Fantom and Solana both are here to “kill Ethereum” — provide faster transactions, lower fees, and greater scalability. They support the latest DeFi functionalities. Who knows, maybe one of them will become the top 1 blockchain for decentralized finance.
And for us not to miss the moment and earn on price growth, it is important to define which project is best by comparing Fantom vs Solana.
What Is Fantom?
Fantom belongs to a generation of blockchains that solve the Ethereum scalability problem. The project was launched in 2018 and was once in the top 50 of the Coinmarketcap rating.
The platform operates on the Lachesis consensus algorithm, which is based on a combination of Proof of Stake (PoS) and aBFT. The Fantom network consists of three parts:
- Application Layer — designed for applications;
- Ware Layer — for executing smart contracts and programs;
- Core Layer — for conducting transactions.
The Fantom Opera network is compatible with the Ethereum Virtual Machine (EVM) and also integrates with the Cosmos SDK. The Fantom blockchain can be integrated into other blockchains as a consensus module.
According to project representatives, the network can conduct up to 300,000 transactions per second. The total capitalization of the coin is $614M.
The Fantom team, led by Fantom Foundation CEO Michael Kong, is made up of South Koreans. The project has support and community there. One of the iconic people in the crypto community, Andre Cronje, is the DeFi architect of the project.
Flexible Next-Generation Blockchain
Fantom is divided into 3 types of blocks, each of which has a different confirmation system and storage of different information. The division into layers and blocks allows you to evenly distribute the load on the network, thereby reducing the requirements for it.
The estimated speed of the blockchain is 300 thousand transactions, while the cost of transferring funds between wallets is estimated at no more than one-tenth of a ten-millionth of a US dollar cent.
Like any other modern network, Fantom is opposed to Ethereum, which runs all applications on one decentralized ledger.
What Is Solana?
Solana is probably the most popular competitor of Ethereum. These networks participate in different comparisons as often as MANA vs SANDBOX do. And that’s unsurprising since Solana really covers many downsides of Ethereum. But first things first.
Solana is an open-source cryptocurrency platform designed to develop standalone decentralized applications (DApps) on its own blockchain. It is one of the fastest-growing ecosystems in the crypto space. Similar to Ethereum, Solana also offers a wide range of DApps and DeFi solutions.
Here you have SNS (Solana Name Service) similar to ENS (Ethereum Name Service), DeFi exchanges, dApps, and an NFT marketplace (Solana Art) where you can buy or create your own NFTs. There are even many Metaverse games in the Solana ecosystem that you can play to earn money.
How Does the SOL Blockchain Work?
Solana utilizes a unique consensus algorithm called proof-of-history (PoH). This mechanism is a derivative of the PoS algorithm, which uses timestamps to define the next block in Solana’s chain.
Solana has an internal clock on the blockchain that shows the same time on all nodes. This helps to make the speed of transaction execution for the maximum.
Claimed transaction processing speed is 50K transactions per second, with the possibility of raising up to 700K. To compare, Ethereum has a speed of fewer than 15 transactions per second, while Visa processes about 65 thousand transactions per second.
Commission within the network is 0.000005 SOL (network’s native token).
Why Is Choosing the Most Flexible Blockchain Important?
The choice of a flexible blockchain lets your project get used to the ever-changing rules of the industry. Not so long ago, NFT appeared in the mass culture, and Fantom and Solana were ready to use it.
Then, the story repeated with DeFi. Eventually, we see that picking the most versatile and up-to-date technology can greatly influence our lives (business projects, earnings, etc.).