Something priced at $2 at the beginning of the year is $192 today (at the time of writing) and has hit an all-time high of $258 this year. If you couldn’t guess by the title already, this is about Solana and its reign versus Ethereum, the second-largest cryptocurrency.
Speed vs Security
Solana was established in April 2019 to resolve the Ethereum blockchain’s scalability issues and lower transaction times and costs.
Solana can handle 50,000 transactions per second, compared to Ethereum’s 15-30, with a fee of $0.00025 per transaction. It is owing to the Proof of Stake architecture, which substitutes the more complicated Proof of Work approach used by ETH and BTC.
It has quickly risen to become the fourth most valuable cryptocurrency, behind Bitcoin, Ethereum, and Tether, with over 56 billion dollars.
Solana is expected to be one of the most fascinating in the future year because of its inherent scalability, with transaction speeds making it one of the quickest blockchains on the market today. This makes it one of the most affordable blockchains, with prices significantly below Ethereum and most other blockchains.
Compared to Ethereum, Solana has another significant advantage: there is no delay between completing a transaction and uploading it to the blockchain.
Transactions are approved practically instantaneously, but on Ethereum, it takes roughly 4 minutes for transactions to be validated.
WEAKNESS: The Solana network is currently receiving a large amount of DDoS attacks that are causing network delays. As of right now Solana will not experience the growth in coin price many expect since it can not yet be fully relied upon as Ethereum.
In the first quarter of 2022 we will likely find out exactly what we need to know.