Solana: The Biggest “Ethereum Killer” in 2022

Solana has been taking the crypto world by storm with its innovative advantages and growing demand. As a result, several IT companies are gearing their services exclusively to Solana Dapp Development and Solana NFT Development. The fact that rise in SOL is attributed to its whopping growth of 17000% in 2021. This ranking led Solana to the fourth-largest cryptocurrency in the top 10 list.

Moreover, the technology that Solana renders is highly competitive for Bitcoin and Ethereum networks making it the finest choice for crypto enthusiasts. Another enthralling fact is that Solana began its journey merely at $1.5 which rose to $260 and beyond.

More and more Solana Blockchain developers are keen on structuring Blockchain projects on the Solana platform. As per a report, nearly 350 projects are currently live on the Solana Blockchain network. Hence, the Solana Blockchain development services are gaining traction among the Solana Blockchain Developers.

However, Ethereum is a truly exceptional Blockchain platform, Solana has presented its presence in a more unique manner. Let us review some of the differences between Ethereum and Solana’s mechanism of action.

• Mechanism of action
  

The security of both the Blockchain development platform uses different protocols. Ethereum functions on similar protocols as that of Bitcoin. On one hand, Ethereum and Bitcoin utilize Proof of Work (POW) secured by miners. Whereas, Solana uses Proof of History (PoH) as their security protocol. Solana functions with progressive steps with a gap time between two consecutive events.

• Transaction speed
  

We all know about the marvelous speed of Solana’s transaction speed. Ethereum processes 30 transactions per second, Solana can take up to 65000 transactions per second. Moreover, the Block timing of Ethereum is 15 seconds and that of Solana is merely 1 second.

• Transaction costs
  

People are often concerned about the gas fees incurred during transactions. These transaction costs are lesser for the Solana platform as compared to Ethereum. Hence, this factor is well-procured by the Solana Blockchain platform.

• Transparency
  

Because the community of Ethereum developers is huge, transparency is at its highest level. Solana’s security aspect has been boosted since its initial launch.

• Market Capitalization
  

It is apparent that the Ethereum market capital is huge as compared to Solana because of its obvious benefits. Ethereum is the second-largest cryptocurrency, whereas Solana being new in the crypto market will reach Ethereum’s position soon. However, the experts believe that Solana’s currency is expected to extend beyond Bitcoin and Ethereum in the coming years.

• Network Size
  

Solana loses some points when it comes to network size. Because Ethereum is the second-largest network after Bitcoin, it appears rather obvious that Ethereum is more advantageous than Solana which has few supporters initially.

Conclusion

The above-mentioned comparison is a superficial version of Ethereum and Bitcoin. It is evident that as per the reports that Solana is soon gearing up its speed in the crypto world and attaining the largest posting among the crypto coins. Some speculations state that Solana will stretch its limitation in the year 2022 and beyond.

This is also the reason why Solana Blockchain Development companies like Webllisto Technologies are keen to impart exceptional Solana Blockchain Development services. The company also renders services related to defi wallet development, NFT Game Development, metaverse development, blockchain game development, and more. Consult Webllisto to hire skilled Solana Blockchain Developers today!

You can also read our blog related to How to develop a Solana-based wallet like Solflare?