Solana

In today’s blockchain world the cryptocurrencies are constantly in a race to develop the most secure and scalable blockchain networks. The outcome is that new blockchain networks have been budding along with new cryptocurrencies. Major cryptocurrencies like Ethereum and Bitcoin suffer from many challenges such as higher transaction fees and slow transaction validation. These top cryptocurrencies have great market caps and yet have several users. So let’s know more about Solana vs Polkadot. 

Solana blockchain was launched in 2017, and is lightning-fast transaction speed, to the existing blockchain technology. The developers of Solana use the concepts of clocks in their blockchain network. The developers have introduced synchronized clocks to smoothen the validation by the concept of ‘proof of history’ rather than ‘proof of work’ or ‘proof of stake’. 

Polkadot is a diverse blockchain architecture that was developed in the year 2016 by Gavin Wood, who is one of the Co-Founders of Ethereum. The interesting thing about Polkadot is that it does not claim to be a new blockchain network with several advantages. The prime agenda upon which the cryptocurrency was developed is to support interoperability among blockchains. 

It provides a framework where various blockchain networks can connect and run together which is amazing right? Polkadot provides a framework where different blockchain networks can connect and run together; it also provides a shared environment for cross-chain operations. Using Polkadot users are capable of running smart contracts on the chain and corresponding transactions on others. 

Solana Vs Polkadot 

1 While coming to the architecture, Polkadot offers a unique chain architecture where its Blockchain includes a Relay chain and other many parachains. On the other hand, Solana’s architecture is built to enable high performance. It allows one node to be selected as the leader node that verifies and sequences the transactions with the help of the concept called ‘Proof of History’. This enables an extravagant throughput along with extraordinary transaction speed. 

2 The speed of both Polkadot and Solana are almost the same and are way faster than Bitcoin and Ethereum. Solana supports about 50,000 transactions per second whereas Polkadot supports about 1000 transactions per second with a blocktime of 6 seconds. When we compare both, the Polkadot and Solana then both are much more efficient blockchains when compared to Ethereum and are unique in their own ways. 

3 Polkadot is a native token called DOT with a cap of 10 million tokens supplied to the network. And SOL is a native token of Solana, the maximum token that supply of which is debatable since the number is dynamic. 

4 Solana has a market cap of about US$61.53 billion, whereas Polkadot has about US$45.28 billion. 

5 Solana and Polkadot offer lower and dynamic transaction fees and are independent of power consumption costs. 

6 While talking about mining, Polkadot supports the Proof of Stake which is faster than the Proof of Work and Solana stands out in mining speed with the Proof of History mechanism.