To understand which cryptocurrencies are like Solana, we need to understand the Solana network and what problems it aims to solve. For example, we will compare other cryptos to Solana in a different manner, like use-case and 🤑.
Table of Contents
What is Solana ?
Anatoly Yakovenko created Solana to solve the problem of scalability (lots of transactions in less time) in transactions.
Solana runs on a hybrid system of proof-of-history (a technique for keeping time between computers that do not trust one another) and a proof-of-stake mechanism that enables Solana to execute transactions quickly but in a secure manner. However, speed seems to cost decentralization and an error-free system. Sol is the native token of Solana that powers the platform.
How is Solana different from BTC and ETH?
Anatoly Yakovenko observed coins like BTC and ETH that struggled with scalability and had blockchain systems without a clock. As Anatoly had designed distributed systems at giants like Qualcomm, etc., he had an idea that reliable clocks could make network synchronization very simple and that it would make the resulting network very fast.
BTC and ETH struggled at a transaction speed of 15/seconds compared to VISA’s 65k transactions/second. It was clear to Anatoly that they wouldn’t be able to become a global payment system or supercomputer without a clock.
Greg Fitzgerald, who had worked with Anatoly Yakovenko at Qualcomm, asked him to use RUST instead of the C programming language that Anatoly was using for his codebase. Anatoly reimplemented the codebase on rust in two weeks. He named the project “Loom” with the idea that it will weave all global transactions into one single, scalable blockchain. However, they changed it to Solana because another project had the same name.
They scaled up the technology to run on cloud-based services like AWS. It makes me think choosing a centralized server for a decentralized protocol is weird. Consistently supporting 250K transactions/second on a 50-node, approved public test net. In Version 0.10, pillbox, a later release in December demonstrated 200k/sec average transaction and 500k transactions/sec in a testnet running 150 nodes on a gigabit network.
Also Check – How to buy nft art in india.
Comparison Of Solana Like Projects.
There are 3 main criteria for comparing crypto with Solana in our list.
It should be fast, secure, and decentralized.
Solana beats anyone when it comes to speed + gas fees (0.0025). So any coin with speed and gas fees plus a better history against attacks, proper decentralization, and additional features like inter-blockchain communication or interoperating ability will beat SOL.
However, decentralization in Solana is a myth. Since Solana’s launch, Solana has been attacked three to four times. Once, the network was down for a whopping 17 hours.
Most of the attacks are basically spam, raising a question about Solana’s “scalability”.
Here Are top cryptocurrency Projects like Solana.
1. Bitgert
Currently, BitGert is our top pick for the best Solana-like project, and it provides 100k transactions/second with fees that are almost negligible. The crypto engineering group focused on blockchain products and audit solutions. They offer a buyback to reduce hesitancy. There are multiple other rewards they offer.
The tokenomics of Bitgert can be seen in their whitepaper, We have also linked the address to the whitepaper in the list of coins above.
Bitgert buyback is dependent on institutions and companies now this does not seem to be very decentralized.
however, it does provide confidence to buyers and holders of tokens, increasing the value of their native token $BRISE
Raised value, free BNB, trust, and reliability are the benefits of the buyback.
Their liquidity pool has a pair of BNB and BRISE. As the tokens are bought from the pool, a new BNB amount is added, reducing the number of native tokens while increasing the value at the same time.
Bitgert will provide free BNB when tokens are burned and there are no tokens to sell. It’s true that investors can be “hella afraid” when the market is bearish.
There are multiple rewards that Bitgert claims to offer in their whitepaper. The static reward, which rewards you 4% of every transaction in BUSD staked.
Read Complete Whiter Paper On Official Website – Bitgert Whitepaper.
2. Zilliqa
Zilliqa uses a technique called sharding to make its transactions scalable and efficient. It tries to solve the problems of high fees, security, and decentralization. This project is our 2nd pick for Solana-like projects.
There is a recent market surge in price, after staying at 2 RS for a long duration of time but it jumped to 15 to 16rs. Zilliqa is a good competitor to Solana for they compete with one aim of scalability and decentralization.
It was developed in 2017 they boast about making their transaction 1000 times faster than Ethereum.
The concept they use is sharding where the transactions are grouped into smaller segments and divided among the miners for the parallel numbers of verification, it is pretty much like Pi networks where their validation occurs in small groups.
3. Cosmos
There was no such network before the cosmos where blockchains could interact or interoperate.
The Interchain Foundation (ICF) funded Cosmos to help it grow. Jae Kwon and Ethan Buchman co-founded Cosmos in 2014 while creating Tenderment, an algorithmic consensus that allows developers to create a blockchain without having to code from scratch.
Cosmos consists of Zones, which are many independent, parallel blockchains each powered by Byzantine fault-tolerant (BFT) consensus protocols like Tendermint. some zones act like hubs allowing many zones to interoperate via the shared hub.
The Cosmos Hub is a multi-asset distributed ledger that has a native token called Atom.
Atom is used for staking, voting, and preventing spam.
It solves the problems of scalability and ease in building these blockchains.
Their end goal is to create an internet of blockchains. To know more about the cosmos, read their whitepaper.
4. Cardano
Charles Hoskinson and Jeremy Wood created Cardano. hokinson co-founded Ethereum.
There are three organizations that oversee and maintain Cardano’s growth.
The Cardano Foundation is responsible for the development of the Cardano blockchain, EMURGO ensures the adoption of Cardano’s technology among institutions and businesses. Hoskinson and Wood founded IOHK, which created Cardano.
Cardano is open source and patent-free, and developers use it for creating smart contracts and dapps. Cardano practices slow and steady growth because of research-driven methods to develop further.
Cardano’s native token, ADA, powers the scalable dapps created on it.
Cardano’s code is written in the Haskell programming language, which is popular in the financial and defense industries. If you are thinking about investing in ADA, then it could be a good option because no altcoin is as transparent or reliable as Cardano.
IOHK has published more than 90 academic papers on ADA technology.
5. Polkadot
Gavin Wood (an Ethereum co-founder), co-founders Peter Czaban and Robert Habermeier created Polkadot in 2016.
The uniqueness of Polkadot is that it combines many chains into one network, improving its scope of utility. Most blockchains are hard to upgrade and need constant forking that takes months, but polkadot makes it possible to upgrade these chains without forking.
Polkadot can help in the creation of 3 types of blockchains: relay chains, parachains, and bridges.