Forward the Original Title ‘From public chain ecosystem to “Solana Internet”: How Blinks technology changes the rules of the encryption game’

Blinks technology, a revolutionary innovation within the Solana ecosystem, allows users to interact directly with the blockchain via a simple URL or QR code, eliminating the need for complex wallet setup or transaction processes. This innovative interaction method significantly lowers the barrier to entry into the blockchain world, expands the application boundaries of blockchain technology, and promotes the deep fusion and transformation of the Solana ecosystem with the Internet world.

The “Solana Internet” is more than just a new concept; it represents a brand-new network ecosystem. As the slogan on the Blinks official website states: “It’s time to connect Solana to the entire internet.” Through Blinks technology, the vision of connecting Solana to the entire internet is gradually becoming a reality.

The CGV research team has deeply analyzed the intrinsic link between Solana Actions and Blinks technology and their potential applications across various scenarios, projecting how this technology can drive wider adoption of Solana and blockchain technology.

Understanding Blinks: Why You Can’t Ignore Solana Actions?

Before exploring how Blinks technology revolutionizes our interaction with the blockchain, we must first understand its foundational technology — Solana Actions. Just like a skyscraper needs a solid foundation, the convenience and powerful functionalities of Blinks rely on the support of Solana Actions.

(1) Actions allow the use of complex business logic (on-chain and off-chain) to build transaction message APIs, which can be previewed, signed, and sent by clients. Native buttons, QR codes, or URLs (Blinks) can initiate Actions.

Examples of Actions:

• Staking SOL to help secure the Solana network, including liquid staking tokens.
• Allowing customers to scan a QR code to pay at retail stores.
• Token-Gated minting experiences where only verified users can participate or enjoy specific resources and benefits.
• Enabling e-commerce websites to accept cryptocurrency payments directly from product pages.
• Recharging a trading account before margin calls.
• Integrating blockchain functionalities into gaming platforms for in-game asset purchases and trading.

(2) Blinks are a way to interact with Actions. Blinks allow users to execute blockchain transactions directly from URLs, enabling access to decentralized applications from any platform or device.

Examples of Blinks:

• Tipping content creators on social media without complex wallet setups.
• Minting custom NFTs or participating in governance votes directly from a URL.
• Allowing users to vote on community policies through links in newsletters.

(3) The Relationship Between Actions and Blinks

Imagine Actions as a “kitchen” where you can prepare a variety of complex and delicious dishes (i.e., blockchain transactions). You can add various ingredients (on-chain and off-chain logic) and follow recipes (API specifications) to cook. This kitchen is very flexible, capable of making a wide range of dishes to meet different needs.

Blinks, on the other hand, are like a “delivery service.” When you have prepared the dishes in the kitchen, you can deliver them to customers (users) through the delivery service (Blinks). Customers do not need to come to the kitchen or know how the dishes are prepared; they only need a simple link or QR code to enjoy these delicacies.

In summary, the relationship between Actions and Blinks is akin to that of a “kitchen” and a “delivery service.” Actions are responsible for preparing transactions, while Blinks deliver these transactions to users, enabling them to execute these transactions easily and quickly. This approach greatly simplifies the user experience, making blockchain technology more accessible and user-friendly.

Blinks’ “Reducing Jumps”: The Secret Weapon for Solana to Achieve Massive Crypto Adoption?

From first principles, Blinks simplify user operations by “reducing jumps,” enhancing user experience, expanding blockchain technology application scenarios, and promoting the adoption of decentralized applications. These features significantly enhance the convenience and usability of the crypto ecosystem, driving broader blockchain technology adoption.

(1) From the user psychology perspective, “reducing hops” helps:

Simplify the decision-making process: Each hop or additional click increases the user’s cognitive burden and decision-making time. Simplifying the process reduces the user’s thinking time, allowing them to make purchase decisions more quickly.

Reduce drop-off points: Each step is a potential drop-off point; users may give up due to long page loading times or complex operations. Reducing the number of hops can significantly reduce this attrition.

(2) Looking at successful internet product cases, see how “reducing hops” significantly improves conversion rates and user experience:

TikTok’s video shopping feature allows users to purchase products directly within the video through embedded shopping links or shopping carts.

In 2023, the number of TikTok users shopping in the US increased by 72.3%, reaching 23.7 million; 67% of TikTok users said they were inspired to make purchases by the content on the platform without the intention to shop; 68% of Generation Z consumers said they are more willing to purchase directly on TikTok.

After Amazon introduced the One-Click Purchase feature, the conversion rate increased significantly. Industry experts estimate that this feature has increased the conversion rate by at least 70%. This simplified purchasing process has also been followed by many other e-commerce platforms.

About 70% of shopping cart abandonment rates are partly due to complex checkout processes. After introducing the “one-click purchase” feature, the average consumption of users increased by 28.5%, the purchase frequency increased by 43%, and the types of purchased products increased by 36%.

The Right Fit is the Best: Recommended Typical Application Scenarios for Blinks

(1) Social Media Tipping:

• Example 1: A famous YouTuber like MrBeast posts a charity challenge video on his channel. Viewers can tip the related charity directly using a Blinks link in the video description.
• Example 2: Ethereum founder @VitalikButerin shares his views on Ethereum’s future development via a tweet. Fans can use the Blinks link in the tweet to tip and show support.

(2) Crowdfunding:

• Example 1: GoFundMe launches a charity crowdfunding project to support Ukrainian refugees. Supporters can donate instantly using the Solana Actions button on the project page.
• Example 2: A Reddit community initiates a crowdfunding project to restore a historic monument. Community members can participate through a Blinks link in the Reddit post.

(3) On-Chain Voting:

• Example 1: A well-known blockchain project like Uniswap initiates a community vote via a tweet to decide the priority of new feature development. Community members can vote through the Blinks link in the tweet.
• Example 2: A Reddit community discusses whether to introduce new rules through a post with a Blinks link for on-chain voting, ensuring transparency and fairness in the voting process.

(4) NFT Minting and Bidding:

• Example 1: Artist Beeple announces his latest work on Twitter and provides a Blinks link for fans to mint and bid on the NFT directly.
• Example 2: SEND, currently the flagship application of the Blinks ecosystem, was promoted multiple times by Solana’s founder. The series of NFTs became the first freemint NFT project in the Blinks ecosystem, surpassing BAYC and Punks in trading volume and becoming the top project. The token $SEND was oversubscribed by over 700 times, setting a Solana presale record. However, as the community token powering the Blinks ecosystem, SEND still needs more content and time to enrich its story and development.

(5) Cryptocurrency Trading:

• Example 1: In Facebook’s Marketplace, users find a post selling cryptocurrency. Buyers can directly purchase the seller’s cryptocurrency through Solana Actions in the post.
• Example 2: Famous trader @CryptoCobain shares information about an upcoming meme token via a tweet. Fans can purchase it directly using the Blinks link in the tweet.

(6) Token-Gated Content:

• Example 1: Netflix releases a Token-Gated series, where only members holding specific tokens can watch exclusive content. Members can verify their token holdings through the Solana Actions integrated within the Netflix app.
• Example 2: Medium, a well-known blogging platform, allows authors to set Token-Gated content, where only readers holding specific tokens can access premium articles.

(7) Advertising and Promotions:

• Example 1: Airbnb posts an advertisement on Instagram promoting its latest travel experiences. Users can book the experience or learn more details directly through the Blinks link in the ad.
• Example 2: Tesla releases its latest electric vehicle model on Twitter. Users can directly pre-order or learn more about the product through the Blinks link in the tweet.

(8) Gaming Interactions:

• Example 1: EA Sports announces new features for FIFA 23 on Twitter. Fans can directly experience some interactive features of the game through the Blinks link in the tweet.
• Example 2: Blockchain gaming platform Decentraland announces a virtual world exploration event on social media. Users can join the game directly through the Blinks link and participate in the event.

(9) Enhancing Community Interactions:

• Example 1: A LinkedIn professional community is hosting a discussion on blockchain technology. Participants can join the on-chain Q&A or share their insights through the Blinks link in the LinkedIn post.
• Example 2: A Reddit community discusses cryptocurrency investment strategies. Community members can vote on the strategy through the Blinks link in the post.

(10) One-Click On-Chain Operations:

• Example 1: UNICEF launches an emergency fundraising campaign on its official website. Supporters can donate with a single click using the Solana Actions button on the website, supporting global children’s education projects.
• Example 2: Decentralized Autonomous Organizations (DAOs) like Bankless DAO announce events on social media. Members can participate in voting or donate with a single click via the Blinks link, simplifying the participation process.

PayFi and Blinks: The Perfect Fusion of Financial Innovation and User Experience

It’s worth emphasizing that the financial innovation direction of the Solana ecosystem, PayFi, is highly compatible with the user experience optimization brought by Blinks.

PayFi, as defined by Solana Foundation Chair Lily Liu, is a groundbreaking financial concept focused on optimizing settlement times. Unlike DeFi, it emphasizes the advantages of instant settlement, which holds significant value for investment trading and financial markets.

Combining Blinks’ functionalities can help promote PayFi in creator monetization, invoice financing, payment processing risk management, and fostering global private credit pools on Solana.

• Creator Monetization: Creators can monetize their content through Blinks links, allowing users to tip or purchase content without complex wallet setups, providing convenience for PayFi’s creator monetization scenarios.
• Invoice Financing: Through Blinks, businesses can quickly complete invoice financing operations, simplifying the financing process and improving efficiency.
• Payment Processing Risk Management: Blinks’ instant transaction functionality can help PayFi achieve more efficient settlement and risk control in payment processing risk management.
• Credit Loans: Users can submit credit loan applications via Blinks links, with credit pools automatically assessing credit conditions and making real-time loan decisions.
• Invoice Financing: Businesses can submit invoice financing applications via Blinks links, with credit pools quickly assessing based on business credit data and providing financing services.
• Cross-Border Credit Services: Users in different countries and regions can apply for and evaluate credit through Blinks links, achieving consistent global credit services.

Through these application scenarios, we can see that Blinks is not just a technical tool; it is a bridge connecting users, creators, businesses, and financial markets. The combination of Blinks and PayFi heralds a new era of more efficient, convenient, and secure financial transactions.

In mid-July, the Solana Foundation announced a major initiative: a $400,000 grant for open-source developers working on Solana Actions and Blinks Tools. This grant program has officially launched, inviting innovative projects from developers worldwide. Simultaneously, the Send project team launched the “Blinkathon” hackathon series for developers, aiming to inspire creativity in building and promoting the Blinks ecosystem supported by SEND. These initiatives not only provide financial support for developers but also offer a broad stage for the innovation and application of Blinks technology.

The CGV team believes that the “Solana Internet” is not just about technology integration; it also represents a conceptual revolution. It embodies the perfect fusion of blockchain technology and the Internet spirit, signaling the arrival of an open, interconnected, and shared digital world.

As Blinks technology continues to mature and its application scenarios expand, we are witnessing the dawn of a new blockchain era. Let us watch closely as the “Solana Internet” reshapes our digital lives.

Disclaimer：

1. This article is reprinted from [CGV FOF]. Forward the Original Title‘CGV Research | 从公链生态到「Solana互联网」：Blinks技术如何改变加密游戏规则’. All copyrights belong to the original author [Shigeru]. If there are objections to this reprint, please contact the Gate Learn team, and they will handle it promptly.
2. Liability Disclaimer: The views and opinions expressed in this article are solely those of the author and do not constitute any investment advice.
3. Translations of the article into other languages are done by the Gate Learn team. Unless mentioned, copying, distributing, or plagiarizing the translated articles is prohibited.