Solana VS Ethereum which is the best?
While Bitcoin is moving fast and strong, other cryptocurrencies are fighting to get on the podium. Two big names in the race are Ethereum and Solana. Ethereum has been second for almost all of its history. As a reminder, the Ethereum project was officially launched by Vitalik Buterin in December 2013. The value of all Ethers is around $400,000,000,000. This is the most popular project after Bitcoin.
The Ethereum blockchain network is the first network that has developed smart contracts opening the door to new decentralized financial application. Its ecosystem is huge. The network is the main promoter of the Dapps and the challenge. Its number of users and developers is important is pushing the world of cryptocurrencies into a new dimension with its developments. Yet not everything is rosy for the number two in the market. Launched in 2013, the network has had to make constant and extensive modifications to support the load of growing network flow. Although this is positive because it shows us that the project is resilient to change, it also shows us its limits in the face of young competing projects starting from scratch.
Solana, a much faster blockchain in the wake of Ethereum. The two major drawbacks of Ethereum, namely speed and transaction costs are, conversely, the two strengths of the Solana network. The SOL project was not started until 2020, and had been in development since 2017. Its creator Anatoly Yakovenko published the white paper in November 2017. On the other hand, blockchain has fewer developers, fewer users and fewer applications. But things seem to be moving fast. The project’s market cap is close to $120,000,000, almost four times less than its big brother.
The performances of the last 6 months announce a catching up by Solana of the total capitalisation compared to Ethereum. Here is the evolution of comparative prices over the last 6 months.
Different systems. The Ethereum network uses a Proof-of-stake (PoS) protocol while Solana uses a Proof-of-history (PoH) protocol. The ETH network used the Proof-of-work (PoW) system before changing systems in September 2022 with the update “The Merge”. Through all its mutations, the Ethereum network has shown us that it is extremely resilient even in the face of structural changes to its network. Solana has not yet had the opportunity to prove himself or at least so significantly.
I have started a little game for you. I have created a small table below to compare different criteria between the two currencies. I know that the points given in this table are subjective analyses. So I invite you if you wish to fill out this table yourself and share your results in the comments if you want.
Despite the difficulties of high speed of the Ethereum network (due to its saturation), we see that for the other criteria, it still dominates the ranking against Solana.
Although Solana has a faster network. Ethereum stays ahead of its little brother with fundamentals and a stronger community. In addition, the surge in prices of Solana through the creation of many Meme on his blockchain could lead the network to a strong correction of prices in case of crash of Meme coins. Ethereum faces scalability challenges. This is the downside of its success. The development of the challenge and DAps could contribute to its success but beware because a strict regulation by the institutional could slow down growth and developments on the Ethereum network.
Nothing is played. The crypto ecosystem is only just beginning. There is a good chance that both cryptocurrencies and their networks will evolve significantly in the coming years. Institutional regulators could also encourage or slow them down. It is therefore necessary to follow this and make a consequent update every 6 months to understand their evolutions.
