Forbes India 15th Anniversary Special

Solana Foundation launches new tools to enhance blockchain transactions

21Shares has submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) to launch Solana ETF

Shashank Bhardwaj
Published: Jul 2, 2024 11:26:22 AM IST
Updated: Jul 2, 2024 11:28:11 AM IST

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The Solana Foundation, a leading blockchain platform, has introduced cutting-edge tools to transform user interaction with crypto assets on websites and applications. The new tools, ‘Actions’ and ‘Blinks’, are innovative and designed with user orientation in mind. They aim to simplify blockchain transactions and enable users to perform on-chain activities directly across various digital channels.
 
‘Actions’ allow users to perform on-chain transactions directly on websites, social media platforms, and through QR codes. This integration of Solana’s blockchain functionalities enables users to sign and send transactions using native mobile apps, scannable QR codes, and shareable blinks. Users can purchase NFTs, tip content creators, receive money, vote, stake, and swap assets directly from their current platform. The innovative tool lowers the barrier to blockchain technology, making it easily available to a broader audience in a user-friendly manner.
 
‘Blinks’ complement ‘Actions’ and transform these actions into shareable links. They can be embedded anywhere a URL can be shared, such as social media feeds, emails, chatrooms, etc., and convert them into gateways for on-chain transactions. The main aim of this developer tool is to enhance the usability and accessibility of decentralised applications (dApps) in everyday digital interactions. This means that users can receive a payment request via text message or buy an NFT directly from social media, streamlining the entire process and making blockchain interactions more mainstream.
 
According to Solana, several teams, including Cubik, Sanctum, Tensor, Helius, and others, will test and implement these new tools. Key platforms and wallets, such as Backpack and Phantom, have already started integrating Solana’s tools. Jon Wong, head of Ecosystem Engineering at the Solana Foundation, stated that these emerging tools allow any website or app on the Internet to be a distribution point for on-chain exchanges.
 
‘Actions’ and ‘Blinks’ deliver one of the internet’s original promises by making experiences portable, shareable, and actionable on any platform. Solana is recognised for its lower transaction costs than major blockchains like Bitcoin and Ethereum. In May 2024, Solana reached a record of 41.7 million active addresses and processed more than $91 million in daily crypto transactions.
 
Currently, Solana (SOL) is trading at around $147.1, with a market cap of 4.5 percent and a total trade volume of 34.9 percent in the past 24 hours. The launch of ‘Actions’ and ‘Blinks’ is expected to reshape the usability of crypto assets and drive mainstream adoption of blockchain technology, ushering in an optimistic future for the industry.
 
Shashank is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash