Solana releases a crypto smartphone

Published by
Nonhlanhla P Dube

An assortment of solutions aimed at maximizing cryptocurrency’s potential for smartphone integration were unveiled by Anatoly Yakovenko, co-founder of Solana Labs. The digital asset market and this network have expanded and now serve millions of users, but it appears that they still rely on desktop apps, according to an official post.

Yakovenko thinks that in this regard, “crypto is going mobile.” By Q1 2023, the business plans to release the Saga smartphone along with the Solana dApp Store, Mobile Stack, Seed Vault, a non-fungible token (NFT)-based product called Saga Pass, and other features.

Major participants in the cryptocurrency industry, such as FTX, Coral, Kiyomi/OpenEra, Magic Eden, Okay Bears, Orca, Phantom, StepN, and others, have backed the blockchain startup.

Solana vs. Big Technology

Yakovenko thinks that these products will give programmers the tools they need to build new applications that take advantage of novel use cases and advance mobile payment technology.

Improvements to payment rails, the implementation of Web3, and the elimination of third parties from these procedures. Says Yakovenko

Each of these accomplishments stands on its own, but taken as a whole, they signal the beginning of a significant advance in the use of cryptocurrencies on mobile. Right now, there is a chance to develop tools and experiences that make it easier to conduct web3 transactions on mobile devices and transport digital assets anywhere.

According to the CEO, the Solana Mobile Stack and the other items have been in production for “less than a year.” Big internet firms like Google and Apple, in Yakovenko’s opinion, have fallen short of offering the developing sector of the industry ways to connect crypto with mobile.

Furthermore, according to Yakovenko, these businesses have “barred” cryptocurrency startups, developers, and initiatives from putting these solutions into practice. In that regard, he declared:

It’s time for web3 developers to stop designing around mobile usage and start designing for it.

Solana welcomes the mobile wave

In addition to the challenges big tech companies provide to Web3 and cryptocurrency developers, Solana is working to offer consumers native hardware, native software, and a native custody solution. Yakovenko asserts that “millions of people” use the new industry, but mobile technology still needs to progress.

The co-founder of Solana Labs said the following in relation to the present constraints encountered by cryptocurrency investors and the issues that these new products will seek to address:
“(…) every day, I hear stories of people leaving dinners, conferences, and vacations to get back to their computers and sign important transactions. The mints, trades, listings, and transfers critical to the daily life of crypto-lovers are dragging us away from our lives with others.”

According to information provided by Yakovenko, the number of users actively using this blockchain has increased by 44% since December 2021. This statistic now stands at 2.3 million monthly users and over the same time period, daily program usage increased by 169 %.

These KPIs might experience further increases in the upcoming years if the company is successful in getting a foothold in the mobile market. SOL is currently trading at R604 and has made a % profit over the past day.

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Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube
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