Solana vs Ethereum

solana vs ethereum
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there is a general agreement that the future of cryptocurrency lies with its decentralized applications .
two of the most emerging cryptocurrencies are ethereum and solana ethereum has shown tremendous growth in 2021 currently as the number two ranked cryptocurrency according to with a year-to-date growth rate of around over 900 solana has respectively boomed as well starting 2021 with a per coin price at around 1.71 .

now as of this article trading for around 210 per coin raoul pal famed investor and CEO of real vision has consistently said in his interviews solana is following the same chart pattern as ethereum in 2017.

both currencies are battling to win the smart contract war

differences between Solana and Ethereum

solana is a blockchain platform that is designed specifically to take decentralized applications . the geneva-based solana foundation currently controls solana the native token of solana is soul on the other hand ethereum is an open source and decentralized blockchain that can allow smart contracts the native currency of the platform is ether and it was founded in 2015 by vitalik buterin and gavin wood

now let’s look at the differences between ethereum and solana

solana is a fourth generation blockchain and cryptocurrency that uses open infrastructure to support its large number of transactions the system is extremely fast it supports 50.000 transactions each second and takes just 500 milliseconds to create a new block.

solana’s network currently has 200 physically distinct nodes that receive send and verify transactions the algorithm is known as a high frequency verifiable delay function a high frequency verifiable delay function VDF for short is a triple function setup evaluation verification aimed at producing a unique and trustable output

what is VDF ?

VDF ensures order in the network by proving block producers have waited a sufficient amount of time so that the network can move forward .

ethereum is a blockchain platform with its cryptocurrency and programming language called solidity the network users can create monetize and use applications on the platform using ethereum currency as payment the ethereum network has 7.000 nodes and 90.000 validators with a market capitalization of 351 billion and a transaction speed of 13 to 45 transactions per second .

Similarities Ethereum and Solana

  • although both of these blockchains are unique they still have their similarities just like ethereum solana is a decentralized open source blockchain that can support smart contracts and decentralized applications .
  • solana is a programmable blockchain similar to ethereum that can run multiple decentralized finance operations .
  • solana and ethereum offer the capabilities to store smart contracts programmed to fulfill transactions only when specific conditions are met as a programmable system .

the decentralized blockchain platform permits users to exchange SOL and ETH coins and non-fungible tokens and other digital assets .

why people prefer solana to Ethereum ?

despite ethereum being older and perceived as the superior Cryptocurrency it still has its limitations which solana has improved on which is why people now prefer it to ethereum most of Solana’s innovations can be attributed to the weaknesses of ethereum for Solana .

it was able to increase in value while other major cryptocurrencies were suffering losses the increased price growth grabbed the attention of a lot of crypto enthusiasts investors and traders the ethereum blockchain .
has so far been unable to deliver faster operations unlike ethereum solana is a proof-of-stake kind of blockchain making it more friendly than the popular proof-of-work blockchains that ethereum uses unlike the proof of work where massive energy is needed to run a blockchain proof of stake makes the validator nodes on the network stake something .

although the validators can consume power to operate their power consumption is far lower than that of the proof of work blockchain since solana can handle more transactions per second the fees are extremely low costing 0.000005 SOL or about 0.001 cent the low transaction fees have attracted numerous developers to the blockchain

result a wide range of decentralized applications also known as dapps and smart contract projects are now deployed on the solana project making it one of the most widely used cryptocurrencies in the world as we conclude the crypto landscape is ever evolving there is plenty of room for both solana and ethereum

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