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SOLANA VS ETHEREUM

DeFi (Decentralized Finance) Ethereum and Solana are trying their best to capture the potential market by allowing potential users to create projects on the Blockchain, as we all know that Blockchain-based projects can be implemented over a variety of sectors ranging from finance to manufacturing and other industries.

But, the thing is that Ethereum and Solana are much different, and Ethereum, older than Solana, is already being heard by people.

What is Smart Contract?

In Blockchain terms, a Smart contract is an agreement, a self-executing sort of contract between buyer and seller, directly written into lines of computer code. Such code and deals exist across a distributed, decentralized blockchain network, which controls the execution and transactions by blockchain developers are trackable but immutable.

Solana

Solana is the fastest-growing open-source programmable Blockchain protocol that developers and institutions worldwide use to build decentralized applications (DApps) and marketplaces. Being fast, secure, and censorship-resistant are some of the unique qualities which led to its mass adoption in flexibly building open infrastructure.

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

Origin of Solana

Solana owed its origin to 2017, when its whitepaper was published by Anatoly Yakovenko, who previously worked at Qualcomm and Dropbox. The company, known today as Solana, was initially called Loom, but to avoid confusion with another company, a popular multichain interoperability solution. It was rebranded to Solana Labs by Yakovenko, Fitzgerald, and Stephen Akridge.

Solana, since its inception, has had a fantastic story of being funded by a $20 million series till mid-2019 and raised another $1.76 million in market value. Solana's beta mainnet can do essential work of verifying transactions along with innovative contract features, which were launched in March 2020. As of now, Solana Foundation functions as a non-profit organization that looks after the Funding and development of the Blockchain's community-building initiatives. At the same time, Solana Labs remains at the top in taking initiatives for the Solana Blockchain development and is a core contributor to the network.

How does Solana work?

Solana is one of the most high-performance permissionless Blockchain on the market. With a network of 200 distinct nodes, it can generate a throughput of 50,000 TPS when running with GPUs. Solana developers as a consensus model. Still, it is additionally by Tower BFT consensus. In case there are potential attacks from malicious nodes, in that scenario, Tower consensus helps the network to reach an agreement. Another advantage of Tower BFT is that it enforces a universal source of time across the web through proof of history to create a typical record of all the events and verify transactions on the Blockchains, which serves as a permanent reference for the nodes running the network. Here in Solana, Proof of History is not a consensus protocol or an anti-Sybil mechanism. Still, it is a decentralized clock that helps secure the Blockchain. It is a permissionless, globally available source of time on the Blockchain that works before the network reaches consensus.

One feature that makes Solana's leading throughput possible is Tower BFT, which leverages this permissionless clock to reduce transaction processing power.

Solana's transaction parallelization system, known as Sealevel, enables parallel smart contract runtime to optimize the network's resource usage and horizontal scaling across GPUs and SSDs. The MEmpool system of Solana, known as Gulf Stream, is different from other Blockchains. Even before validators finalize the transactions, the Gulf Stream forwards the transactions to them. Due to this mempool-less transaction protocol mechanism, transaction confirmation speed increases and the network's concurrent and parallel transaction capacity.

Features of Solana

Proof of History (PoH) – Consensus Clock

If we go by the definition then, Proof-of-History (PoH) 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 clock. PoH stores historical records of transactions and allows the system to keep track of the order of events more efficiently. Hence, it brings in more efficiency and higher throughput within the network.

Tower BFT (Byzantine fault tolerance)

Solana implements Practical Byzantine Fault Tolerance in the form of Tower BFT that is optimized for PoH. Tower BFT takes advantage of the cryptographic clock to reach consensus without going through many messages among nodes — consequently improving the transaction speed.

Gulf Stream (Mempool-less transaction forwarding protocol)

Gulf Stream is a protocol responsible for transaction caching and forwarding them to the network's edge, enabling Solana to reach 50,000 TPS. Due to Gulf Stream, network validators can execute transactions ahead of time, drastically reducing the confirmation time and the memory requirements on validators from unconfirmed transaction pools.

Turbine ( Block propagation protocol)

In Solana, the Turbine block propagation protocol breaks data down into smaller increments to make data transfer easier among the nodes. Turbine comes in handy to address bandwidth-related issues and increase the network's overall transaction processing speed.

Sealevel (Parallel smart contracts runtime)

Sealevel is a parallelized transaction processing engine that results in a better runtime for the network, as it helps Solana to scale horizontally across GPUs and SSDs.

Pipelining (Transaction processing unit for validation optimization)

Pipelining can be referred to as assigning a stream of input data to different hardware for processing. This ensures quick transaction information is replicated and validated faster across the various nodes of the network.

Cloudbreak (Horizontally-scaled accounts database)

Cloudbreak is a data structure required for the network's scalability and throughput. It organizes various things from the accounts database, making concurrent reads and writes possible between the network's 32 threads.

Archivers (Distributed ledger storage)

Archivers are a network of nodes where Solana's validator nodes offload the data; now, these nodes may consist of essential laptops or PCs that the network uses for data storage.

Solana's Native Token ($SOL)

Solana's native token is SOL, which like most other intelligent contract platforms, can be used to pay for all on-chain transactions and smart contracts. Moreover, SOL can be used by investors to do micropayments, and by supporting the network, SOL token holders can also earn rewards, which is called staking.

SOL was traded at US$65.06 with a maximum supply of 489 million coins and a circulating supply of 286 million tokens.

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Some Top Projects in Solana

Serum

Serum Project is built over Solana and is a decentralized exchange (DEX) that brings unprecedented speed and processes transactions at low costs.

Raydium

Raydium is a Decentralized Finance (DeFi) application that provides on-chain liquidity to a central limit order book. Raydium additionally aims to partner with other DeFi and AMM communities and provide support to build their products on the Solana network.

Phantom Wallet

As the name suggests, Phantom Wallet is a digital wallet crafted for DeFi and NFTs that offers a browser extension for managing digital assets and accessing decentralized applications on the Solana Blockchain.

Orca

Orca is another DEX-based cryptocurrency exchange built over Solana and aims to provide a more direct, human-centered experience for the traders on Solana.

Oxygen

It is a DeFi Prime Brokerage Protocol built with a plan to support millions of people in the future. The mechanism of Oxygen is such that it lets its users generate yield on their portfolio by lending out their assets and borrowing other assets at the same time.

Solana’s vision

Solana is currently working on solving some challenging issues, such as speed and scalability for global adoption, without sacrificing any of the inherent properties of a robust layer-1 protocol faced in the Blockchain fraternity.

In terms of scalability, Solana, by implementing a revolutionary time architecture, verified transactions, processing mechanism, and more efficient consensus model became one of the world's fastest layer-1 networks. Solana's open infrastructure lets apps are easily deployed with composable building blocks without dealing with additional friction caused by sharding and other layer-2 solutions.

Solana insists on solving all of these with their eight-core innovations in a world of a general perception that a decentralized Blockchain network can only satisfy two of the three main properties — decentralization, security, and scalability.

Let's build together on solana

After briefly introducing Solana and its features, let's look at Ethereum.

Ethereum's Blockchain

Ethereum is a ledger technology that various companies use to make new programs, and Ethereum is being operated over Blockchain technology, thus making it part of the earliest Blockchain technology.

Ethereum is an open-source blockchain-based distributed computing platform and operating system featuring intelligent contracts functionality run by blockchain experts. Also, Ethereum was the first Blockchain project to install intelligent contract technology, eliminating the need for a third party to agree.

Ethereum must be a very familiar name for any crypto world enthusiast as it has been referred to as the 'Queen of Cryptocurrencies' by some. Ethereum was the first Blockchain project to install intelligent contract technology, eliminating the need for a third party to agree. As a Blockchain platform Ethereum has carved out a niche for itself in the blockchain community, but with the entry of newbies, it stands cornered. One of the newest ones to arrive over the horizon is the Solana, which, as a Blockchain platform, has showcased significant potential in recent times.

The fight between Ethereum and Solana in crypto projects is not just hype but reality, which brought Solana from nowhere to the top 10 in the Binance coin and financial market data ratings. Many experts and crypto world enthusiasts call Solana an Ethereum killer due to its advanced technology and high scalability.

So, let's compare them separately in terms of various parameters to know in detail.

License

Since its launch in 2015, Ethereum has been an open-source and Decentralized Finance ecosystem (DeFi) introduced by a blockchain development firm and team of developers. Its creators are outside the traditional banking system, and apps on the platform allow you to borrow, lend and earn interest on your cryptos and all that without the need for an intermediary.

Consensus Mechanism

In terms of mechanism, Ethereum's Proof-of-Work (PoW) mechanism is used to achieve consensus. There are some issues faced with Proof-of-Work (PoW) mechanisms, and one of the major issues is that it consumes a lot of power and energy, making it inefficient, which increases gas fees.

Speed, Security, and Scalability

It is no man's secret that Ethereum initially was tardily slow in handling just seven transactions a second, while Solana does around 65 000 a second. At best, Ethereum can process transactions of about 30 per second, which is still insufficient for any financial institution.

Smart contract capabilities

Smart Contracts is nothing but a program that consists of a collection of code and data that is stored at a specific address over the Ethereum Blockchain. Like a regular contract, Smart Contract can define rules and automatically enforce them through the code.

There are mainly two developer-friendly languages for writing smart contracts in Ethereum – Solidity and Vyper. In Ethereum, by having enough ETH to deploy your contract, anyone can write a smart contract and deploy it to the network. To deploy a smart contract, you need to pay in the form of gas, just like a simple ETH transfer.

Native token - ERC-20

Ethereum Request for Comment (ERC-20) is the standard token used over Ethereum for creating and issuing Smart Contracts. These ERC-20 tokens are Blockchain-based assets that can hold value and be sent and received. ERC-20 tokens started as a revolutionary system for creating interoperability between tokens built on the Ethereum Network.

Community Support and Funding

As of now, Solana Foundation functions as a non-profit organization that looks after the Funding and development of the Blockchain's community-building initiatives. Ethereum has a teaming community support forum that includes tens of thousands of developers, technologists, users, miners, holders, and enthusiasts worldwide. In this Ethereum support forum, you can join a meetup group, contribute to an Ethereum development project or just attend an event.

Conclusion

What Makes Solana Stand Out in the Crowd?

In the world of Blockchain, Solana has the tag of most scalable and first truly web-scale Blockchain, as it's one of the few protocols achieving over 1,000 TPS.

On the current testnet, the Solana team claims to support over 50,000 TPS, with over 200 nodes. According to this, Solana is one of the most performant Blockchain networks compared to other systems that work over the Proof-of-Work mechanism.

What Does the Future Hold for Solana & Ethereum?

As of now, we can say that both Ethereum and Solana will make a significant impact on the arena of the global business of Non Fungible Tokens (NFTs). Now, the people outside the crypto community are well aware of the highly volatile nature of cryptocurrencies like Bitcoin. Still, Ethereum has already been adopted by many businesses and enjoys an excellent market cap. While the Solana ecosystem outperforms in terms of speed and low transaction fees, Solana too accumulated a significant share of the market cap, which is the probable reason Solana gets compared to Ethereum. Although Solana is fairly much newer in the DeFi ecosystem, it will undoubtedly take some time to catch up with Ethereum regarding network capabilities. We are hopeful of that in crypto projects.

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