The blockchain world is keeping the developer community on its toes. Prominent additions like NFTs, Web 3.0, Metaverse, and decentralised finance have been the most talked-about phrases in 2022. As the demand for blockchain-based solutions grows, so does the need for blockchain platforms to produce those solutions.
Among some of the best blockchains are Solana and Ethereum. Solana is one of the world's fastest Layer-1 blockchains. But will it eventually dethrone Ethereum's supremacy and emerge as the leading platform for the expanding DeFi industry?
What is the difference between Ethereum and Solana blockchains? How easy is it for project founders and token creators to learn about the blockchain that most developers and the crypto community, in general, are familiar with? Let's see what we can find out!
The underlying technology is one of the fundamental differences between Ethereum and Solana. Each has a unique consensus mechanism at its core and different solutions to scalability issues.
In this part, we'll look at how the two blockchains vary from the standpoint of speed, cost, security, and decentralisation.
Solana is fast. The network can execute a block every 400 milliseconds and record 65,000 transactions per second (TPS) is unquestionably a key selling proposition. It is one of the quickest layer-one blockchains simply because of these qualities.
Ethereum, on the other hand, is very slow. Due to Ethereum's decentralised (Ethereum is more decentralised compared to Solana) design, the number of transactions it can handle is only 15 per second.
Because of Solana's scalability, both developers and users should expect transactions to cost less than $0.01 forever. It is, on average, sitting at $0.00025 per transaction as of February 2022. Of course, developers searching for a platform to construct their projects will find this quite tempting.
Ethereum has a high transaction cost. But it is declining rapidly. The chart below shows the constant decrease from almost $70 per transaction in May 2021 to $2.060 per transaction in February 2022.
Image Source: YCharts
Solana claims to be a safe blockchain, and it is secured by SOL. However, it has been hampered by a few days of sporadic network disruptions, and the count is up to six now. In September 2021, the network was hit by a Denial of Service (DoS) assault, rendering services unavailable to users. The blockchain suffered its sixth outage of more than 8 hours on 22 January 2022. Its website showed that the network suffered a high level of network congestion due to excessive duplicate transactions.
Image Source: Solana Status
The severe outages prevent transaction validators from producing new blocks for hours. Other blockchains, like Ethereum, had disruptions but quickly recovered, maintaining their appeal among blockchain users and developers.