It’s no secret that the friction for new users to on-board into the blockchain ecosystem is notoriously high, and is arguably one of the biggest reasons for it’s slow adoption. A big driver for this friction is that key management is complicated, with users managing private keys and mnemonic phrases, especially when compared to existing Web 2.0 applications with Single-Sign-On (SSO) solutions via Facebook or Google enabled. The other driver for this friction has been performance and cost. An example most of us are familiar with is the use of cryptocurrencies as payments, where Bitcoin was accepted on the Steam platform at one point, but was eventually dropped due to its price volatility, high transaction fees during network congestion and slow settlement.
As a result, we’re excited to share that both Solana and Torus have decided to collaborate to tackle these issues, as both our teams are focused on making blockchain more accessible, user-friendly and scalable for everyone. At Solana, our edge is in enabling a high-performance protocol with cost-efficient transactions and sub-second confirmation times. And for Torus it’s to provide a simple authentication solution and make key management not only as simple as existing Web 2.0 applications, but also compatible with them.
Currently the Torus network is supported by a collective of validator nodes run by Binance, Etherscan, ENS, Tendermint and other ecosystem stakeholders. Their solution is blockchain agnostic as they believe an improved developer experience/user experience should be accessible for everyone. However, they’ve prioritized this collaboration with Solana to bring the familiar web OAuth user onboarding experience to all developers looking to build applications on Solana. Specifically, this will give them access to seamless key management via Torus’ DirectAuth integration where they have full control over their own login and user onboarding or wallet systems to suit their users’ needs. Regardless of whether they are looking to build fast, secure and scalable exchanges, marketplaces or other applications tailored to mainstream crowds, they’ll be able to find their solution in Solana.
At Solana, our recent performance stress tests proved that the protocol was able to deliver upwards of 59,000 transactions a second, with 400ms blocktimes. With each transaction fee estimated to be 0.00001 USD per transaction (or $10 for 1 million transactions).
These statistics highlight that Solana can provide high thresholds/strong guarantees that transaction costs will remain consistently low even during times of heavy network usage. Also,The low transaction fees make micropayments on decentralised applications possible. Which is where traditional solutions have sometimes struggled as we highlighted earlier.
Example: on November 22, 2019, transaction fees on the Ethereum network were approx. $30 USD each due to high network usage. Imagine buying an item with ETH at that time that cost $30, and having to pay an additional $30 in fees alone, doubling the overall cost to purchase.
With both of our solutions combined we’re confident that we’ll be able to lower the barrier-to-entry for developers and users alike to grow the blockchain ecosystem, and look forward to exploring further collaborations with Torus to continue advancing these efforts in the future!
Solana is a high-throughput blockchain that is currently supporting 50–65k transactions per second and 400ms block times, without complex solutions like sharding or layer-two. As the world’s first web-scale blockchain, Solana will unlock a whole new class of performant applications and facilitate larger scale blockchain adoption. Utilizing a revolutionary innovation called Proof of History, Solana is drastically able to outperform any other existing layer 1 and provide fees at $0.00001 per transaction.
Torus provides one-click logins for DApps through the user’s Google, Facebook, Reddit, Discord, Twitch or Email accounts in a single step with no additional installations. With Torus, users can interact with Google emails, Reddit usernames and Discord IDs on the blockchain, regardless of whether the recipient has logged into Torus before.
Try it out athttps://app.tor.us
Join the Torus community for updates on more integrations and drop us a line on any of our social channels if you are keen on integrating Torus with your DApp. Twitter, Telegram, Facebook, LinkedIn, Instagram, YouTube, Reddit