Solana Blockchain (SOL) is one of the cryptocurrencies with long-term growth potential. In a short time, Solana has rapidly become one of the biggest rivals of Ethereum - the popular blockchain cryptocurrency platform. Here, let’s take a deep dive into the definition of Solana blockchain, the reasons why SOL is so attractive, and how you may take advantage of this brand new and exciting new world.

Quick facts about Solana Blockchain?

Founded in 2017 by Anatoly Yakovenko, a former executive at Qualcomm, Solana Blockchain is the first web-scale platform in the world. As a highly functional, public open-source blockchain platform, Solana provides decentralized finance (De-fi) solutions to enable the scalability of user-friendly applications. 

Native to Solana's blockchain is the SOL token, and it serves as both a source of payment and a means of network security through staking. Solana blockchain supporting Smart Contract included NFT, d-Apps are using the combination of PoS and unique concept PoH as innovative hybrid consensus model, instead of sharding.

Unlike Ethereum and its significant fees, which make it hard to utilize for people without a high-risk tolerance to participate in NFT trading, the price of Solana blockchain transactions remains under $0.01 - a fraction of a penny apiece. By throughput that paled in comparison to the ability of Mastercard and Visa to process roughly 65,000 transactions per second with a small cost, also transaction speeds were limited to around 15 per second, Solana blockchain has quickly risen to the top 8 of Coinmarketcap.com and reached a price of $87,84 on February 25th, 2022. Shortly, Solana became one of the fastest-growing ecosystems in crypto. 

However, Solana has sparked debate in the crypto industry, with some claiming that the chain's transaction high speed is only achievable because it has sacrificed decentralization.

Solana or Ethereum?

Choosing which one is better depends on your personal goals. It is up to you to decide if Ethereum or Solana is the most suitable and superior blockchain. Will you prefer a more secure blockchain that is also more expensive? Or are time and cost-effectiveness your primary concerns?

1. Ethereum

Ethereum is a community-built technology, working as open access to digital money and data-friendly services for people, regardless of background or location. Ethereum is also the blockchain platform for thousands of applications with its Ether (ETH) cryptocurrency. 

Ethereum utilizes a consensus mechanism called Proof of Work (PoW) that allows this decentralized blockchain platform to come to a consensus (an agreement) by allowing one party to prove to others that a specified quantity of computing work has been invested. This prevents users from spending ETH they don’t have and ensures that the Ethereum chain is extremely difficult to attack or manipulate. This keeps users from spending ETH they don't have and makes the Ethereum chain difficult to hack or manipulate.

When compared to Solana, Ethereum loses the speed and cost-effectiveness of transactions, but it makes up for it with its mature decentralization. Layer-two solutions help provide better scalability and throughput to compensate for the absence of scaling capabilities for the core of Ethereum. 

2. Solana

The Solana network uses a PoH consensus. Using PoH allows the Solana network to create a historical record that proves an event has occurred at a specific moment in time. PoH uses a cryptographically secure function written so that output cannot be predicted from the input, and must be properly executed to generate the output. 

In reality, Solana is taking advantage of Ethereum’s slower network. Solana achieves such efficient transaction speeds by utilizing a centralized network, which comes with a concerning level of risk for its users as mentioned above.

The Solana network uses a Tower Byzantine fault-tolerant (BFT), which removes the need for nodes to communicate with each other in real-time, and the result is improved efficiency. Currently, the Solana network can process approximately 50,000 transactions per second (TPS).

In addition to quicker transaction speeds, Solana is known for its enhanced scalability. The Solana network is scalable at its core level, meaning it does not require layer-two solutions to increase scalability.

The technology behind the Solana network breaks down data into smaller chunks, making it easy to transfer it across the network. Another technology called Sealevel also helps the processing of transactions across GPUs and SSDs, both of these combined result in an efficient blockchain network.

(Source: NFTnow)

Currently, most developers choose Ethereum as their first technology before trying any other blockchain. However, with its scalability and stability, Ethereum has some big problems. While ETH 2.0 has yet to make any significant progress, many Layer 2 solutions have been launched, but none of them have the optimal efficiency to dominate the market.

With its outstanding advantages, Solana is currently considered a great solution for developers:

• High Throughput: Solana network is capable of supporting 50,000 transactions per second while maintaining 400 millisecond block times without complex solutions like Sharding or Layer 2.
• Low latency: ~1 second
• Low Fees: Estimated to be around $10 for 1 million transactions
• This is a powerful execution environment and dev. tool. Rust is understood as the leading programming language (also supports C, C++, and Libra's Move)
• The above advantages have helped Solana achieve the following requirements:

Solana still has its downside

First and foremost, although the Solana blockchain can compete with high-end blockchain projects, it is still vulnerable to centralization, as there are not many blockchain validators. Anyone on the network can become a Solana validator but doing so is still difficult because it requires a lot of computing resources.

Along with this, the protocol still labels itself as a beta version of the main net, which does not negate the possible presence of bugs and errors.

Despite these issues, Solana is still one of the biggest ecosystems in the crypto industry and seems to be on the right growth path.

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