Solana Vs Polygon Vs Ethereum — Best Blockchain For Business
Blockchain is at a rapid growth phase in line with the ever-changing business world. With greater application in diverse industries, the investment in this technology has reached newer ranges. According to Statista report, the global investment for implementing blockchain technology was $11.7 billion at the end of 2022 and will reach $19 billion by 2024.
If you are a startup or entrepreneur who wants to build a path to a successful business with the right blockchain, then learn about the need for blockchain in business, the popular blockchains in the industry, the criteria to choose the best among them, along with a way to integrate blockchain for businesses.
So now, let me start with the…
Need Of Blockchain For Business
Probably, we all are aware blockchain is a distributed ledger that stores business data securely in a network. In the meantime, it allows tracking of business transactions quickly. But having a speedy and secure functionality is not only the reason for its fame among entrepreneurs. There are some valid reasons pushing entrepreneurs to choose blockchain for businesses.
Blockchain technology offers layers of security. This enhanced security prevents the business from data breaches or attacks. The blockchain does not need a central authority to oversee the data storage. However, the data is visible to the particular network participants, but it could not be altered by anyone. So tracing the transactions in the blockchain network is simple and accurate.
Blockchain creates tamper-proof digital records to store business data. Smart contracts automate the transactions to be executed perfectly. Blockchain enables the transparent operation of multiple users by providing secured access to them. This gives accountability to the administrative persons to keep track of their business transactions transparently.
These are all some of the pivotal reasons to use Blockchain For Businesses. Startups and entrepreneurs can use blockchain technology to grow their businesses. And they can find new business models and opportunities to extend the business.
The innovations in the business world have brought out new blockchains to business operations.
Each of them has its unique set of features demonstrating them suitable for certain industries. Among them, Ethereum, Solana, and Polygon blockchains offer attractive features making them preferred by business people for their business.
Want to know deeply about these astonishing blockchains? Keep your grip tight. Here let us have an overview of Ethereum, Solana, and Polygon in terms of their quality standards, features, and functional aspects.
Ethereum, Solana, and Polygon — An Overview
To be honest, the most frequently searched blockchains for business today are Ethereum, Solana, and Polygon. And people who want them for business are looking for complete information about them. Hence to give them a clear stance, I have revealed the best possible way to highlight their individual significance.
Starting with Ethereum….
It is one of the foremost blockchain networks after Bitcoin. ‘ETH’ is the native token of this blockchain. Ethereum is the base of a decentralized ecosystem. And is the rationale behind many decentralized apps.
Many developers code smart contracts utilizing the resource of a blockchain network effectively. Ethereum was earlier known as a high-energy consumption one. And now it has been upgraded to the latest version ‘Ethereum 2.0’ that offers higher security with low energy consumption.
Next, speaking of Solana…
Solana blockchain is known by the business community because of its transaction speed and very low transaction fees. Its native token is ‘SOL’. The high-performance platform for scalability makes them one of the best-fit for business. Confirming that the transaction speed of Solana is up to 65000 transactions per second (TPS).
Solana supports a layer 1 scaling solution making them compatible with the Ethereum blockchain. With that, the Solana blockchain allows the development of decentralized apps. And in terms of higher TPS, it also offers lower transaction fees. So, Solana is definitely a better competitor to Ethereum.
Then, about Polygon…
Polygon blockchain was earlier named the Matic network, and its native token also is ‘MATIC’. Polygon offers higher scalability with high-speed transactions. Polygon also provides a transaction speed of up to 65000 TPS.
To get this work, a Polygon is built with multichain architecture with a layer 2 scalability solution. Besides, it can provide interoperability with other blockchains like Ethereum. This created a name for Polygon as a ‘Hybrid form of blockchain’.
The following infographic representation gives you more details about the comparison of Ethereum, Solana, and Polygon blockchains.
Now, you may be in the mindset of solving a puzzle in choosing the blockchain for your business. But to reach the outcome, finding the right solution will work out here. So without wasting time, Lets see…
How to Choose the Best Blockchain for Business?
Blockchain is the means of trust, security, and ability for any business. It is the energy to enhance the capacity of the business further. The goal of blockchain integration into business is to build strength through possibilities and provide solutions by simplifying operations. Hence, the right blockchain selection can extend the boundary of benefits to business people.
So, among the three blockchains that are contributing to the businesses well, let me give you a broad view of which types of businesses are best suited to each of these blockchains…
Ethereum is an open-source blockchain platform contributed by a larger technical community. Ethereum’s program code is constantly updating to adopt newer technologies in terms of security. So Ethereum blockchain will fit well for businesses that need to be up to date with a real-time environment. Many startups Create ERC20 tokens for crypto fundraising purposes. And so many large corporations and enterprises create a crypto token on the Ethereum blockchain.
And Solana is the blockchain developed with the scope for improving the scalability of NFT apps and DeFi. These apps need high-speed performance. In the same way, the Solana blockchain is easy to program and integrated into businesses. So considering the cost and high performance, Solana fits well for both large and medium-scale businesses.
And finally, the Polygon blockchain is best suitable for businesses having everyday users. Regarding the characteristics of the Polygon, it also provides high performance with high scalability. Further, Polygon also cost you low in terms of integration. So keeping all those things, Polygon is suitable for low and medium-scale businesses.
Here, you get an outline to draw your business growth with the best blockchain. But a little more there to add the essence to the finishing. In this regard, the use cases could provide more guidance to startups and entrepreneurs when choosing a blockchain.
Use cases of Solana, Polygon, and Ethereum
We all know that the characteristics of the blockchain determine its applications and use cases. The wider usage is the reason behind the higher demand for a particular blockchain. So in this section, I have compiled the use cases of Ethereum, Solana, and Polygon blockchains with a live example.
Use cases of Ethereum
Ethereum is known for its security and so several decentralized applications were built on this blockchain. So it has diverse use cases that demand a high grade of security.
Some of the use cases are,
- Decentralized finance (DeFi)
- NFT marketplace and gaming
- Smart contracts
- Decentralized apps (Dapps)
- Decentralized Exchanges (DEX)
- Stablecoins and payments
For example, let us choose Uniswap — A decentralized exchange.
Uniswap is built on the Ethereum blockchain. Here, smart contracts are used to execute the transaction securely. It uses the advantage of the Ethereum blockchain’s security standards. And offer secured access to the users via two-factor authentication, noncustodial functioning, and more. If your business goal is based on high-grade security, then Ethereum is the suitable blockchain for business.
Use Cases of Solana
Basically, Solana is best for use cases that need faster operation with large-scale volumes. And its community of developers is working to offer a cheaper and more scalable blockchain platform. So clearly their use cases will reach new business areas. Well! the following are some of the use cases of the Solana blockchain.
- Decentralized finance (DeFi) apps
- Yield Farming
- Lending protocols
- NFT Marketplace and Gaming
- Web3 applications
- Stablecoins and Payment
For example, ‘Serum DEX’ is a Decentralized exchange built with the Solana blockchain.
Serum DEX utilizes the advantage of the Solan blockchain offering high-speed transactions with low transaction costs. Due to these blockchain qualities, Serum DEX has constantly extended its business services. The noteworthy thing is, Serum DEX has a daily trade volume of $14000 according to the online data source.
So as a business person, when you integrate the Solana blockchain for your Decentralized Exchange Development, you could gain higher speed and efficiency. This results in more user interaction and high-profit earnings.
Next, let me explain the…
Use cases of Polygon
Polygon blockchain was launched to address the scalability issues and high gas fees of the Ethereum Blockchain. Utilizing the Proof of Stake (POS) consensus algorithm, the Polygon blockchain makes it possible in real-time. Thus by nature, Polygon is suitable for use cases that need large scalability with high-speed transactions.
Some of the use cases of the Polygon blockchain are,
- DeFi Applications
- Decentralized Exchanges (DEX)
- Online Payments
- NFT Marketplace and Gaming
- Web3 Applications
- Metaverse
Live example — NFT gaming platform ‘Aavegotchi’ deployed in the Polygon blockchain.
Aavegotchi is an NFT marketplace that allows players to buy Aavegotchi NFTs. It can offer its users fast processing where scalability is not an issue. So due to Polygon blockchain’s scalability solution, Aavegotchi has gained a huge increase in NFT sales and gained a large new user contribution. So if your business need is high-speed operation and a better scalability solution, then you can choose Polygon blockchain to Create NFT Marketplace. With that, you can also earn revenue like Aavegotchi.
The significance and application of each blockchain share a common showcase to display its suitability for the business. As a result, Ethereum, Solana, and Polygon blockchains have revealed their standpoints effectively. This is the top search of many business people in choosing the Ethereum, Solana, and Polygon blockchains for their business. But, choosing the best blockchain for business is finding the right path for business growth.
Concluding Thoughts
Finally, I have covered a complete set of ideas regarding Ethereum, Solana, and Polygon blockchains. With a long-term vision of business growth, I consider the business needs in relation to every aspect of these three blockchains. It is a long passage that includes blockchain selection and various use cases. So consider this effort as a guide for the business people like you, who can choose the best blockchain for business. Besides, many entrepreneurs and startups are striving to find an effective way of implementing the best blockchain for business.
From my personal opinion, considering the complexity and technical requirements, choosing a prominent Blockchain Development company is a suggestion that I would recommend. Because, connecting with them will add multiple testing and the expertise of their development team that can bring the best outcome in your blockchain development. So my advice is, to choose the best from the three blockchains and connect with a professional blockchain development company to take your blockchain business on a successful path.
