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The soaring gas price of Ethereum in past few years has forced many network investors to look for an alternative Blockchain ecosystem to invest in. This led to less money flow in the crypto ecosystem, which is of much bigger concern for major cryptocurrencies. But with the mushrooming of several new Blockchain networks, and some of them are seen as potential Ethereum competitors or other large-cap tokens. The simultaneous dip in the prices of Ethereum brought an opportunity for these relatively newer and smaller Blockchain networks to compete in capturing market share.
One of those newbies is Polkadot and Solana, who are looking forward to making a change by improving and implementing more scalable consensus mechanisms in relatively slow Blockchain production.
So, let’s have a look over how Polkadot Vs Solana stands out against each and their specialties in detail.
Polkadot is a multi-chain network that works to connect two different Blockchain networks, thereby bridging the gap between them. As, a common issue in blockchain development is that two separate networks cannot interact directly, for example - you can't send Ether to a Bitcoin network, as they both function independently.
Polkadot offers to overcome this problem by their "parachains" or in layman's terms we may call them connecting Blockchains. Parachains function in parallel and communicate with each other. As of now, the project Polkadot is in development, and in the “Prechain Rollout” phase, but there are over 100 parachains over the network and they can compute up to 1 million transactions per second.
The testing of Polkadot's software is been taken care of by the Kusama - which is a project, as Polkadot’s governance and NPoS systems have not been officially released. If we talk about Polkadot's release Kusama is an important part of it as it gives the developers feedback on the platform and after its release, these two platforms will combine as one.
Now, another important part of Polkadot is Moonriver, as brings compatibility with the Ethereum Virtual Machine (EVM), it allows users to test their projects and have them verified with the creative power of the Ethereum network. In creating useful and powerful projects on the Polkadot network, Moonriver helps a lot.
Solana is an open-source programmable Blockchain protocol that is mainly focused on speed and providing service in low gas fee. Through the use of smart contracts, it allows anyone to create new projects on the chain. Solana is one of the fastest yet secure, and censorship-resistant Blockchain protocols having some of the unique qualities which led to its mass adoption in building open infrastructure in a quick and efficient manner ranging from Decentralized Finance (DeFi) to Non Fungible Tokens (NFTs).
The beta mainnet of Solana has the ability to do basic transactions along with smart contract features that can verify the transactions within seconds with extravagant throughput and costs less. As a Blockchain platform Solana is able to solve the issue of higher transaction fees and slow speed, therefore is perfectly suited for institutions around the world in blockchain development to build decentralized applications (DApps) and marketplaces.
Polkadot makes itself into the top 10 in the entire crypto market recently and is relatively much new like Solana, which boasts of lightning-fast transaction speed. Polkadot is a heterogeneous multi-chain Blockchain network built by Web3 Foundation by commissioning around 100 developers and five teams. Its network's ability is built for scalability, on-chain governance and one of the main features is the interoperability that lets it connect different Blockchains through a central platform. Polkadot is a Blockchain network that aims to make it easier than ever to create and connect decentralized applications, services, and institutions across the world.
Both Polkadot and Solana are open-source Blockchain technology platforms. In the Polkadot codebase, anyone can contribute or run a code or even build a service. It is built to connect various private and public, consortium chains and permissionless networks.
In the case of consensus mechanism, we need to know that Solana stands out in mining speed as it uses a Proof-of-History (PoH) mechanism to accurately and efficiently verify all transactions on the chain, which is different from traditional consensus models. In the PoH mechanism, the transactions are arranged into chronological order using a verifiable delay function (VDF). Solana has strict criteria for becoming a validator as not as many are needed in comparison to other methods of verification. In Solana’s PoH mechanism, the validator has to just figure out if any transaction is missing or it is not part of it, which is much less work which leads to much faster and more efficient transactions taking place.
Polkadot on the other hand functions as a shared security protocol by running over the Nominated-Proof-of-Stake (NPoS) mechanism to achieve consensus. Due to its interoperability nature, the developers introduced synchronized clocks to smoothen the validation and the projects connected to the relay chain share the common consensus mechanism. The individual parachains can communicate under this mechanism and there is no need for additional state indicators in the network. Through via bridges, Polkadot can do interoperable communication with external Blockchains, and to do this exchange of information special parachains are responsible.
Polkadot does not get bottlenecked like isolated Blockchains, as it is a sharded multichain network that overcomes those issues that happen usually over legacy networks. Polkadot to improve scalability does parallel processing, which conveniently improves scalability greatly, which creates the right conditions for increased adoption and future growth.
In terms of security, it is worth mentioning that Polkadot runs on a Nominated-Proof-of-Stake mechanism that translated to shared security, where all DOTs staked in the system are essentially backing all of the projects in the ecosystem. The security costs in Polkadot gets greatly reduced due of NPoS mechanism and this gets translates on to all those projects which are built over Polkadot.
When we talk about Solana, it can function at extraordinary transaction speed, where it can clock upto 50,000 TPS due to Gulf Stream protocol that is responsible for transaction caching and for forwarding them to the edge of the network. This drastically reduces the confirmation time and the memory requirements on validators from unconfirmed transaction pools.
As we know, speed, security, and scalability are well addressed in Solana, but in the case of Polkadot if any business wants additional security then they can bootstrap their own security with their validators, nominators, etc. to beef up more.
Smart Contract is actively not supported in Polkadot as being unique chain architecture where it has Relay Chain, however, with the help of parachains Smart Contracts can be deployed.
Whereas over Solana, the beta mainnet has the ability to do basic transactions along with smart contract features. Sealevel is another feature in Solana that helps in doing parallelized transaction processing engine that results in a better runtime for the network, as it helps Solana to scale horizontally across GPUs and SSDs.
Like most major cryptocurrencies work, Polakdot too offers a native token by the name of DOT that can be used for several functions over the Relay Chain. DOT token is needed by developers to start a new project and couple it to the Relay Chain as well as it is used for system-wide governance.
Whereas Solana has its native token by the name of SOL, which has more chances of appreciation in terms of growth. As at present Ethereum users are looking forward to migrating to other platforms due to its high gas fee. So, here Solana can utilize the opportunity, but again future prices of both tokens will largely be driven by future utility.
In terms of community support and funding, here we see that Polkadot too has an active forum of the community like Solana, where you can discuss with like-minded people and developers Polkadot. There are also other mediums like Twitter, Reddit, GitHub, and an active Discord community.
In terms of funding, the Solana Foundation a non-profit organization is the authority that looks after developing the Blockchain’s community-building initiatives, whereas Solana Labs remains at the top in terms of the core contributor to the network. While Polkadot received almost a total of $293.7M in funding and a Swiss organization named the Web 3 Foundation runs the network by owning around 11% of the tokens.
Polkadot and Solana, both are different in terms of functioning, as Polkadot aims to connect various Blockchains for the sake of interoperability along with scalability, whereas Solana focuses to bring low fees with increased speed.
Also, in terms of alt coin network, both Polkadot and Solana made themselves into the top 10 cryptocurrencies apart from crypto behemoth. As, of now both of them are working over different tangents, which can make them backbones of the blockchain development if they accomplish.
How Tezos Is Different. One of the distinctive features that distinguish Tezos is the way it manages its business. Many early blockchains rely on teams of developers and mining communities to make innovative design decisions. But, Tezos attempts to integrate the decision-making process into the users’ network that is the blockchain itself.
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