Solana (SOL) could ‘Become the Visa’ of crypto, Bank of America analyst says
According to Alkesh Shah, a digital asset strategist at Bank of America, Solana (SOL) has the potential to “become the Visa” of the cryptocurrency industry because of its focus on scalability, low transaction costs, and simplicity of use.
In Business Insider, Shah stated that Solana had cleared over 50 billion transactions since its inception in 2020, whereas Visa handled 164.7 billion transactions in the fiscal year ended September 30.
According to a Bank of America analyst in a research note given to clients, the network has over $11 billion in total value locked on its decentralized finance (DeFi) ecosystem and has been used to mint over 5.7 million non-fungible tokens (NFTs).
“Its ability to provide high throughput, low cost, and ease of use creates a blockchain optimized for consumer use cases like micropayments, DeFi, NFTs, decentralized networks (Web3) and gaming.“
– The analyst added
He said that Solana may soon grab a piece of Ethereum’s market share because of its cheap transaction costs and emphasis on scalability, noting that Ethereum “prioritizes decentralization and security but at the expense of scalability, which has led to periods of network congestion.”
According to network statistics, while Ethereum can now handle roughly 12 transactions per second, Solana has continuously processed over 2,400 transactions per second.
Solana’s theoretical limit of 65,000 transactions per second is significant. It’s worth mentioning that Visa typically handles roughly 1,700 transactions per second, with a theoretical limit of 24,000.
According to critics, Solana’s high transaction throughput comes with a number of trade-offs, including security and decentralization. In his remark, Shah stated that Solana is “a considerably less decentralized and safe blockchain” whose trade-offs have been demonstrated multiple times by network performance concerns.
Solana has had a number of network congestions in recent months, some of which were purportedly caused by denial-of-service assaults related to strong botting activity on the network.
These bottlenecks are understandable given that Solana is a new blockchain with a number of features that let it grow to accommodate so many transactions per second.
Bitcoin-related job postings on LinkedIn surged almost 400% in 2022
Cryptocurrency-related jobs on Linkedin increased in 2021, as firms submitted opportunities for a variety of positions in a year when the sector experienced enormous development.
According to a Linkedin report released on January 13, 2021, job listings using the phrases “Bitcoin,” “Ethereum,” “blockchain,” and “cryptocurrency” increased 395 percent in the United States alone from 2020 to 2021.
The job-search engine also reported that the industry’s job postings outpaced the wider technology sector, which increased 98 percent during the same period.
Employers mostly wanted to employ software and financial specialists in the industry. Simultaneously, businesses like accountancy, consulting, staffing, and computer hardware are rapidly recruiting blockchain expertise.
The job posts also show that the business is evolving since they are expanding beyond activities such as mining digital assets and selling multiple digital currencies to developers and engineers. At the same time, the data confirms the belief that the bitcoin sector is quickly entering the mainstream.
Jobs increase with crypto’s popularity growth
The general public’s interest in cryptocurrencies and increasing investment for sector start-ups were mentioned by Linkedin as driving factors for the record job posting. Furthermore, Linkedin identified institutional adoption of different crypto assets as a driver of the growing need for blockchain skills.
The introduction of institutions into the field resulted in high-profile employment relating to digital assets being posted by traditional corporations such as PayPal and Deloitte.
The massive increase in job chances occurred during a year in which the crypto sector’s overall market value reached $3 trillion at some point, driven by Bitcoin, which also reached a record price level of about $68,000.
Furthermore, job listings grew in a year when remote working became a required part of the job. Notably, remote labor is associated with the industry’s decentralized character. The remote work option allows core developers and researchers to collaborate on a variety of projects with a variety of partners and employers.
Also Read: Cryptocurrency’s growth is unstoppable and PrivacySwap is here to foster it.
