Avalanche and Solana are two competing blockchains striving to dethrone Ethereum. Yet there is no common opinion on which one is better in the AVAX vs Solana battle. Despite all the differences, there are a few similarities that make the picking decision even more painful.
Let’s investigate this question together!
This platform uses blockchain technology to provide smart contracts and create decentralized applications (dApps).
This means that Avalanche is a block-based system with a decentralized base. From this database, you can operate with self-executing contracts that are protected from loss and falsification.
Avalanche was designed to be a global asset broker with speed, ease of management, and other innovative technologies. It seeks to unite the most important triad of this market:
Ava Labs is backed by big names in the cryptocurrency market such as computer scientist Emin Gün Sirer. He is already well known in the Bitcoin market, having devoted himself for many years to exploring the possibilities of solving the problem of scalability in the blockchain.
The Avalanche project is the fruit of a scientist’s research, which justifies its innovative feature. In addition, the co-founders of the company were Kevin Sekniqi and Maofan “Ted” Yin. The team also includes experts in economics, finance, law, and computer science.
One of the main differentiators of AVAX is the speed it offers — about 6,500 transactions per second (TPS). This feature is revolutionary for this market and makes the platform more competitive.
In the technologies offered today, it takes several minutes to make a transaction immutable. Avalanche does this in less than a secondю Thus, it stands out in terms of blockchain interoperability.
It is also appropriate to emphasize that the Avalanche cryptocurrency allows staking — receiving passive income with the help of cryptocurrencies. This feature attracts the attention of investors.
Solana is a blockchain that uses the SOL coin. Solana was designed to ensure decentralization, security, and speed of payments at the same time.
Another important feature of the Solana system is the low cost of transactions. This is natural, because a low load means a low commission.
The Solana blockchain can carry out up to 710 thousand transactions per second. Currently, the SOL transaction fee is about $0.00025 for one transaction. Solana’s development strategy provides for an even greater increase in the speed of transfers without increasing commissions.
Unlike most crypto projects, which use the Proof of Work or Proof of Stake consensus algorithms, the Solana blockchain uses a different approach — Proof of History. Proof of History is a development of the popular Proof of Stake algorithm. The word History in the name means that the blocks record all transactions — that is, the timestamps when the block was created.
There is no need for “heavy” calculations and specialized equipment. Simply store SOL coins in your wallet or on an exchange that offers this option to receive rewards.
This is another similarity with Avalanche. The SOL cryptocurrency allows holders to earn money by staking. It also entitles its holder to participate in the management of the project.
To combat inflation, Solana also uses a fairly simple method — burning coins. Periodically, “excess” money supply is sent to a crypto-wallet without keys. So no one can use these coins, and they are, in fact, withdrawn from circulation.
AVAX & SOL Tokenomics
- Total Supply – 511 million
- Circulating Supply – 349 million
- Inflation – started with 8%, goes down to 1.5% by 2031
- Max Supply – 720 million
- Circulating Supply – 285 million
- Total Supply – 404 million
- Inflation – coins are burned to prevent inflation
AVAX vs SOL: Blockchain Comparison
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Both ones are considered ETH killers because in one corner we have Avalanche which is 100 times faster than Ethereum. Also, it aims to become the most popular blockchain for smart contracts.
Solana, located in the opposite corner, is a platform that offers solutions through a hybrid consensus mechanism to run decentralized applications.
Want to invest in something promising? Look no further than AVAX and SOL.
Already decided which coin to buy? Don’t waste time and head to an online currency exchange. The bottom is near so don’t miss a chance to buy AVAX and SOL at prices dated years ago.
Undoubtedly the next bull run will bring new ATHs for both of these projects!