Most of the blockchain's core features such as the Ouroboros proof of stake consensus algorithm have been published as peer-reviewed papers. The team has published 125 papers so far with many of which being peer-reviewed. Its claim to fame is a research-driven development approach leveraging common academic practices with a particular focus on peer-reviewed papers. Unethical team?Ĭardano is the second largest cryptocurrency of the three by market cap. Not only are developers building on Solana, people are using the DApps too. For example, according to Cointelegraph, secondary NFT sales on Solana reached almost $500 million in three months ( source). In addition, Solana has found significant traction with the smart contract developer community, with hundreds of projects built on Solana and a few getting impressive adoption. The astronomical growth of the price of SOL this year from just under $3 per coin at the start of this year to a peak of over $250 per coin in September is a testament to the team's feats of community building. Solana's team has done a fantastic job growing its community. This is ironic given that Solana advertised on its website that "transactions will not be stopped" ( source). For 17 long hours, Solana users had their funds frozen and were not able to use the network.
#Chaindive subbed software#
Solana is so centralized that a small group of validators were able to shutdown the network for 17 hours in September after the software failed to work properly when a large volume of transactions suddenly flooded the network. These are all tradeoffs that Solana made to increase its throughput. In addition, unlike Bitcoin or Ethereum where you need to control more than half the network to control the whole network, in Solana, you only need to control more than one third of the network to control the whole network. Each one has to store the entire ledger and validate up to 50,000 transactions a second! It's not surprising that Solana requires such powerful validators. Compare this to Ethereum 2.0, which will require at minimum a 4th generation i7 processor (launched in 2013), 8 GB of RAM, and a 0.1 TB SSD. These are hefty hardware stats, meaning that setting up a Solana validator is both expensive and difficult. 12 CPU cores (or more) with a clock speed of 2.8GHz.Solana validators need to have at a minimum ( ): Validators form the backbone of a cryptocurrency and the easier it is to be a validator, the more decentralized it is. With Solana, it's not that easy to be a validator. The more validators a cryptocurrency has, the more secure it is. A quick exposition: validators form the backbone of a cryptocurrency and the easier it is to be a validator, the more decentralized it is. For one, there are significant hardware requirements to be a Solana validator. The team sacrificed a lot to be able to advertise the 50,000 transactions throughput. So how centralized is Solana? It turns out it's very centralized. Thankfully, decentralization is a gradient, so Solana is less decentralized than Ethereum but still more decentralized than a bank. In order to be faster than Ethereum, Solana chose to be more centralized. A cryptocurrency can't be Decentralized, Fast, and Secure at the same time. Similar to college where college students can only choose two of three aspects of college life (good grades, social life, and sleep), cryptocurrencies have their own trilemma. This article is a deep dive into these 3 Ethereum competitors to see how they fare against each other and whether they have chance to supplant Ethereum.
Among the most promising of which are Solana, Polkadot, and Cardano.
The decentralized and open nature of the system drastically limits its throughput and any DApps that became popular quickly made the whole system inordinately expensive to use.Įnter from stage right a motley crew of burgeoning cryptocurrencies trying to usurp the incumbent. However, despite Ethereum's huge potential, it has a glaring weakness.
#Chaindive subbed upgrade#
This was a huge upgrade in the capabilities of cryptocurrencies and today, smart contracts power all the most exciting decentralized applications (DApps), including Non-Fungible Tokens (NFTs), Decentralized Autonomous Organizations (DAOs), and DeFi (Decentralized Finance). Instead of just addresses sending monetary transactions to each other, Ethereum addresses could also be programs that were invoked by code-containing transactions from other addresses. Vitalik Buterin at Disrupt SF 2017 (David Paul Morris/Bloomberg)Įthereum is a major improvement on Bitcoin.
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