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Cardano vs Solana

CARDANO VS SOLANA

The recent tumultuous rise of cryptocurrency gave everyone the thought, even for a minute, that what will be the future of blockchain adoption? Which Blockchain protocol would be the best for a specific 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 discuss one of the top trending blockchain protocols, Solana Vs. Other blockchain protocols are making up their mark into the top 10 counts and are called Ethereum killers.

Solana

Solana is one of the fastest-growing open-source programmable blockchain protocols that developers and institutions worldwide use to build decentralized applications (DApps) and marketplaces. Solana is an uber-fast, secure, and censorship-resistant blockchain protocol with some unique qualities that led to its mass adoption in flexibly building open infrastructure by the blockchain developer.

Solana is ideally suited for developing next-generation DApps and decentralized marketplaces due to its fully decentralized nature, security, and highly scalable.

History of Solana

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: it has been funded by a $20 million series till mid-2019 and raised another $1.76 million as market capitalization.

The beta mainnet of Solana can do basic transactions along with innovative contract features launched in March 2020.

The affairs of Funding and developing the Blockchain's community-building initiatives of Solana are taken care of by Solana Foundation, which 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 a whopping 40 times in 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 a middle block of around 400–800 milliseconds.

After an introduction about Solana in detail, now let's make a brief comparison over various parameters between Solana and Cardano Blockchain platform –

Cardano

When we compare Solana Vs Cardano is yet another fastest-growing Blockchain platform based upon Proof-of-Stake (PoS) protocol built through peer-reviewed research. The development of Cardano was started in 2015 by Charles Hoskinson, also the co-founder of Ethereum. Later Cardano stood as an alternative to Ethereum, which claims to offer scalability, interoperability, and sustainability on its network.

Cardano considers itself another form of an updated version of Ethereum, 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 by blockchain experts in high-level software development. At the same time, 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 development platform. Those parts are named after different historical figures.

License

In terms of licensing, Solana vs. Cardano fares are 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 is an open-source programmable Blockchain protocol that developers and institutions worldwide use to build decentralized applications (DApps) and marketplaces. Solana Foundation functions as a non-profit organization that looks after the Funding and development of the Blockchain's community-building initiatives.

Consensus Mechanism

Solana vs. Cardano is a bit different in terms of consensus-building mechanisms due to their functioning. The protocol used by the 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. Further, these rewards are distributed to delegates of the stake pool, providing an opportunity to earn ADA for participating in consensus.

Solana uses the Proof-of-History (PoH) mechanism, 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 clock.

Various blocks are divided under 'epochs' in the Ouroboros mechanism, lasting for five days. Further, these epochs are subdivided into smaller increments by the name of slots which last for 20 seconds.

Speed, Security, and Scalability

Cardano with ADA cryptocurrency offers much quicker and cheaper transactions than 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 different 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.

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Smart contracts capabilities

Cardano functions very similarly to the 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 allowing tokenization, smart contracts, and apps.

There aren't many projects implemented over Cardano due to incomplete intelligent contract functionality and token standards. For people who want to run their ICOs and implement asset tokenization, Cardano is still not as suitable for them as Solana is for them. Still, they have plans to accelerate the growth of the DeFi ecosystem.

Native token

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, a 19th-century countess, and English mathematician. She is recognized as the first computer programmer.

Solana's SOL and Cardano's Ada 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.

Community support and Funding

Cardano was initially funded through an Initial Coin Offering (ICO) and raised $540000 in market cap as of now. Cardano has a community support forum, so 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, community pages are on various social media like Facebook, Twitter, Reddit, GitHub, and groups over Telegram.

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Popular Views on Cardano vs. Solana

Celebrities are moving between Cardano and Solana, especially since Cardano enabled its blockchain smart contract functionality which means developers can now build and deploy applications to the Cardano blockchain. In terms of communities, Cardano and Solana both have formidable communities, but the Solana community is a bit more popular and there are lots of developments going on on the platform.

Also in terms of utility, the proof-of-history mechanism on Solana makes it a bit more useful from a user point of view compared with Solana. Cardano is taking its time to build its project and it is an academic styled project that is great in multiple ways and especially at protecting its users. Solana, however, has already built and tested multiple use cases of blockchain technology from gaming to decentralized finance which puts it ahead of Cardano.

Solana is also faster than Cardano in terms of its pace of development. The performance of Solana has been impressive over the years for both users and investors. The token went from a few cents to over $50 dollars in the space of a year, and the speed and processing capacity of the blockchain has been catching the attention of a lot of people. Cardano on the other hand, has struggled pricewise since its ICO boom several years back. Solana is popular and loved in the crypto space by celebrities, developers, and influencers. Cardano founder has received so much backlash for his lies and claims which are mostly unsubstantiated.

Cardano has been doing its best to sponsor developers using its own tokens that got its value from the boom of the project during the ICO days. Solana on the other hand is backed by real-world funds and projects interested in the success and growth of the community.

Conclusion

Overall when we look at both Ethereum killers Cardano Solana in comparison to each other, there is no doubt Cardano is excellent for revolutionizing finance despite having much-delayed development. Cardano has a great emphasis on decentralized finance, but unfortunately, Solana development's popularity is surging way higher than Cardano's.

There are opinions expressed that the market will witness cutthroat competition among these two blockchain development services, whether 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, we are sure about witnessing their environmental footprint in the world.

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