Cardano or Solana? Who Will Be the “Ethereum Killer”

The first generation of blockchain was Bitcoin which was mainly an electronic payment system allowing two parties to transact directly without the need of a trusted third party. After that, the second generation of blockchains was introduced by Ethereum these included the concept of smart contracts. The third generation of blockchains like Solana and Cardano aimed at solving the issues faced by the first and second generations. Some of those key issues are high transaction costs and scalability.

Why Solana is Better Than Ethereum

Solana, now seen as the leading competitor of Ethereum and is currently the 4th largest cryptocurrency by market value and has a market cap of over $11 Billion.

 Chief Investment Officer at Bitwise Asset Management, Matt Hougan Says.

A lot of the fastest growing applications of Crypto technology have been built on Ethereum and rely on blockchain to function. If you’re investing in Solana, you’re betting that its technical sophistication will help it leapfrog Ethereum

Solana is designed to support smart contracts and the creation of decentralized applications, or dapps. Although, Ethereum is more older and prominent Solana is a potential competitor and can support more transactions compared Ethereum. However, Ethereum is going to catch up since it has already finalized the merge and moved to proof of stake. One of the many things that makes Solana the most preferred network is that it has less transaction fees as compared to Ethereum.

We also cannot ignore the fact that Ethereum has more users and more applications that exist hence more stability. Solana still has its own risks as it has gone up in a short period of time. The potential for large price surges should be considered and understood. As quickly as it goes up it could also go down.

Why Cardano is Better Than Ethereum

The main difference between these two is that Ethereum has established itself as a central component of the cryptocurrency economy while Cardano is in the early stages of building out its potentiality and user base. The two networks share a common founder, Charles Hoskinson, who was one of the original developers of Ethereum.

Cardano is still under construction as its developers are working on key features and only introduced a few services while Ethereum is further along in its rollout. Ethereum is more valuable compared to Cardano and its market cap has grown in value especially since the merge having the network move from proof of work to proof of stake . Cardano has logs in more than 1 million transactions in a day. However, it is also important to note that although Ethereum is more valuable it has a high transaction cost as compared to Cardano.

Why is Cardano Better Than Solana

Cardano network uses proof of stake validation mechanism and has a limited supply of about 45 billlion with roughly 3.35 billion (ADA) tokens in circulation. This network takes out some limitations of Ethereum with scalability, low transaction fees and low processing time. Cardano can handle more transactions than Solana. Caradano is also a preferred network due its interoperability in that; Cardano can communicate easily and actively with other blockchains especially Ethereum as compared to Solana.

Why Solana is Better Than Cardano

On the other hand Solana uses proof of history and it entered the market with a plan to solve the problem faced by Ethereum and Bitcoins; low transaction cost, scalability and fast transaction. Solana can process over 50,000 transaction per second (TPS) with low fees as compared to Cardano and Ethereum networks. Traditional institutions have praised the high speed of transactions in the Solana network. The bank of America voiced to its clients that Solana could become the VISA of digital assets.