Do you recall when the internet was only available via dial-up? The rumbling-siren chorus that announced your intent to surf the Internet? It is safe to say that we have come a long way from there. Humans have figured out ways to use almost everything at their disposal with time. Nobody would have ever imagined a world of the digital economy. Yet, here we are, discussing cryptocurrencies and blockchains.
This brings us to our point. The evolution of open-source blockchain disrupts existing business paradigms, by broadening the implementations and possibilities of open software. It achieves so by utilizing an open-source, decentralized community to provide a comprehensive and immutable record-keeping system, audibility of algorithms, and the ability to support governance participation.
Solana and Ethereum are two of the many blockchains that are taking over the blockchain world by force. But the discussion doesn’t end here. Is Solana better or Ethereum? Let’s find out.
- Technology- Ethereum 1.0 (the version we’re using right now) is a Proof-of-Work (PoW), identical to the one employed by Bitcoin’s blockchain. The network is protected by hundreds of thousands (if not millions) of miners who stake their computing power/hardware in the consensus process. While this guarantees that the network is always decentralized and that involvement in it is difficult, it also implies that the network’s performance suffers as it cannot handle multiple transactions per second.
- Architecture- One factor that sets Ethereum back from Solana is its “stateful” character. It means that all of the network’s transactions are stored in a single state, and if a new transaction occurs, the entire network (or all miners) must upgrade their copies of the network to reflect the new transaction. To put it another way, if Alice sends Bob $10 via Ethereum, the entire network of miners (assumed to be 10,000) around the world will have to modify their records to reflect this.
Now, let us discuss why is Solana better?
- Technology- The fundamental difference between Solana and Ethereum is the underlying consensus mechanism. It is called Proof-of-History (PoH), and it entails a series of computing procedures that cryptographically determine the passage of time between two events. It is reinforced by providing timestamps to all transactions and keeping track of their progress. This order sequencing differs considerably from those of Bitcoin and Ethereum, which do not place transactions in a timely fashion.
- Architecture- What makes Solana better than Ethereum is that it features a stateless architecture, which, as previously said, helps to lower total memory use. Because each transaction does not require changing the network’s whole state, It can be done in any order. It is one of the aspects that contribute to Solana’s scalability.
- Scalability- The blockchain is scalable at its base level, which means it does not require layer-two solutions to grow up. It is a feature that sets Solana apart from its competitors. The Turbine block propagation mechanism is a vital part of the blockchain that aids with scalability. It assists in breaking data into smaller bits, making it much easier to transfer across a network.
From investors and businesses to the general public, blockchain’s burgeoning use cases are capturing attention. Almost everyone familiar with the crypto sector wants to seize opportunities. And while seizing those opportunities, you should be thorough with the technicalities of everything. Sure, Ethereum has been in the game for a longer time. But Solana is the new kid on the block and can be seen taking over the world.