Solana (SOL) is a blockchain. Open source which allows the development of smart contracts and decentralized applications. It was designed to solve the scalability problem faced by most blockchain networks.
In less than 2 years, it has been extremely successful, establishing itself as one of the best platforms in terms of scalability, speed, security and transaction costs. In addition, it requires very few computing resources, making it more environmentally friendly.
However, the stability of the network, the high number of tokens for project members, and the relatively small number of active projects and nodes on the platform are widely criticized. In addition, Solana is facing objections that it does not have a fixed supply of vouchers, and may therefore be exposed to inflation.
In this article, we introduce you to some blockchain that could be considered the best alternatives to Solana in 2022.
Ethereum (ETH)
First, we have Ethereum. While the platform is plagued with problems of scalability, energy heaviness, slow speed and additional cost, it remains a key focus for the development of smart contracts, DeFi applications, NFTs and other blockchain-related services. In addition, Ethereum has implemented the largest number of solutions and validators. This makes it a highly decentralized and secure network. While Solana has a higher TPS, Ethereum has many non-existent resources. On the other hand, upgrading to Ethereum 2.0 promises more flexibility, less power consumption and lower costs.
Binance Smart Chain (BSC)
Binance Smart Chain is a blockchain network developed by Binance, the leading cryptocurrency exchange. It allows you to take advantage of low gas costs (6.6 Gwei on average versus 43.4 Gwei for Ethereum). It also offers relatively low block times, for 3 seconds. BSC also benefits from a large community of developers thanks in particular to Binance’s bad reputation and its compatibility with Ethereum virtual machine (EVM). BSC, on the other hand, waives a certain decentralization threshold to guarantee a significant increase in load and optimal data flow.
Cardano (ADA)
Cardano enables smart transaction processing and contract deployment. The network reduces transaction processing costs and time. In addition, the deployment of its Ouroboros consensus mechanism can significantly reduce the energy load of the network. Cardano achieves up to 257 transactions per second (TPS). He does, however, intend to resolve it layer 2, more than two million GST.
Polcadot (DOT)
Polkadot is one of the most productive platforms in terms of scalability. To ensure a certain increase in load, the network plans to use so-called secondary chains parachain. These are data structures associated with each application that can be checked by keychain validators. They make it possible to absorb some of the workload mainnet, which helps to unlock the key chain. In addition, Polkadot guarantees advanced interoperability with other blockchains.
Avalanche (AVAX)
Avalanche is called one of the most developed blockchains in the ecosystem. It has this reputation because of its rather special architecture. Actually, this project consists of three blockchains instead of just one. Each of them allows you to perform specific tasks. Execution time smart contracts on a relatively low Avalanche. Moreover, it can support more than 4500 TPS. In addition, with minimal hardware requirements, the platform is intended to be inexpensive and more eco-responsive.
Elrond (EGLD)
Elrond is a blockchain that tries to offer very high transaction speeds by relying on the shaving adaptive situation. This approach involves splitting the data into small chunks and distributing them to different sardines of the network. Elrond claims to be the blockchain on an internet scale. In addition, it would be able to perform up to 15,000 transactions per second. In addition, the protocol has a block time of approximately six seconds and an average transaction cost of $ 0.001.
Algorand (ALGO)
Algorand is a blockchain protocol that uses a change to the consensus mechanism Proof of Bet (PoS) to optimize its transactions. In addition, its two-tier structure allows it to limit congestion and increase the speed of exchanges. As a result, the platform can handle over 1,200 TPS. It also plans to expand to 45,000 GST in the coming years. Similarly, the platform only offers finality in five seconds.
Polygon (MATIC)
Polygon is an Ethereum-based scaling solution that reduces execution time and cost of transactions performed on the blockchain. As such, it delivers a performance of almost 65,000 transactions per second, which is equivalent to Solana’s TPS. In fact, Polygon is one of Solana’s most serious competitors in terms of scalability. In addition, this network ensures significant interoperability of applications based on the Ethereum architecture. However, due to the changes brought to Ethereum 2.0, Polygon may not become as relevant.
Solana is currently considered a reference in scalable terms. However, in order to achieve this, it must abandon certain aspects such as security and decentralization. Because of this situation, some people may want to go to representatives who would be less advantageous or not. The list above outlines some of them. Of course, the purpose of mentioning these projects is not to target investors, but to give them a more global perspective. Solana is still a recent project. There is no doubt that its potential will be much greater in the future.
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Junie MAFFOCK
I came across a blockchain out of curiosity and stayed with it out of passion. I was amazed at the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.
