Ethereum Vs. Solana

Solana could be the real Ethereum killer.

Ethereum (ETH) is the most used open-source blockchain. According to the second-only-to-Bitcoin’s website, it is the home to developers’ creations. The Ethereum blockchain only requires an internet connection, and you are good to go. With the rise of NFTs (non-fungible tokens), Ethereum is always ahead, leading the cryptocurrency market with a proven track record in keeping traders’ trust. The proof-of-work concept is a secure way to validate traders’ transactions across the blockchain.

Ethereum killers, known as the third-generation blockchain after Bitcoin being the first and Ethereum being the second, aims to take over ETH’s blockchain.

Why are these coming to the surface?

ETHs demand to the community created the concept of “Ethereum killers.” Avalanche (AVAX), Polkadot (DOT), and Cardano (ADA) are the famous cryptocurrencies aiming to dethrone Ethereum’s popularity and traffic.

Cryptocurrencies aiming to defeat Ethereum uses “proof-of-stake” blockchain technology. So why is it more efficient than “proof of work”?

Ethereum’s “proof of work” blockchain technology uses a competitive validation procedure by using a significant amount of processing power in its transactions, making it consume more energy. The “proof of stake” concept allows efficiency in validating transactions by randomly selecting miners in the blockchain. The higher the user’s stake—a transaction procedure involving trader’s asset to commit, the faster the transaction is to validate.

Solana has a huge usage rise. Solana initially released in 2019, surged up to %17,500 just last year, 2021. NFT traders prefer lower fees to consider other blockchain options to buy and sell.

Who knows, Solana could soon take over other cryptocurrencies on top. If Ethereum 2.0 is officially launched, the fate of possible “Ethereum killers” could be doomed, or the competition will start with making the transaction fees as low as possible.

Sources

• What to know before investing in Ethereum competitor Solana (SOL) (cnbc.com)