Solana network touted as potential Ethereum rival and there are a whole lot of reasons to say this. Etheruem (ETH) launched in 2015 with smart contract capabilities. It brought the notion that blockchain has more practical use cases than just process transactions. Soon enough many other blockchains adopted the same and the space became full of multiple options with unique specifications than the others.
In April, 2019, Solana (SOL) launched as yet another blockchain network with its own edge over the contemporary networks— fast transaction speed. Similar to every other blockchains, Solana facilitates all the primary features with more advancements.
The network was smart contract enabled from initially, could easily serve the tasks expected from a general blockchain. Solana had several additional features that give the blockchain edge over the others. Two of these could be its transactions per second (TSP) and consensus mechanism.
Solana (SOL) boasted its transaction speed capability to go upto 710,000 transactions per second (TSP). By any means, the speed is way more than even the popular traditional transaction method of Visa—Solana’s theoretical transaction speed could be upto thirty times than Visa’s. However, it had not gone above 50,000 transactions per second. The transaction speed resolves issues with transaction fees as well.
Consensus mechanism of the Solana blockchain—proof-of-history—also gives it a unique edge. This also acts as a factor for high transaction speed where validators allot timestamps to each block to save extra effort nodes need to confirm the date and time.
Ethereum, despite being the first, biggest and most used blockchain network, lacks a lot of features which Solana was able to offer. Recently, the former went through the Merge upgrade intended to cater multiple crucial requirements to stay as a relevant blockchain network.
The upgrade brought major change in terms of consensus mechanism, which was proof-of-work earlier and recently transitioned to proof-of-stakes. This would end up saving tons of energy and act towards enhancing transaction speed along with lowering the gas fees. Yet Ethereum might take some more time to offer the similar, or better if possible, features than other contenders like Solana.
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