Connect with us

News

Solana is More “Complementary” to Ethereum Than “Killer”

mm

Published

on

VOC, Voice of Crypto, SOL, ETH

Solana’s co-founder Anatoly Yakovenko recently unveiled how Ethereum influences Solana.

They are two of the most prominent blockchains globally, possessing their crypto tokens, SOL and ETH. Yet, they are usually pitted in competition against each other by experts and enthusiasts alike.

SOL v/s ETH

Solana is a public open-source blockchain platform with smart-contract functionality that utilizes the Proof-of-Stake (PoS) and Proof-of-History (PoH) protocols. 

Since its launch in 2020, Solana has become popular, boasting a market cap of $11.74 billion due to its low gas fee and fast processing speed. 

However, they hit a snag in July 2022 when a lawsuit was filed against them. They were accused of selling unregistered SOL tokens. In August 2022, its ecosystem was hacked, with approximately $4.1 million stolen from 9,231 Solana wallets. 

Advertisement

Ethereum, on the other hand, is also an open-source blockchain that can enable smart contracts. It previously used the Proof-of-Work (PoW) protocol, but since the Merge, it now uses Proof-of-Stake (PoS).

One of the biggest blockchains in the world, it ranks second only to Bitcoin in terms of market value, popularity, and usage. Due to its upgrade, it is expected to process transactions faster and make it easier for users to be validators.

Owing to their similarities, both blockchains often get compared to each other. It was not surprising that Anatoly Yakovenko (Solana’s co-founder) explained that Solana complements Ethereum rather than competes with it — contrary to the general notion.

Solana Complements Ethereum 

Nevertheless, he said it has been intriguing to see some developers choose Ethereum over Solana, discrediting the ‘Ethereum killer’ Solana has been touted. “What’s funny to me is that people call Solana an Ethereum killer, but we’re so different,” he said, explaining that the two proof-of-stake blockchains are “almost complementary” in numerous ways.

One way in which Solana differs from Ethereum however is that it is a mixed blockchain that also uses a proof-of-history (PoH) consensus algorithm. The PoH protocol provides a record of previous events on the blockchain for continuous reference.

To Yakovenko, Ethereum is focused on the impression that validators need to be incredibly cheap. He said the developers are forfeiting everything else to accomplish that. Also that Ethereum’s sharded network and its strategies are all established around the notion of very inexpensive validation.

Advertisement

As Anatoly Yakovenko has stated, there are some use cases that Solana can handle that Ethereum can’t. If this makes the former more complementary or a better alternative than the latter, well, that’s open to personal interpretation.

Newsletter

Trending