PayPal Ditches Ethereum for Solana to Advance the Future of Payments
Solana entered the blockchain world in March at the beginning of 2020, which Anatoly Yakovenko developed. Solana is based on the approach of Proof of History (PoH).
PayPal’s entry into the cryptocurrency payment domain was announced during Solana Breakpoint 2024 livestream by PayPal’s José Fernández. In a surprising move, PayPal has shifted from Ethereum to Solana for its cryptocurrency payment system. This decision could alter the landscape of digital payments, highlighting Solana's strengths over Ethereum in key aspects crucial for mass adoption.
According to Fernández, PayPal's massive payment volume demands a more efficient solution, which Solana's platform provides with its capacity to handle up to 1000 transactions per second, lower operating costs, and additional token extensions.
While Ethereum is renowned among cryptocurrencies and utilized in various applications, it has faced criticism for higher transaction fees and slower processing times, particularly during peak hours. Solana, known for its high throughput and lower cost structure, emerges as an optimal solution to these challenges, offering a more efficient handling of the high volume of transactions processed by PayPal daily.
Solana, a high-performance blockchain, was introduced into the blockchain domain by Anatoly Yakovenko in March 2020. This blockchain is built upon the Proof of History (PoH) approach, a foundational technology that enables the network to facilitate thousands of transactions per second, rendering Solana one of the industry's most scalable and fastest blockchains.
PayPal, initially established in 1998 as Confinity, emerged as a leading online payment service by 2001. It was acquired by eBay in 2002, becoming an essential service for any online business. PayPal later became an independent company in 2015. Throughout its history, PayPal has consistently embraced new technologies, such as integrating cryptocurrencies into its digital wallet.
This partnership aligns with the broader trend within the financial industry to adopt decentralized ledger technologies for enhancing the efficiency of online transactions. By leveraging Solana's high-performance blockchain, PayPal will be able to offer a low-cost service to its millions of users, paving the way for expanding the use of cryptocurrencies in everyday transactions.
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