The glance of Ethereum and Solana
In the past, there were many different efforts made to build a digital currency. However, the efforts to develop trust did not succeed. Imagine for a moment if someone invented money. The problems emerge as to why they won’t give themselves a large quantity of their money. If they are the owners of a currency, they are unable to manipulate it for their own purposes. Because it was the first cryptocurrency, Bitcoin was able to earn people’s confidence and provide satisfactory answers to the problems raised by its detractors.
The blockchain technology that underpins Bitcoin is unique compared to other types of databases in that it does not enable users to make any changes to the data contained inside it. Bitcoin is a decentralized digital currency that has distributed ledgers. The spread of a blockchain network is defined by the fact that decentralization lies at the heart of a blockchain. Every user owns a “block” in the blockchain, and anytime a transaction takes place, it utilizes all of the blocks in the blockchain and requests permission from the owners of all of the blocks.
The phrase “the more decentralized a blockchain network is, the more secure it is” aptly describes the relationship between decentralization and blockchain network safety. Despite the fact that bitcoin was the first blockchain network, Ethereum was the first blockchain network to support programmable smart contracts. Following the launch of Ethereum in 2013, a great number of other programmatic blockchain networks came into existence. One of them is called Solana, and it was first shown in the year 2017. This article draws attention to a number of significant distinctions between Ethereum and Solana.
Ethereum & Ethereum 2.0
When it comes to Ethereum, there is just one computer involved. It is intended for all users of Ethereum to reach a consensus on its status.
The blocks that make up the Ethereum database are where a copy of the current state of this computer is stored. Within the realm of Ethereum, this kind of computer is referred to as an Ethereum virtual machine (EVM). When a node of the database requests the EVM to conduct computation and the EVM subsequently modifies its state, this action constitutes a transaction. After that, the change in state is broadcast over the whole of the network, which causes the transaction to be written on each block of the database.
The most recent version of Ethereum is called Ethereum 2.0. The launch was supposed to take place in 2019, but now it is anticipated that it will take place between September 15 and September 16. The consensus method that is used to validate transactions is what distinguishes Ethereum and Ethereum 2.0 from one another. The “Proof of Work” technique is used to reach a consensus in Ethereum, whereas the “Proof of Stake” mechanism is used to validate transactions in Ethereum 2.0.
Proof of Work vs Proof of Stake
Proof of Work, or PoW, was a verification method pioneered by Bitcoin that did away with the necessity for a third party to validate transactions. Using PoW, participants in a network may verify the legitimacy of a transaction. Using something called a hash, which is a string of numbers, prevents changes from being made. The hashes are used as proof of work. In the case of PoW, the validators are referred to as miners.
They are accountable for the creation of hashes as well as the verification of those hashes whenever a transaction takes place. In order to achieve decentralization, the network must first be expanded. Miners are also responsible for functioning as nodes in the network. PoW needs a lot of energy, and the amount of energy needed goes up with the number of people who are mining. Ethereum 2.0 introduces a revolutionary change by abandoning the “proof of work” consensus mechanism in favor of the “proof of stake” consensus mechanism. When a transaction needs to be validated, Proof-of-Stake looks to the owner of the cryptocurrency involved. In Proof-of-Stake (PoS) systems, validators are individuals who stake a minimum quantity of Ethereum.
The minimum amount of Ethereum (ETH) that must be staked in order to validate a transaction is 32 ETH. The algorithm selects validators at random to cast their vote on whether or not a new block should be added to the chain. It carries a lower degree of danger than PoW.
Solana
Similar to how Ethereum incorporates an EVM. Clusters belonging to Solanaverse are now hard at work on calculations and the state of the blockchain. A collection of computers that are networked together to perform the task of validating the results of user-submitted programs is referred to as a Solana cluster. Solana uses these clusters to check the details of transactions and record them in the blockchain database it runs.
Smart Contracts
The use of smart contracts inside Ethereum makes it possible for developers to create and provide a variety of services, including games, financial aid, and markets, amongst others. When the predetermined criteria that are outlined in a program are satisfied, the smart contract asks the EVM to carry out the calculation that was requested by the program. Solidity is a new programming language that was developed by Ethereum developers specifically for the purpose of writing smart contracts. The language is used in the process of developing and implementing smart contracts on the blockchain of the Ethereum platform.
Comparing Ethereum with Solana in Terms of Their Differences
Despite the fact that both of these technologies have a lot of potential, each one also has certain drawbacks. The Ethereum network is not governed by a central authority. The scalability of the Ethereum network, on the other hand, results in a gradual slowing of transaction times. On the other hand, Solana’s design is said to be capable of processing 710,000 transactions per second, making the time it takes for transactions on Solana much quicker than on Ethereum. Solana employs “proof of history” as its consensus process, while Ethereum uses “proof of work.” This allows the Solana network to be more efficient, high-speed, and cheap, but it inhibits decentralization, which makes it less safe. Ethereum uses “proof of work” as its consensus mechanism.
While proof of work makes Ethereum more decentralized and more secure, it also makes transactions more time-consuming, reduces scalability, and increases the cost of transactions. “PoS” in Ethereum 2.0 will make it less likely that someone will try to hack it, and because it uses less computing power, it will be able to complete transactions much faster than Ethereum. Since its inception, there has been no information on an update to the Solana network. On the other hand, Ethereum 2.0 is now in development and will enhance the safety and functionality of the network.
This shows that the Ethereum team is more determined than ever to update the network with the latest algorithms and technology so that it will continue to work well in the years to come. Rust, C, and C++ are the programming languages used in the creation of the Solana smart contracts, which are referred to as programs.
In contrast, the Ethereum network has never had an outage, but Solana has been taken down three times since its inception. It was taken down on September 14, 2021, owing to an increase in the number of transactions, and it was brought back up on September 15, 2021. On May 1st and 30th in the year 2022, the network was unavailable for a total of seven and four and a half hours, respectively. And on August 3, 2022, cybercriminals stole around 4.1 million dollars worth of cryptocurrency from four wallets belonging to Solana.
Both of these networks have been experiencing difficulties ever since they were initially introduced. In order to make effective use of a network for development, one must first be clear about what they want. If an application requires a more secure database, decentralization, and the assurance that it won’t be impacted by expensive transactions, then it should be developed on the Ethereum platform. On the other hand, if an application requires the properties of a Solana network, such as high speed and lower transaction costs, then it should be developed using the Solana platform. The user should examine the criteria has with the qualities that Proof of Stake has, keeping in mind that Ethereum 2.0 is under development.
