The Cryptocurrency market has exploded in recent years. Still, only some Cryptocurrencies have garnered as much attention as the dynamic rival Cryptocurrencies, Cardano and Solana, the seventh and the eighth biggest Cryptocurrencies. These Cryptocurrencies can be traded on websites like the Ethereum Code website, which uses automated trader bots to earn its user guaranteed profits. These Cryptocurrencies have a lot of potentials and can give a high return on investments. However, one will prove better than the other in the coming years. Here’s which one can outperform the other.
Cardano
The ADA coin is the native token of this platform for Smart Contracts. Cryptocurrency was released in 2017, featuring the only peer-reviewed consensus protocol – Ouroboros. Cryptocurrency was launched by the second-largest Cryptocurrency, Ethereum’s co-founder, Charles Hoskinson. The protocol name Ouroboros depicts the platform’s highly sustainable and scalable nature.
It is a type of Proof of Stake consensus mechanism. A PoS mechanism is one in which all of the validators on the network compete for the chance to verify the transactions, which will earn them rewards. This competition for the right is based on the validators’ stake in the network. Ethereum itself relies on a PoW (Proof of Work) mechanism, an energy-intensive approach. The PoS consensus mechanism of Cardano puts it a step ahead in the argument of sustainability.
The third phase of the project was Smart Contracts which was launched in 2021, and even though it is in its nascent stages, hundreds of projects are in the works, including several dApps and DeFi services. In its next phase, Cardano will concern itself with its scalability. Presently the network allows 250 transactions in a second, and the final validation time of the transactions is 2 minutes. This is much better than most other Cryptocurrencies, such as Ethereum, which has a speed of 14 TPS (Transactions Per Second) with 2 minutes as its finalization time.
Solano
SOL coin is the native token of this Smart Contracts platform. Released in 2017 by Anatoly Yakovenko, a former Qualcomm software engineer, Cryptocurrency has a consensus mechanism that is a mix of the Proof of Stake and the Proof of History mechanisms. A unique feature about this platform is that it accelerates the network throughout by timestamping incoming transactions, creating a verifiable order of events.
The Bottom Line
Theoretically, Solana has a speed of 50,000 transactions per second with a finalization time of just 13 seconds. This excellent scalability of the network transactions keeps the transaction fees very low. Compared to Cardano, Solana costs a fraction of a cent, whereas Cardano costs $0.44 as its transaction fees. So, the Solana network is cheap and fast, and the platform also has over 1,300 blockchain projects. These projects include Decentralized Applications like Solanart and Magic Eden, which are very popular NFTs in terms of the total traders.
To conclude, even though both Cardano and Solana are very innovative blockchain projects, it is apparent that Solana is a step ahead of Cardano in most fields.
