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February 22, 2022

Solana – Introducing Ethereum’s Rival

Solana's popularity soared in 2021, owing mostly to its significant price hike. Much of it was generated due to the rapid proliferation of non-fungible tokens on Solana's blockchain. Overall, the reason people chose it over Ethereum was simple - it was cheaper and much faster — users could mint NFTs for little or no expense, and hundreds of projects grew in popularity.

What is Solana exactly?

Solana is the first web-scale blockchain in the world. Due to the platform's one-of-a-kind design, its permissionless blockchain can achieve a throughput of 50,000 TPS. In essence, Solana is a programmable blockchain that aims to achieve fast transaction speeds without sacrificing its primary characteristic of decentralization. The network employs an innovative technology known as proof-of-history. SOL, the native coin of the blockchain, is used to pay transaction fees and may also be staked.

How was Solana Born?

Anatoly Yakovenko, a former Qualcomm and Dropbox developer, created and unveiled the platform in 2017 with the release of the Solana white paper. Along with Eric Williams and Solana's Chief Technology Officer, Greg Fitzgerald, the team intends to build a trustless and distributed system that addresses the conventional vulnerabilities that plague the Bitcoin and Ethereum blockchains.

The Solana whitepaper is the first published documentation of proof-of-history, which is characterized as a novel method of timekeeping for distributed systems on the blockchain. In February 2018, the team launched the Solana platform's test net. Solana Labs, the business that created the platform, was formerly named Loom. Later on, the name was modified to prevent confusing it with Loom Network, a solution for multichain interoperability.

What apps are supported by Solana?

Solana, like Ethereum, is a programmable blockchain because of its capacity to communicate with smart contracts. Smart contracts enable various decentralized apps (DApps), including NFT marketplaces, DeFi games, and decentralized exchanges (DEXs).

Decentralized exchanges (DEXs) and loan apps are the most popular Solana applications. Additionally, the network may handle wrapped assets and stablecoins, including USD Coin. The full Solana ecology may be found here.

What distinguishes Ethereum from Solana?

Solana is a direct rival to Ethereum. Ethereum's smart contract functionality enables the deployment of decentralized apps (dApps). Alternatively, the sheer volume of these self-executing contracts caused the network to become congested. Consider Ethereum's relatively cheap transaction fees and the abundance of smart contracts. The network is sluggish, has high transaction fees, generating a significant carbon footprint due to its continued use of proof-of-work consensus.

Until Ethereum 2.0 is completely implemented, it should allow for next-generation blockchains to gain a foothold in the decentralized application industry. ETH 2.0 is scheduled to take place in 2022. Solana is the world's quickest programmable blockchain to date, which is based on a modified proof-of-stake consensus paradigm, enhanced with state-of-the-art core improvements.

Ethereum and Solana are different in terms of their core technology and consensus process. While Ethereum is now based on PoW, Solana is based on PoH. Ethereum began in 2014, whereas Solana is scheduled to launch in 2020. Ethereum provides a far more established and decentralized network, while Solana enables fast and inexpensive transactions.

Solana can process over 50K transactions per second at present (TPS). Ethereum is currently upgrading to Ethereum 2.0, and once complete, it will be capable of processing over 100K transactions per second.

NFTs Reign Supreme on Solana's Monkey Business

Several Solana projects have gained exposure, but The Solana Monkey Business NFT  is by far the most popular one. This collection reunites 5,000 distinct, pixelated, and tiny monkeys. SMB NFTs, like other primate-inspired NFT ventures such as Bored Ape Yacht Club and CyberKongz on the Ethereum Network, provide the holder with owner-exclusive benefits such as governance. As the main NFT project on the Solana Network, the Solana Monkey Business NFTs now has a market valuation of $100 million, making them rather lucrative assets to have.

Individuals considering investing at this stage should keep in mind that the initial cost of accessing the SMB NFT advantages is substantial. The least priced SolanaMonkey is just over $26,000, making it a pricey beginning point for individuals unfamiliar with NFTs.

All metadata about SolanaMonkey is saved on a permanent decentralized storage system called Arweave. Each SolanaMonkey was produced using 99 distinct qualities and distributed over six levels, allowing for some to be more unusual than others. This allowed everyone who took part in the original drop a chance to mint the most valuable coins.

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