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The recent tumultuous rise of cryptocurrency gave everyone thought even for a minute that what will be the future of Blockchain adoption? Which Blockchain protocol would be the best for a certain business or sector? Now to get answers to all these curiosity-generated queries one needs to know about the ground realities of not just cryptos but of these Blockchain protocols.
So, here we will be discussing one of the most top trending Blockchain protocols named Solana Vs other Blockchain protocols which are making up their mark into the top 10 counts and also called Ethereum killers.
Solana is one of the fastest-growing open-source programmable Blockchain protocols that is used by developers and institutions around the world to build decentralized applications (DApps) and marketplaces. Solana is an uber-fast, secure, and censorship-resistant Blockchain protocol with some of the unique qualities which led to its mass adoption in building open infrastructure in a flexible manner.
For the development of next-generation DApps and decentralized marketplaces, Solana is perfectly suited due to its fully decentralized nature, security, and highly scalable.
Solana Blockchain owes its origin to 2017 when its whitepaper was published by Anatoly Yakovenko, who previously worked at Qualcomm and Dropbox. Solana has an impressive story in market cap to tell since its inception that it has been funded $20 million series till mid-2019 and raised another $1.76 million as market capitalization.
The beta mainnet of Solana has the ability to do basic transactions along with smart contract features, that were launched in March 2020.
The affairs of funding and developing the Blockchain’s community-building initiatives of Solana is taken care of by Solana Foundation that functions as a non-profit organization. In terms of the core contributor, Solana Labs remains at the pinnacle.
Solana’s native token’s price is up by whopping 40 times in a short time of 12 months which astonished everyone and there’s a solid reason behind that appreciation. The average transaction fee over Solana is around 0.000005 SOL, with an average block time is around 400–800 milliseconds.
After an introduction about Solana in detail, now let’s do a brief comparison over various parameters between Solana and Cardano Blockchain platform –
When we go into comparison for Solana Vs Cardano, it is yet another fastest growing Blockchain platform based upon Proof-of-Stake (PoS) protocol that is built through peer-reviewed research. The development of Cardano was started in 2015 by Charles Hoskinson, who is also the co-founder of Ethereum. Later Cardano stood as an alternative to Ethereum which claims to offer scalability, interoperability, and sustainability on their network.
Frankly speaking, Cardano considers itself as another form of an updated version of Ethereum, which is a second-generation platform, while Cardano claims to be a third-generation platform. Cardano is the first Blockchain platform to use a purely functional programming language named ‘Haskell’ This programming language is generally used in high-level software development, while many consider this language to be more precise, formally verifiable, and better suited to applications that require high assurance.
Presently Cardano is being built over five different phases or parts to achieve its goals of developing the network into a decentralized application (DApp) development platform. Those parts are named after different historical figures.
In terms of licensing, Solana vs Cardano fare almost the same. As Cardano is an open-source Blockchain protocol under the custodianship of the Cardano Blockchain, the Cardano Foundation is a Swiss not-for-profit organization.
Solana too is an open-source programmable Blockchain protocol that is used by developers and institutions around the world to build decentralized applications (DApps) and marketplaces. Solana Foundation functions as a non-profit organization that looks after funding and in developing the Blockchain’s community-building initiatives.
Solana vs Cardano in terms of consensus-building mechanism is a bit different due to their functioning. The protocol used by Cardano ecosystem is known as the Ouroboros consensus protocol, which was created in its foundation phase. Under the Ouroboros mechanism, each node has the chance to be elected as a slot leader to validate a block, further, the chance of becoming a slot leader increases alongside the amount of ADA staked to their pool up to the pool saturation point. If validation happens successfully then stake pools receive rewards and further these rewards are distributed to delegates of the stake pool, providing an opportunity to earn ADA for taking part in consensus.
Whereas, Solana uses the Proof-of-History (PoH) mechanism, which is a cryptographic clock that enables nodes to agree on the time order of the events on the chain, without having to talk to each other — since each node has its own clock.
Various blocks are divided under the name of ‘epochs’ in the Ouroboros mechanism and, they last for five days. Further, these epochs are subdivided into smaller increments by the name of slots which last for 20 seconds.
Cardano with ADA cryptocurrency offers much quick and cheaper transactions compared to other older Blockchains. Due to the usage of the Proof-of-Stake (PoS) algorithm, it can be stated that Cardano is one of the most reliable compared to other Blockchains in terms of crypto transactions. The need for extra machines within the system is not felt under the PoS algorithm, as the nodes will be responsible for throughput and the system will be less susceptible to interference as a result.
Cardano functions very much similar to Ethereum platform, where the Blockchain model is used together with Smart Contract platforms and tokens. Cardano comes with a two-tiered structure – Cardano Settlement Layer (CSL) and the Cardano Computational Layer (CCL). The CSL enables the transfer of the native Cardano (ADA) cryptocurrency between other blockchain participants. The CCL consists of multiple components that enable tokenization, smart contracts, and dApps.
As of now, there aren’t many projects implemented over Cardano due to incomplete smart contracts functionality and token standards. For people who want to run their ICOs and implement asset tokenization, Cardano is still not that suitable for them like Solana is for them, but they have plans of accelerating the growth of the DeFi ecosystem.
Just like Solana has its native currency named SOL, Cardano’s native currency is known as ‘Ada’ Cardano’s native currency Ada is named after Ada Lovelace, who is a 19th-century countess and English mathematician who is recognized as the first computer programmer.
Solana’s SOL and Cardano’s Ada both are doing exceptionally well by trending at their all-time highs with their native cryptocurrencies enjoying fully diluted valuations of $85 billion and $105 billion respectively.
Cardano was initially funded through an Initial Coin Offering (ICO) and as of now raised $540000 in market cap. Cardano has a community support forum and for that, you need to sign in to their official website where you get an opportunity to interact and engage in an open discussion about the Cardano project. Apart from that, there are community pages over various social media like Facebook, Twitter, Reddit, GitHub, and group over Telegram.
Overall when we look at both Ethereum killers Cardano Solana in comparison to each other, no doubt Cardano is awesome for revolutionising finance in spite of having much-delayed development. Cardano has an excellent emphasis on decentralized finance but unfortunately, the way popularity of Solana development is surging, is way too higher than Cardano's at the present time.
There are opinions expressed that the market will witness cutthroat competition among these two Blockchain platforms, no matter you are buying Ada and SOL tokens or looking to build a dApp. As Cardano takes a slow-and-steady approach to growth, preferring to peer-review each step and not rush into things, unlike the Solana ecosystem and we are sure about witnessing their environmental footprint in the world.
Solana adopts a completely different approach. It refers to as Proof of History or PoH. The leader nodes “timestamp ” blocks with cryptographic evidence that proves that a period of time has been passed between the previous proof. All the data hashed into proof must have happened prior to the time when the proof was created.
If you have been following the news lately, you much have seen videos of teens boasting about the insane money.
Solana has been described by many as the next blockchain for launching decentralized financial applications.
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