Wormhole, Ethereum and Ethereum Virtual Machine (EVM) compatible chains.
Solana is set to become the default network for Brave
Brave shared the announcement that Solana will be the core network for the wallet: “Brave will continue to deepen this integration in the near future, adopting Solana as the virtual network for the Brave wallet and BAT, and continuing to support the vibrant Solana community.”
In addition, the browser will soon support Solana blockchain dApps. Purchasing NFTs with BAT and Brave Browser should also be possible in the future. The company works with Solana’s leading NFT marketplace, Magic Eden. Users can then use their Brave or Phantom wallet to purchase digital assets.
Since transactions are much cheaper than Ethereum, buying an NFT using the Brave browser will also be much cheaper than on Ethereum-based NFT platforms.
Will the Ethereum killer Solana prevail?
Due to its high scalability and significantly lower transaction costs, Solana is often referred to as the “Ethereum killer.” However, network crashes and congestion have occurred time and time again in the past. However, these problems were resolved relatively quickly.
As the Solana blockchain uses a new consensus mechanism, which is a combination of Proof of Stake and Proof of History consensus mechanism, unexpected technical difficulties may continue to arise. But even with Ethereum, technical difficulties could soon arise due to the “merging”.
However, the team behind the crypto browser is based on Solana, not Ethereum. After the Ethereum 2.0 upgrade is completed, Ethereum may be able to keep pace with the competition in terms of transaction costs and throughput. However, that likely won’t be the case until 2023 – if the transition goes smoothly.
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