ETHEREUM VS SOLANA: The Ultimate Ecosystem Battle 

INTRODUCTION to ETHEREUM VS SOLANA ECOSYSTEM

Ethereum, a layer 1 blockchain and the originator of the smart contract code from 2015 has been the foundation for building and development of other altcoins tokens, DAOs and NTFS. It packs a decentralized, open-source blockchain platform featuring smart contract functionality Solana AKA the ETH killer. Solana is a crypto computing platform that aims to achieve high transaction speeds without sacrificing decentralization: A feature that makes devs and project owners build on solana while sacrificing Ethereum network despite its strong security. Which Ecosystem is gonna be the leading faction in this 2024 bull run between ETHEREUM VS SOLANA.

NOTHING IN THIS ARTICLE IS FINANCIAL ADVICE(NFA).

ETHEREUM ECOSYSTEM and FOUNDERS

Ethereum is a smart contract cryptocurrency that was originally founded by computer science student: Vitalik Buterin in 2013. He founded the eth smart contract after he tried and failed to implement smart contracts on Bitcoin.  There are 8 co-founders on the eth including polkadot co-founder Gavin wood and cardano founder Charles hoskinson. These eight co-founders built the project with Joseph lubben;Co-founding an American company “CONSENSUS”. 

MAINNET AND ICO.

    Ethereum raised close  to $18m worth of BTC in a 2014 ICO(Initial Coin Offering) and the mainnet went live in 2015. With an impressive technology Ethereumhas become a base layer for building of the Crypto ecosystem. For reference, most of the Stable coins in circulation and the top100 cryptos are tokens built on Ethereum or coin based on Ethereum’s code. 

TECHNOLOGY

Etheruem uses a proof of stake(POS) consensus mechanism also known as ghost. Currently Ethereum can process 30 transactions per seconds(TPS). It takes a maximum of 13 minutes to complete a transaction. However they are working on a new single finality time of 12 seconds. The reason for this slow speed is because ethereum is the most secure and totally decentralized. Having over 900k validators on its blockchain. You can become an Ethereum validator for just 32 $eth. 

Note: there may be elements of centralization when it comes to their clients and node level. 

ADVANTAGES 

1. Security
2. More decentralized
3. The only cryptocurrency with a pending ETF after Bitcoin
4. Deflationary 

DISADVANTAGES

1. Slow transaction speed
2. High gas fee

SOLANA ECOSYSTEM and FOUNDERS

Solana is a smart contract crypto that was built in 2017 by a former Qualcomm engineer Anatoli yakovenko. He discovered how to make a decentralized system that is as fast as a centralized one. Originally Solana was intended to become a competitor to stock exchanges like NASDAQ but in a decentralized way.  Solana was created by an American software company by name “SOLANA LABS” 

MAINNET AND ICO.

Solana raised just about $25m from different ICOs specifically in 2018, 2019 and 2020  respectively. Then launched in 2020. Solana went on to raise another $314m in token sale by 2021. This was a big deal because it is not common to see a project get funding after its ICO and particularly after its launch. This small feat boosted the confidence of VCs(Venture Capitals) backing Solana. 

TECHNOLOGY

Solana uses a proof of stake mechanism that timestamps transactions with a unique technology called proof of history. Solana can currently process 2- 3000 tps with a transaction time of 12 seconds. Note that solana can theoretically process 65,000 transaction per second. It can achieve this incredible high speed because it is not as secured or decentralized as Ethereum. Having just 1900 validators on its blockchain. And a security risk here is that the top 21 out of these validators have enough stake on its node to theoretically cause a  big problem should they work together. Solana has no minimum  stake  to become a validator. 

Note: Solana is even more centralized at the client and node level. 

ADVANTAGES

1. Speed
2. Low transaction fees 

DISADVANTAGES

1. Not secure 
2. Inflation rate of 6.5%(expected to drop to 2% in few years)
3. More centralized compared to Ethereum

Price prediction.

price can go a long way in the ETHEREUM VS SOLANA ultimate ecosystem battle 
Ethereum is expected to hit $10k. That’s a 5 – 7x in the coming bull run. While Solana is expected to hit $1k in a 10x rally this next bull run.  

You can trade ETH or SOL on BYBIT and get a sign up bonus. You can also learn how to trade with CRYPTO UNIVERSITY for a discount.  

CONCLUSION

Comparing both ETHEREUM VS SOLANA can go way on for longer but the obvious has been stated with each of them having their areas of strength and weakness. However they are both working on their weaknesses. That’s a good sign that the epic battle will continue and this will aid innovation. It is your decision now to choose where to invest for the bull run. All the facts have been laid out for you. That’s a wrap for today. 
Remember guys Not Financial Advice(NFA)