Many blockchain technologies claim to become a real Ethereum killer. The reason is the popularity that makes Ethereum the 2nd generation cryptocurrency for the associated famous benefits. The list is pretty long but some famous ones are Cardano, Polkadot, Tron, Cosmos etc. But today’s topic is specifically related to Solana that is doing the rounds and is being called the real Ethereum killer. As we know Solana has got its back from the big supporters and popular crypto exchanges. The famous one is the one founded by Sam Bankman called ‘FTX’. In the crypto industry, he is said to be the youngest billionaire and is amongst the most famous personalities. The reason for picking the Solana project as they reviewed it as the fastest crypto coin.
For fundraising one of the leading firms was A16z which is one of the most popular capital firms. The most recent reason for its popularity is the hackathon that it had declared for everyone to participate from around the world. It is also famous for the release of “Pi million dollars” and also gained headlines for the same in the news. If you are planning to invest your money in bitcoin, then you have to read benefits of bitcoin .
REASONS WHY SOLANA IS GAINING SUCH WIDE POPULARITY?
The first such reason is:
- TPS
TPS is called time per second. Ethereum’s capability of processing transactions per second is 15 transactions while the others of its competitors like Tron and Polkadot can process 1000 transactions per second. If we talk about Solana’s capacity of processing transactions it’s way larger than any of these mentioned currencies. Solana can process 65000 transactions per second which is a huge number.
- AVERAGE TRANSACTION FEE
The secondary factor that makes it popular is the transaction fee that is very much affordable. Ethereum’s transaction fee has always been talked about because the fee that it charges ranges from 15 to 50 dollars per transaction while its competitors just charge 1 dollar as a fee. But talking about Solana’s transaction fee it is as low as 0.0015 dollars. Solana’s low fee also gives Solana a reason for popularity.
- PROOF OF HISTORY
Proof of history is another reason why Solana is being called the Ethereum killer. As we know other cryptocurrencies use other technologies like sharding, layer two solutions and proof of stake to deal with the slow and expensive techniques. But Solana goes altogether different to deal with these problems through proof of history.
- BLOCKCHAIN TRILEMMA
This term was coined by the Ethereum founder Vitalik Buterin. He said while dealing with cryptocurrencies we have three main goals to achieve one being decentralization the second being security and third being the scalability. He said while achieving these goals a person will have to compromise with anyone’s goal be it any of the above-mentioned goals. But Solana has solved all these blockchain trilemmas and helps in achieving all three possibilities without any compromise.
SOME OTHER FEATURES ARE:
- SPEED
- SCALABILITY
- FINALITY TIME
- VALIDATORS
All these factors are also famous reasons that make it more famous than other cryptocurrencies. In terms of speed, it is much faster. In terms of scalability also it offers all three trilemmas. Although validators are less in comparison to Ethereum, with time it might include validators more in the verification and processing of the transactions. Finality is a kind of assurance given to the transaction that cannot be changed for good. In Solana the finality time is low.
ITS TOKEN –The token of Solana is denoted through SOL.
CONCLUSION
The topic pertains to the Solana cryptocurrency that has recently been said to be the real Ethereum killer. Although there have been many cryptocurrencies that have been said to be the Ethereum killer, Solana due to its distinguishing feature is being called so. I hope the topic would provide you with all the essential information and would give you a profitable future in crypto.