The Solana Foundation is generating significant interest in the blockchain world thanks to its revolutionary new tools. These advances herald major changes in the field of blockchain transactions.
Overview of the Solana Foundation’s New Tools
The Solana Foundation, a leading blockchain platform, is at the forefront of innovation with the launch of its revolutionary new tools, ‘Actions’ and ‘Blinks’. These tools are designed to transform user interaction with crypto-assets across various websites and applications.
Actions: Simplifying Blockchain Transactions
‘Actions’ allows users to perform on-chain transactions directly on websites, social platforms, and via QR codes. This integration enables the signing and sending of transactions using native mobile applications, scannable QR codes, and shareable blinks.
- Buying NFTs
- Tipping content creators
- Receiving payments
- Voting, staking, and trading assets directly from the platform being used
Blinks: Making Transactions Shareable
The ‘Blinks’ complement the ‘Actions’ by turning these actions into shareable links. These blinks can be integrated wherever a URL can be shared, such as on social media feeds, emails, and chat rooms. This allows these links to act as gateways for on-chain transactions.
The Blinks facilitate payment requests via text message or the purchase of an NFT directly from a social platform, making blockchain interactions more common and accessible.
Integration and Adoption of the New Tools
Several teams, such as Cubik, Sanctum, Tensor, and Helius, will test and implement these new tools. Furthermore, key wallets like Backpack and Phantom have already begun integrating Solana’s tools.
According to Jon Wong, head of ecosystem engineering at the Solana Foundation, these tools enable any website or application on the Internet to become a distribution point for on-chain exchanges.
Impact on Costs and Accessibility of Blockchain Transactions
The ‘Actions’ and ‘Blinks’ realize one of the initial promises of the internet: to make experiences portable, shareable, and exploitable on any platform. Solana is known for its lower transaction costs compared to major blockchains like Bitcoin and Ethereum.
In May 2024, Solana reached a record of 41.7 million active addresses and processed over 91 million dollars in daily crypto transactions. Currently, Solana (SOL) is trading around $147.1, with a market cap of 4.5% and a total transaction volume of 34.9% over the past 24 hours.
A Step Towards the Future of Blockchain
The launch of the ‘Actions’ and ‘Blinks’ tools is set to redefine the usability of crypto-assets and promote widespread adoption of blockchain technology, paving the way for an optimistic future for the industry.
