Is Solana a more functional blockchain solution than Ethereum?

The Ethereum blockchain proved to be the most resilient tool in the crypto industry. While Vitalik Buterin initially created it as a counter solution to Bitcoin, the technology soon evolved into a massive blockchain ecosystem. Anyone can build and deploy unique applications on the blockchain through the use of smart contracts, such as dApps, DAOs, and DEXs. In addition, Ethereum’s interest in becoming greener and more efficient through the updated roadmap made it the most sustainable blockchain. 

However, beyond these amenities, Ethereum struggles with scalability and security. The limited throughput and increasing demand for the blockchain come with high transaction fees and slow verification times. 

Therefore, many investors and developers sought a faster, cheaper alternative offering similar services ―Solana. Launched in 2020, the platform leverages the proof of stake and proof of history consensus to support smart contract functionality, similar to Ethereum. However, compared to the latter blockchain, if you buy Solana, the throughput is 65,000 TPS, whereas Ethereum is still stuck at 15 TPS. 

So, is Solana truly better than Ethereum? Let’s find out. 

Consensus mechanism breakdown 

Ethereum is now relying on the PoS consensus following the Merge update, but it initially started with PoW (proof of work), which slowed it down in terms of scalability. After the switch, Ethereum became more energy-efficient and fast. That’s because PoS staking randomly selects validators based on their Ether ownership, leaving no room for competition like in the case of PoW consensus. 

On the other hand, Solana uses a combination of PoS and PoH (proof of history) through which transactions receive a cryptographic timestamp. This feature helps validators check the specific moment in time when the transaction occurred, offering Solana a massive throughput. Unfortunately, the high speed has led to network outages several times. 

Transaction fees analysis 

Ethereum’s gas fees are required to complete transactions, but their value depends on user demand. Therefore, periods when new technologies or projects launch lead to massive gas fees. Ethereum’s solution to counter this problem included the use of layer-2 solutions, such as zk-rollups, that help process transactions off-chain to reduce the load on the main one. 

From this point of view, Solana’s transaction fees remain among the lowest in the industry, driving massive interest from investors looking for NFTs or gaming assets. The high throughput allows fees to remain at a decent rate even during network congestion. 

Decentralization approach 

In crypto and blockchain, decentralization is the most critical element that ensures transparency and efficiency, but not all blockchains achieve it similarly. Ethereum tends to be more decentralized than Solana due to the massive number of active validators. Anyone can become a validator if they hold 32 ETH, which makes the network secure and resilient. 

Solana has considerably fewer validators, which poses risks of centralization. Being part of the validator pool requires more expensive and high-performance infrastructure, in addition to mastering the complex software. Users have questioned Solana’s decentralization due to the lack of transparency over recent patch distribution. 

Programming languages 

Ethereum is known for having a considerably tricky programming language to master called Solidity. Developers designed it especially for the Ethereum Virtual Machine (EVM) so others can write smart contracts, but it has few similarities with C++, Python, and JavaScript. However, compared to programmers who master these languages, those who get into Solidity must also learn about blockchain technology, full-stack blockchain development, and Ethereum. 

Solana works with the Rust programming language. Learning Rust can be difficult due to its steep learning curve and difficult syntax. However, the language has grown in popularity due to its performance, and it works great with Solana’s smart contracts, helping with the blockchain’s versatility. 

Upgrades and projects 

Ethereum is popular for its upgrades, which made it highly efficient over time. The Merge was only a pioneering moment in its history, reducing its energy consumption by ~99.95% and switching the consensus. The Ethereum roadmap includes many more updates that will tighten security, improve user experience, and reduce gas fees. 

Solana also has a few interesting updates and projects that could contribute to its growing popularity. For example, the Solana Seeker mobile phone will offer users a built-in crypto wallet for investors to make fast transactions. In addition, an upcoming update will make the blockchain faster. 

Meme coins and NFTs 

The NFT industry boomed a few years ago, and Ethereum was driving the frenzy as most developers used the blockchain to create them. The infrastructure allowed for easy testing and deployment, so collections like CryptoPunks, Bored Ape Yacht Club, and the Sandbox became the best-selling Ethereum-based NFTs. In addition, meme coins created with Ethereum made waves on the market, including Pepe, Shiba Inu, and Floki. 

On the other hand, the NFT ecosystem on the Solana blockchain saw massive growth due to its scalability, which allowed developers and creators to deploy their projects faster. Moreover, NFT transactions on Solana were much faster. Famous meme coins on Solana include Bonk and Dogfight. 

Future investment 

Investing in both Ethereum and Solana is great for portfolio development. While Ethereum has a more significant market capitalization and can bring considerable returns, Solana offers more stability over time. At the same time, both projects are promising in terms of future innovations, so there’s no reason for investors not to add them to their portfolios. 

Ethereum might receive institutional adoption sooner than Solana, but since the industry’s regulation is constantly changing, nothing is sure. Therefore, investments must be done carefully, with long-term value in mind. Cryptocurrency volatility can always be more or less detrimental to users and the market, so always approach investing with caution. 

What do you think is best between Solana and Ethereum? 

Solana and Ethereum have long been rivals, as Solana offers products and services similar to Ethereum but at faster speeds and lower fees. However, there are many differences between them, from the consensus mechanism to the programming language. In addition, Solana was used many times as a tool for Ethereum’s development. So, rather than rivals, these blockchains can work together to pursue the future of the crypto market and the Web3 world. 

Joshua White is a passionate and experienced website article writer with a keen eye for detail and a knack for crafting engaging content. With a background in journalism and digital marketing, Joshua brings a unique perspective to his writing, ensuring that each piece resonates with readers. His dedication to delivering high-quality, informative, and captivating articles has earned him a reputation for excellence in the industry. When he’s not writing, Joshua enjoys exploring new topics and staying up-to-date with the latest trends in content creation.

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