Solana Mobile Stack (SMS) will be a new era of web3 with the first mobile Android platform. Solana is making great strides to become the most usable blockchain in the world.
Solana is not only a cryptocurrency, it is also a platform for decentralized finance, non-fungible tokens (NFTs), blockchain games and the metaverse. Solana is now the second largest player in the NFT market and its performance in this key area has held up well even in the face of the FTX market crash. From my perspective, Solana was unfairly punished for his ties to FTX and its former CEO, Sam Bankman-Fried. As soon as investors found out that he was promoting and funding Solana, the crypto went into freefall before finally stabilizing around the $10 level at the end of the year. By 2023, I think much of that stigma will fade and investors can return to valuing Solana based on its underlying fundamentals.
In 2022, the Solana community focused on bringing crypto to the real world. This decision was characterized when the Solana blockchain introduced two new protocols from Solana Labs, saw a whole ecosystem of new projects. Like Solana Pay, introduced in February, has also enabled a frictionless, permissionless payment ecosystem. Now stores use and feel it. It will continue to grow throughout the year.
But the most important is surely the Solana Mobile Stack and Solana Mobile’s flagship device, Saga, which was announced in June, which aims to free web3 from desktop computers while increasing the usability of mobile applications. Saga also aimed to introduce a level of security close to the hardware wallet of mobile devices, thus combining security and simplicity.
The Solana Ecosystem
One of the biggest flaws in crypto, NFTs and Web3 in general is its lack of user-friendly products. Crypto wallets are difficult to manage, security is difficult, and using decentralized apps is far too difficult. Even if you think blockchain could revolutionize technology, improve privacy, decentralize finance, or have some other rationale, it won’t happen if normal people can’t actually use these products. I encourage you to listen to the podcast with Ouriel Ohayon from ZenGo who talks really well about this topic 🙂
In June 2022, Solana Mobile, a subsidiary of Solana Labs, debuted the Solana Mobile Stack, an open source software tool for Android that enables native Web3 Android applications on Solana with the Seed Vault secure escrow protocol that facilitates instant signing of transactions while private keys keep. separate from wallets, apps and Android OS.
- xNFT -> Decentralized Executable NFTs (think App Store apps)
- SMS -> Solana Mobile Stack – a mobile toolkit (SDK) for building mobile Web3 apps
- Saga -> a real Solana mobile phone with a crypto app store
Did you know that an extensive world tour known as Solana Hacker House is also planned for 2023. In 2022, this tour touched 24 cities around the world and involved 12,000 developers. We can believe that this community will participate actively in the development of Solana mobile. Furthermore, Solana co-founder Anatoly Yakovenko declares, “Developers have been blocked for too long from creating truly decentralized mobile apps because the existing gatekeeper model just doesn’t work anymore.”
The official launch of Solana Mobile, introducing the world’s first ever crypto phone. The initiative is an important part of Solana’s foray into the Web3 world, which Solana says will be based on end-to-end mobile experiences. When integrated with Solana Pay (launched February 2022), Solana Mobile offers a very powerful value proposition. Today, non-fungible tokens, or NFTs, live in a crypto wallet and have very little day-to-day use unless the wallet’s owner logs into a website or app with the wallet. But it can be easier. Imagine if there was an app where you could just click on an NFT and go to the website that the NFT unlocks. That’s what an xNFT does, and it’s a new application operating system created by Coral, a Web3 development startup through a product called Backpack.
If Solana succeeds with user experience and security, he could be the mobile game changer on Web 3 🙂