Cardio or weights? Coffee or Tea? iOS or Android? We have options for everything today, and we all want the best. With options come comparisons. It has become human nature to compare things when presented with options. We also compare crypto tokens to invest in and blockchains to use.
One such comparison that we come across is the Ethereum blockchain versus the Solana blockchain. Which is better? All blockchains have pros and cons, so it is difficult to find the best blockchain. The answer may lie in what you want to use it. You need to consider a lot of factors to answer this question. Factors like scalability, algorithm, adoption, and platform age need to be considered to choose the right blockchain for you. So let us take a look at how Ethereum and Solana compare against each other on some of these factors.
Transaction Speed and Scalability
Transaction speed and scalability are synonymous with each other. It becomes extremely difficult for more people to use a network effectively if transaction speeds are low. You will need to deploy external solutions for this. At the moment, Ethereum can only handle about 15 transactions per second. Since the Ethereum main net is not scalable, layer-two scaling solutions like Validium and Polygon were built. This results in high transaction fees on the Ethereum network, thus affecting scalability.
Solana outshines Ethereum when it comes to transaction speed and scalability. The Solana network can handle over 50,000 transactions per second currently. Solana has a more centralized network than Ethereum to achieve this efficiency. The Solana network has built-in scalability, which breaks data into smaller units. This makes the network transfers simple, along with faster transaction speeds. This eliminates the need to add layer-two solutions, making it more scalable. Transaction fees on the Solana network remain under $0.01.
The winner of this round is Solana.
Consensus Algorithm
Some steps need to be followed in blockchain consensus algorithms. These steps are for participants in the blockchain. They take these steps to agree on the shared state of the blockchain. Ethereum is transitioning to Proof of Stake (PoS) from Proof of Work (PoW). However, Solana uses Proof of History (PoH) to arrange transactions sequentially and Proof of Stake (PoS) to validate this sequence.
Proof of Work (PoW) is considered more resistant to centralization and more secure. Due to high energy consumption in the PoW system, Ethereum is shifting to Proof of Stake (PoS). The proof of History (PoW) system of Solana creates a historical record. Using this system, you can prove that an event took place at a specific moment in time. This system gives an advantage against front-running attacks since transactions are not ordered based on transaction fees but on the time of creation.
This round also goes to Solana.
Platform Age and Adoption
Smart contract platforms have only been around for a little under seven years. You can call them a recent innovation. Due to this, many top Smart contract platforms are still maturing and developing.
The older the Smart contract platform, the more vulnerable it is to security threats. Reliable Smart contract platforms are less likely to have security flaws as they have had more time to identify and fix any existing flaws. An older platform with a large community has undergone more security research and the development community understands all its quirks as they have more experience using the platform. They also have more resources to conduct security audits of the platform.
Ethereum beats Solana easily in this metric. Ethereum has been around since 2015 while Solana was introduced in 2020. Compared to Solana, Ethereum hosts a lot more decentralized applications (dApps) and has a lot more active users. Hence, in terms of potential weaknesses and development errors, Ethereum is better understood than Solana.
The winner here is Ethereum.
Which one is better?
Ethereum has a market capitalization of $200 billion, whereas Solana is just under $20 billion. But Ethereum has been around much longer than Solana. What is your intention in using a platform? Your choice between Ethereum and Solana depends on the answer to this question. Solana is less expensive and faster, but Ethereum is the more well-known, secure, and decentralized of the two systems. Ethereum has been around since 2014 and has built a strong development community. It is the most preferred blockchain in the NFT space.
Both the Ethereum and Solana platforms have their pros and cons. You need to analyze what you are trying to achieve and evaluate which blockchain solution fits you best.
