SOLANA: Will it overtake ETH?

Ethereum has a market capital of 423 billion, whereas Solana has a current market price of 43 billion,

Yet will Solana overrun Ethereum? Personally, I feel No,

But technically let me support it. Let’s check the reasons:

  1. Development in Solana VS Ethereum:

Solana’s development avoids people copying and pasting existing source codes from other projects. And in fact, when you search for “Solana example program” the results are rather disappointing: Relatively complex programs and most guides refer to services that will manage the program/smart contract for you.

Let us talk of Ethereum, It takes you 30 seconds to find an ERC20 token example code, but trying to find the same for Solana takes closer to 30 minutes (and yet not nearly as easily digestible).

Fewer developers are flocking to Solana, whiles Ethereum it's way more developed

2. Proof mechanisms in Blockchain of Solana and Ethereum

Solana uses Proof of Stake (PoS) — a much faster and more efficient consensus system — and a method known as Proof of History (PoH) to handle thousands of transactions per second. Solana follows Proof of History (PoH), which is less secure but more efficient, leading to high-speed and low-cost transactions.

Ethereum follows Proof of Work (PoW) leading to a more decentralized network, but less scalability.

3. Blocks per second:

The Solana blockchain is best known for its lightning-fast and inexpensive transactions. Solana’s scalability ensures that all transactions remain under $0.01, and transaction speeds are as quick as 400 milliseconds per block.

Ethereum can only process about 13 to 15 transactions per second. Since the Ethereum main net lacks scalability, L2 Scaling solutions like Polygon, Validium, and Rollups have been implemented. Additionally, once ETH evolves Vitalik mentioned that transaction speeds could increase to as much as 100,000 transactions per second, while still maintaining the same level of security.

3. Language used in Solana and Ethereum:

Rust and Solidity are not nearly comparable with Solana, while it's much faster for Ethereum-based blockchains. Considering development is a progressive way for the currency to chase the top 2 positions.

4. Capturing Gaming Industry:

Solana has certain sweet spots as it is the fastest-growing ecosystem, though where Ethereum falls short, particularly looking at the Gaming industry, thousands of projects spanning Defi, NFTs, Web3, and beyond. Solana looks successful here. With respect to Polygon Solana is a Level-1 blockchain, which might put some people more at ease than using a Level-2.

5. Smart Contracts over Solana and Ethereum:

Solana calls smart contracts “programs”.Smart contracts for Solana are written in either: Rust, C, or C++. while Smart contracts for Ethereum are written in Solidity. Solidity is a programming language written for smart contracts and used in all Ethereum based blockchains.

6. Nodes of Solana VS Ethereum:

A node is a block-processor in the blockchain. The more nodes we have the more decentralized the blockchain.

Solana has about 1,500 active nodes. Ethereum has 300,000.

From a user’s perspective, Solana is buttery fast, with low transaction costs, and is supported by most exchanges.

Solanas NFT’S IN OPEN SEA:

News soared: Solana as it joins OpenSean, yes a massive adoption is going to come up soon!!!

The interesting fact is: that Solana saves metadata on-chain.

Solana is upcoming in web3 and NFTs. OpenSea officially confirmed that Solana will come to its platform. There are a few questions remaining though, specifically:

  • Will you pay using $SOL ?
  • Will, some Solana-wrapped Ethereum come into existence?
  • What's the role of Polygon?
  • Will Phantom wallets will be supported or Metamask or others?
  • Can you have different wallets under the same account?

While the NFT space prefers Ethereum over Solana, as a majority of blue-chip NFT projects currently live on the Ethereum blockchain.

DO YOU KNOW?

In September 2021, the Solana network had gone down three times, with the entire network down for nearly 17 hours at one point as the result of a hack. More recently, a Solana bridge to the Ethereum network was also hacked, and resulted in $320 million of stolen funds.

Solana and Ethereum have their list of pros and cons, Yet my tech mind says Ethereum is not replaceable and Solana is something I always love!!

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RIDDHI JAIN

RIDDHI JAIN

Chartered Accountant in the Cryptocurrency space evolving with world, Financial Tax advisory, Content writer by choice, Fin-tech, Researcher, Learner!