The first crypto coin that emerged in the market was Bitcoin. It was built on the Proof-of-Work consensus, which means the production of each coin was done by computers’ work. The second-popular crypto – Ethereum – was first based on the same principle. Ethereum used to be mined the same as Bitcoin. Mining complexity is increasing over time. Besides, it needs complex preparation – buying expensive, powerful machines and organizing space with enough ventilation, etc.
Later, Proof-of-Stake projects started to emerge, and one of the earliest was Solana. What is the difference between these blockchains and where to buy crypto? Let’s discuss it.
What is Solana?
The same as the Ethereum blockchain, Solana is used by developers for building and deploying decentralized applications, smart contracts, games, NFT marketplaces, etc. There was a time when the Ethereum network’s throughput was not enough for so many applications built on it, and its transaction costs increased. That time, Solana took the initiative – developers started to massively use this network for building their products on the Solana blockchain.
Solana solved many problems people faced working on the Ethereum network:
- The network proceeds 65,000 transactions per second.
- The commission is low – $0.00025
- Staking is much simpler than mining and is available for anyone.
Staking means generating new crypto coins by holding existing coins on the network. Unlike mining, staking does not need any expensive machines and additional space – just a laptop and connection to the Internet will be enough.
Recently, Ethereum moved to the Proof of Stake mechanism too. It allowed for reducing transaction costs and facilitating the speed of their proceeding.
Here is some comparison:
- Solana price is $22.54; Ethereum rate is $1,576.
- Solana is more scalable and consumes less memory than Ethereum.
- Solana uses more common programming languages compared with Ethereum.
- Solana has more shutdowns because of hacker attacks.
- Solana performs 50,000 TPS, Ethereum – 30 TPS.
Every developer picks an appropriate network following their own preferences. Both coins – ETH and SOL – are worth buying. We dare to say they are the best crypto to buy now. Use reliable crypto exchanges for investments, and don’t forget to assess risks and diversify your portfolio.
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