Solana (SOL) is a full-blown decentralised ecosystem that leverages its own blockchain to run smart contracts, Decentralised Applications (DApps), as well as to support NFTs, feature Web3 elements, and handle transactions in general, at virtually unmatched speed. Solana is capable of dealing with thousands of transactions each second, making it one of the fastest processors of the crypto world.
Solana’s Best Elements
Solana’s biggest benefit compared to other systems is undoubtedly its immense scalability. The network is architected to adapt and grow as its users do, to eventually support a global audience with ease. Also, Solana made it as simple as possible for DApp developers to introduce solutions. With its ready building blocks, anyone is said to be able to assemble, test, iterate, then launch DApps, faster than pretty much anywhere else.
Solana vs. Ethereum
Solana offers a lot, but how does it compare to Ethereum, the alleged number one of the industry? First, the numbers: according to official sources, Solana’s transactions per second (TPS) indicator stands at around 2,500, while Ethereum 1.0 reaches around 14. Moving on to how these two giants are secured, Solana utilises its version of the popular Proof-of-Stake (PoS) consensus algorithm, while Ethereum 1.0 uses Proof-of-Work (PoW). In terms of costs, Solana is said to have its average transaction price around £0.00018, while Ethereum’s infamous gas fees can reach the hundreds per action.
Even though this contest seems to have a really obvious outcome, a few important points have to be mentioned before drawing conclusions. First off, the above features are those of Ethereum 1.0, and with the highly anticipated Ethereum 2.0 that is said to arrive in the near future, the race can equalise quicker than you’d think. Also, Ethereum’s ecosystem enjoys the benefits of wide adoption and countless powerful DApps, and token ecosystems built on top of it, while Solana still has to acquire more users to expand its world.
Final thoughts, and how to buy Solana (SOL)?
With all that in mind, it’s not hard to see why Solana skyrocketed to the top of the crypto sphere within no time. Its innovative framework, vast capabilities, and virtually unparalleled speed are only a few of the best attributes, and while Ethereum 2.0 is reportedly on the way, it’s safe to assume that Solana will be a worthy competitor.
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