June 8, 2021

The Solana Blockchain: Is It the Future?

Less than a decade ago, the Ethereum blockchain was developed and launched. Unlike a few of the existing projects, Ethereum wasn't built on Bitcoin's protocol, rather, the developer Vitalik Buterin veered an unknown path. The network was designed primarily to enable the easy transfer of assets between individuals as well as the development and launch of smart contracts and decentralized applications [DApps].

Over time, the Ethereum network grew into one of the biggest projects and it currently sits as the second most valuable cryptocurrency behind premier network Bitcoin. The growth, an advantage to the network proved to be a major stumbling block to its imminent growth. Presently, Ethereum is not only congested but ostensibly expensive. The cost of running transactions has deterred prospective users from accessing this platform.

To solve the Ethereum problem, a ton of projects and blockchains have been launched, Solana one of the very advanced few. Created by Anatoly Yakovenko, Solana is a blockchain-based platform that provides developers the unrivaled opportunity to create and launch decentralized applications. As a perfect alternative to the Ethereum blockchain, Solana is a blockchain-based project that has been designed to handle as much as 50,000 transactions per second [TPS], a feat only a few projects have managed to achieve since the launch of Bitcoin 12 years ago.

This blockchain launched a few years after Ethereum seeks to enable the possibility of creating and launching apps on various blockchains seamlessly. Presently, this network is considered to be faster and more efficient than Ethereum. Unlike the Ethereum platform, Solana is scalable, reliable, cheap, accessible, and fast. This sets it apart from all of the other alternatives in existence.

Accordingly to various reports, it is allegedly claimed that the team behind Solana is currently on the verge of raising millions of dollars to take over Ethereum, the inherently flawed blockchain. While the exact figure for this crowdfunding is yet unknown, the man behind the project believes that Solana is the best DApps blockchain right now. With a ton of projects already being built and launched on the network, Solana team members, in a recent press release, announced a plan to build a new ecosystem in South Korea, enabling users to easily create and deploy applications regardless of location.

The launch of Binance Smart Chain [BSC], a major alternative to Ethereum and the brainchild of Binance, the largest crypto exchange in the world, poses a huge problem to Solana and its developers. With BSC scalable, fast, and cheap, more developers are running towards the network, with experts speculating a takeover.

While Solana happens to be faster, BSC, however, edges over it because of its development team. The Binance team is surprisingly one of the most renowned brands in the crypto space. This blockchain-based project along with their Launchpad gives them an edge over all of the other alternatives.

Experts have described this fight for supremacy as one that will revamp the DApps and smart contracts market. Ethereum’s 2.0 upgrade expected to happen anytime soon may put the premier DApps network back in the race. 

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Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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