Solana is Ethereum’s Biggest Threat
Solana’s usage is growing at a surprising rate. A lot of this is due to people looking to escape the horrific fees on Ethereum. People do not want to pay $80 to move $200 or pay an enormous amount to remove LP(liquidity provider) tokens.
Ethereum is the second largest cryptocurrency right now and has been for some years. It changed the game with the invention of smart contracts. It also was the second cryptocurrency created after Bitcoin in early 2015.
For years now people have been looking for the so-called “Ethereum killers”. All giants have to fall, right? So far ETH has been the “King of Smart Contracts”.
Since ETH was first to market, they have the most developers and the most experience building Dapps on web3. This is one of the main reasons ETH dominates the market and has the biggest ecosystem.
Needless to say, there are some new kids on the block, pun intended! One of these new kids is Solana (Sol), who seems like a force to be reckoned with.
Solana isn’t as seasoned as ETH being launched in just April of 2020. SOL is becoming a giant on its own with over 500 launching on the blockchain.
Solana need to know information
Why is SOL considered an ETH killer? Well, the biggest elephant in the room when it comes to ETH is transaction fees. SOL implements a $0.00025 fee per transaction. Sending a $100 transaction on ETH currently is costing around $40. Using SOL in comparison to ETH that same $100 SOL transaction would cost around $0.02.
If the transaction fees aren’t convincing enough the speed of transactions is amazing. Personally, I use to prefer Cardano and XLM to send crypto quickly and efficiently, SOL has been very useful for doing the same thing.
Transactions happen in seconds, not minutes or hours, but seconds. The speed of ETH vs. Sol is like Husain Bolt running the 100 meters against a high school athlete. This is made possible because of the validation model they use called “proof of history”.
The most overlooked thing about SOL, which most people aren’t aware of is its programming language. ETH uses the Solidity programming language it created for its smart contracts.
The con to using Solidity is everyone who wants to make Dapps on Ethereum has to learn a new language no one really knows and is proven to have some security issues; a learn as you go system.
Solana uses the same programming language Facebook or now “META” uses. If one of the biggest companies on earth is using it, it’s probably pretty reliable. SOL uses Rust or Rustling although not as popular as Python or JavaScript it’s well known in the developer community.
Having over 500 projects in the pipeline, SOL is a very good candidate to become the “Etheruem Killer”. Given the speed, adoption, and low-cost transitions Solana is a prime candidate to contend with ETH in the Blockchain Wars.
For more information on Solana
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