While #Solana Labs were a big part of the Solana Pay development process, other companies were involved as well. According to Shere, Circle, Checkout.com, Citcon, Phantom, FTX and Slope all played a part in establishing the foundation for the digital payment platform Solana #Pay.

Solana is also a smart #contract decentralized finance (DeFi) platform competing with Ethereum (ETH). Both platforms offer all sorts of decentralized finance DApps, some with their cryptocurrencies as well. Instead of Ether at the center of it all, the Solana token is #SOL.

Validation works #similar to proof-of-stake in Solana’s case. Solana is just using time as a historical record of proof on top of the #proof-of-stake method. As a result, Solana can process an average of 65,000 transactions per second with minimal fees.

On #Solana, all nodes run on the same clock, removing one validation factor and speeding up the network as a result. Yakovenko refers to this consensus method as proof-of-history (PoH) — a #modified version of proof-of-stake (PoS) that factors in time for verification purposes.