Furthermore, nothing in this project constitutes a solicitation for investment.

Any content produced by SF or developer resources that SF provides are for educational and inspirational purposes only. SF does not encourage, induce or sanction the deployment, integration or use of any such applications (including the code comprising the Solana blockchain protocol) in violation of applicable laws or regulations and hereby prohibits any such deployment, integration or use. This includes the use of any such applications by the reader (a) in violation of export control or sanctions laws of the United States or any other applicable jurisdiction, (b) if the reader is located in or ordinarily resident in a country or territory subject to comprehensive sanctions administered by the U.S.


Merchants will be able to connect directly to the protocol or use software built by e-commerce providers.

Solana can process 65,000 transactions per second, and also incur lower low costs due to the blockchain’s lower fees. According to Solana Labs, merchants and consumers will be able to utilize Solana Pay to avoid taking on unnecessary volatility risks.

Sheraz Shere, the head of payments at Solana Labs said, “if people can seamlessly transact on-chain just like they do with cash, we believe that will spur interest and create new innovations.”

Solana Pay was developed in partnership with Circle, Checkout.com and payments processing firm Citcon, as well as digital wallet integrations with Phantom, FTX and Slope.

Through its partnership with Circle, merchants will be able to accept stablecoin USDC through a Circle account, where they could convert funds into fiat.

Building

1. Install rustc, cargo and rustfmt.

$ curl https://sh.rustup.rs -sSf | sh $ source$HOME/.cargo/env $ rustup component add rustfmt

When building the master branch, please make sure you are using the latest stable rust version by running:


$ rustup update

When building a specific release branch, you should check the rust version in ci/rust-version.sh and if necessary, install that version by running:

$ rustup install VERSION

Note that if this is not the latest rust version on your machine, cargo commands may require an override in order to use the correct version.

On Linux systems you may need to install libssl-dev, pkg-config, zlib1g-dev, protobuf etc.

Solana’s lower fees, according to Solana Labs. “Merchants and consumers want a frictionless experience without taking on unnecessary volatility risk, and consumers don’t necessarily want to transact with their investments,” Sheraz Shere, head of payments at Solana Labs, told The Block.

“If people can seamlessly transact on-chain just like they do with cash, we believe that will spur interest and create new innovations which is why the protocol is designed to allow for developers to build new commerce experiences on top of it.”

A joint effort

Solana Labs has developed Solana Pay in partnership with Circle, Checkout.com, and payments processing company Citcon, and with digital wallet integrations from Phantom, FTX, and Slope.

Circle, for instance, will let merchants accept USDC via a Circle Account, where they can also convert funds back to fiat.

The Solana blockchain confirms transactions in less than a second and costs on average $0.0005, providing users a seamless experience with no intermediaries.

Read the docs to get started.

Supporting Wallets​

  • Phantom † (iOS, Android)
  • Solflare † (iOS, Android)
  • Glow (iOS)
  • Slope (iOS, Android)
  • Crypto Please (iOS, Android)
  • FTX (iOS, Android)

Includes support for Transaction Requests

How to use Solana Pay​

Accept payments in your web app​

Use the @solana/pay JavaScript SDK to start accepting payments in your app today.

Accept payments in person​

Run the open-source Solana Pay Point of Sale app to start accepting payments in-person.

Getting Involved​

Solana Pay is an open standard to facilitate commerce on Solana.

Phantom, on the other hand, will enable transactions via Solana Pay.

Solana Labs has also been working with Shopify to let their merchants accept crypto payments via Solana Pay, but that integration isn’t live yet.

“Enterprises who run their own checkout flows can begin building integrations right now,” said Solana Labs. “Solana Pay’s point-of-sale client makes it easy for small restaurants, shops, food carts, and more to accept digital payments for fractions of a penny.”

When asked if Solana Pay is looking to compete with companies like Visa and Mastercard, Shere said Solana Pay isn’t looking to compete with any one specific payment system.

Office of Foreign Assets Control (OFAC), or (c) if the reader is or is working on behalf of a Specially Designated National (SDN) or a person subject to similar blocking or denied party prohibitions.

The reader should be aware that U.S. export control and sanctions laws prohibit U.S. persons (and other persons that are subject to such laws) from transacting with persons in certain countries and territories or that are on the SDN list. As a project-based primarily on open-source software, it is possible that such sanctioned persons may nevertheless bypass prohibitions, obtain the code comprising the Solana blockchain protocol (or other project code or applications) and deploy, integrate, or otherwise use it.

To avoid confusion, the team renamed their project Solana and chose Solana Labs as the company name.

The Solana cryptocurrency was first available in 2019 during private token sales, where Solana Labs raised about $20 million. Both the Solana protocol and SOL tokens were released to the general public in 2020. The Switzerland-based Solana Foundation, which supports the Solana ecosystem today, also was founded in 2020.

Solana vs.

Ethereum

Solana’s biggest competitor is Ethereum, and it has been called an “Ethereum killer.” Considering the popularity of each blockchain, prospective investors often wonder how the two match up.

When Ethereum launched, it used the proof-of-work consensus mechanism to validate transactions.

The problem with the existing answers is they only show you how to first create a new custom token then perform a transfer from one wallet to another. Here I will show how to do this with an existing custom token.import { Token, TOKEN_PROGRAM_ID } from “@solana/spl-token”; import { web3, Wallet } from “@project-serum/anchor”; async function transfer(tokenMintAddress: string, wallet: Wallet, to: string, connection: web3.Connection, amount: number) { const mintPublicKey = new web3.PublicKey(tokenMintAddress); const mintToken = new Token( connection, mintPublicKey, TOKEN_PROGRAM_ID, wallet.payer // the wallet owner will pay to transfer and to create recipients associated token account if it does not yet exist.

According to the company’s press release, Solana Pay enables merchants to accept the USDC stablecoin, Solana’s native token SOL, and other Solana-based tokens on the Solana blockchain.

The company said that merchants can get real-time access to their money with increased ability to manage working capital, liquidity and liability protection, and direct access to their money in seconds, with no middlemen and no holding periods or bank transfer fees.

Solana Pay was developed as a decentralized, open peer-to-peer protocol with the initial support of Solana Labs, Circle, Checkout.com, Citcon, and digital wallet integrations from Phantom and FTX and Slope.

“Circle is thrilled to be working with Solana to simplify and adapt USDC payments for consumer-facing businesses,” said Jeremy Allaire, Co-founder, Chairman, and CEO of Circle.

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