Solchat

What is Solchat?

Solchat is a communication protocol built on the Solana blockchain that offers a range of messaging services similar to traditional Web2 platforms but within a Web3 environment. It leverages Solana's low transaction fees to facilitate efficient and cost-effective communication.

Features

Solchat provides various communication features, including:

• Text Messages: Encrypted and stored on-chain, accessible upon wallet connection.
• Audio Calls: Peer-to-peer and encrypted using WebRTC technology.
• Video Calls: Wallet-to-wallet video communication via WebRTC.
• Pictures: Images stored on Arweave or IPFS for secure and decentralized hosting.
• Payments: Send SOL as payments directly through the platform.

Efficient Utilization of Solana's Features

Solchat capitalizes on Solana’s advantages:

• Low Gas Fees: Minimal transaction costs for sending messages and making payments.
• On-Chain Storage: Messages and images are securely stored on Solana’s blockchain.
• Custom Memos: Messages function as transactions with custom memos for added security.

Security and Privacy Emphasis

The protocol places a strong emphasis on user privacy.

• End-to-End Encryption: All communications are encrypted for enhanced security.
• Peer-to-Peer Calls: Audio and video calls use WebRTC to avoid intermediaries.
• Burner Wallets: Users can operate with minimal SOL, enhancing privacy and security.

Solchat V2 Features

Future updates in Solchat V2 will include:

• New UI Design: Mobile-friendly and visually appealing Solana gradient interface.
• NFT Profile Pictures: Integration of Solana NFTs for profile customization.
• Group Chats: Ability to create and manage group conversations.
• File Sharing: Enhanced functionality for sharing files, including GIFs and stickers.

Project Development

Solchat is excited to announce the launch of Solchat Streaming Beta, combining features of Twitch and Zoom for hosting AMAs, meetings, and gaming sessions.

• Video and Screen Sharing: Currently available.
• Upcoming Features: Live streamers explore page, RTMP support, and recording capabilities.

Other Projects in the Communication Category

• NKN: powers decentralized internet infrastructure, using blockchain and incentives for bandwidth sharing.
• Jupiter Project: a Solana-based exchange with token swapping, limit orders, and futures trading.
• Kin: a decentralized cryptocurrency for permissionless transactions, launched by Kik Inc.

Solchat Price Analysis

As of November 25 2024 Solchat has a marketcap of $11M. This is {{percentagefromath}} from its all time high of $19.32. In terms of its tokenomics, there's a total supply of 9M with 100% currently outstanding. Keep in mind Solchat has a fully diluted value of $11M which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.