Overview of "Encrypted Version of WeChat" SolChat: Surged over 90 times in a month, repeatedly recommended by Solana co-founder
Recently, a new project called "SolChat" has gained significant attention due to multiple interactions from Toly, the co-founder of Solana Labs, and its price has surged over 90 times in the past month.Written by: Nancy, PANews
As the price of Solana skyrockets, its ecosystem has also become a focal point of market attention. Recently, a new project called "SolChat" has gained traction due to multiple interactions from Toly, co-founder of Solana Labs, and its price has surged over 90 times in the past month. This article does not constitute investment advice, DYOR.
According to official information, SolChat is a communication protocol on Solana that offers text, voice, and video calls similar to Web2, with advantages such as low gas fees, on-chain message storage, and privacy protection.
Specifically, SolChat supports multiple features, including SMS, providing users with one-on-one chat similar to Instagram, along with fun emojis; group chat, allowing users to create groups and chat with multiple friends; audio and video, enabling users to conduct encrypted peer-to-peer audio and video calls with friends; payments, allowing users to make payments using $SOL, similar to CashApp; group chat, allowing users to create groups and chat with multiple friends; audio and video, enabling users to conduct encrypted peer-to-peer audio and video calls with friends; payments, allowing users to make payments using $SOL, similar to CashApp.
Functionally, SolChat is similar to communication software like WeChat and WhatsApp. However, unlike them, SolChat stores chat content in an encrypted manner on the Solana chain, and they can only be decrypted through linked wallets, which avoids data scrutiny and access by centralized entities, thereby enhancing user privacy and security. At the same time, although SolChat transmits information on-chain, the software achieves a stateless characteristic for storing messages on-chain, requiring only a small amount of SOL (e.g., 0.000005 SOL) to send each message to your friends.
$CHAT is the SPL token of SolChat, with a total supply of 10 million, of which 20% is allocated for the LP pool. The $CHAT token can be used for rewards (such as project revenue distribution), staking, and accessing premium features (such as custom stickers, HD voice calls, and HD audio services). According to data from the OKX Web3 wallet, the price of $CHAT has increased by as much as 9078.5% in the past 30 days.
It is worth mentioning that, as previously revealed by officials, the SolChat application is about to be launched on the Playstore and will be integrated into Solana Mobile.
