Cardano vs Solana: Facts & stattistics
In the last few years, with the prior bullish run in cryptocurrency, Cardano and Solana have attracted the attention of aficionados. Some people desire a true conflict between Cardano vs Solana, while others have investments in both. The two cryptocurrencies have a wide range of uses and are widely used. They have some similarities and differences but are also quite comparable.
- More than three million users have accounts on Cardano, and it has completed more than 41 million transactions. A transaction costs about $0.19 on average.
- On May 23, 2022, Solana was processing more than 1,750 transactions a second. By that time, there had been more than 75 billion blockchain transactions, with an average transaction cost of about $0.00025.
In terms of development, Solana is faster than Cardano. Solana’s success has been outstanding for both users and investors. In a year, the token rose from a few cents to more than $50, and the blockchain’s speed and processing capacity have piqued many people’s interest. On the other hand, Cardano has struggled in terms of price since its ICO frenzy a few years ago.
Overview of Cardano
Cardano is a blockchain platform that uses proof-of-stake and is the first to have its methodology and research verified by peers. For the highest levels of sustainability and security, it employs cutting-edge technology. Applications, systems, and communities are supposed to be able to benefit from decentralization. Cardano employs the Cardano Foundation’s Ouroboros consensus method, a verification mechanism. Users are allowed to stake their ADA (the native token used in the Cardano ecosystem) and take part in the transaction validation process as part of this mechanism. Users have the option of managing their staking pools or choosing to assign their ADA to one that already exists.
Pros of Cardano
- Academic study: Cardano network upgrades and development are based on considerable academic research. As a result, any adjustments made to the network are among the best in the industry.
- 100% decentralization: In 2021, the Cardano network attained a new decentralization milestone. This means that the community is in charge of all network block production. As a result, it is spread across numerous people and is unlikely to face a 51% attack.
- Hydra scaling: Hydra is a layer-2 solution on the Cardano blockchain that will permit off-chain transactions, allowing for significantly higher transaction throughput. While it is still being worked on, Cardano may soon surpass 1 million transactions per second.
Cons of Cardano
- Slow development: Despite being in development for some years, Cardano is still in its early phases. The network’s development is gradual, and numerous delays have pushed releases into the future.
- Revolutionary no longer: When Cardano was first published, multi-chain interoperability features were still far off. However, other projects provide similar solutions today. Cardano may need help to differentiate itself in an increasingly saturated market.
Overview of Solana
A Layer 1 blockchain system known as Solana uses Proof of History (PoH) as its consensus algorithm. It is based on the blockchain’s ability to validate the time gap between two events. The transactional throughput on the network is increased to over 50,000 transactions per second thanks to this technique, which operates before the Proof-of-Stake consensus and is scaleable up to 100,000 transactions per second. Solana does not require Layer-2 scaling techniques because this computational capacity can be simply obtained at the blockchain’s base layer.
Pros of Solana
- Fast transactions: Solana is one of the market’s fastest blockchains. Its proof-of-history technique enables it to process more than 50,000 transactions per second. Ethereum and Bitcoin, on the other hand, can only reach 15 and 6, respectively.
- Low fees: Solana charges only $0.00025 for each transaction for petrol. Older crypto coins may incur gas fees that exceed the transaction amount when under load.
- Ease of development: Solana employs Rust, a popular programming language with several applications. This makes it simple for new developers to integrate into the Solana ecosystem and build applications.
Cons of Solana
- Network disruptions: Solana has had seven network disruptions since its inception. Some result from DDoS attacks, while others result from network congestion.
- Limited decentralization: The Solana network has little more than 1,000 validators. While anyone can become a validator on the network, doing so in practice is more difficult. The computing power required to run a Solana node is far greater than that of a typical computer and can cost thousands of dollars per year to maintain.
Cardano vs Solana: Differentiating through features for businesses
The transaction fees significantly affect the value of the two coins. Cardano’s transaction costs are around $0.18, compared to Solana’s minuscule $0.00025. Solana is far more valuable in this regard, but Cardano’s stability cannot be underestimated.
Both have evolved in the last few years. The initial Solana whitepaper was produced and distributed in 2017. However, the network went live in 2020. Anatoly Yakovenko wrote this paper, but it took that long to complete. Solana now supports Rust, C, and C++ programming languages. Cardano was created to compete with Ethereum, as Charles Hoskinson was one of the coin’s inventors. The network made use of the Ouroboros proof-of-stake protocol. This consumes significantly less energy than Bitcoin or the original Ethereum. In September 2021, Cardano launched a decentralized finance service and began to support smart contracts. As a result, Cardano has made significant progress in catching up to other networks.
3. Coin limits
Cardano has a coin limit of 45 billion tokens. Solana is theoretically limitless, but there is a yearly cap based on inflation, so it isn’t always accessible for all. The amount of Solana coins manufactured each year is a dynamic aim. Therefore each year will be different.
Cardano vs Solana: Technicalities differentiated
1. Consensus mechanism
The Ouroboros consensus protocol, which was developed during the development of Cardano, is the protocol that is now in use. The stake pool’s delegates receive these benefits, allowing them to participate in consensus while earning ADA. Solana and Cardano differ slightly in terms of how they establish consensus.
2. Scalability, security, and quickness
Cardano’s ADA coin enables much faster and less expensive transactions. The PoS algorithm eliminates the requirement for several machines because the nodes will handle the throughput. Cardano is one of the most dependable Blockchains in cryptocurrency transactions due to the Proof-of-Stake (PoS) algorithm.
3. Features of Smart Contracts
Cardano is a platform that combines blockchain technology with tokenized smart contracts and smart contract platforms. The original Cardano (ADA) cryptocurrency can be transferred between other blockchain users thanks to the CSL. Cardano is still less suited to those who wish to conduct their ICOs and perform asset tokenization than Solana is.
Cardano vs Solana: Comparison table
|Date Founded:||Sept 2017||Mar 2020|
|Market Cap (Oct 2022)||$14.7 billion.||$12 billion|
|General Purpose||dApps, tokens||dApps, scalability|
|Transaction Function||Cardano Settlement Layer||Solana runtime|
|Maximum Available Supply||45 billion||Unlimited but timed|
|How Is the Currency Used?||Tokens, dApps||dApps, transactions|
|What Influences the Value?||Adoption||Adoption|
Choosing between Cardano and Solana for your business?
When deciding which cryptocurrencies are the better investments, there are several things to consider. Solana, a “better and faster” variation of Ethereum, allows dApp transactions to be executed in a largely decentralized fashion. Solana is far faster than Ethereum, its biggest rival, although Ethereum has undergone significant improvements in the past year. The Solana network’s ability to defeat Ethereum will now be in focus. The best-case scenario is that it serves a few particular but unidentified purposes.
It is an intriguing project because Cardano will surely be more dependable than Solana. Since it is peer-reviewed, everything is thoroughly tested before being made public. This indicates that Cardano should keep its reputation as a robust network. Additionally, it has a stronger focus on several Third World states like Ethiopia and other African countries. In Ethiopia, the network has been used to authenticate identities and bank the unbanked. According to Cardano’s founder, Charles Hoskinson, seeking to break into these niche areas is a strategic decision.
Markovate’s take: Which Blockchain is more futuristic?
In contrast to other ecosystems, like Ethereum, both offer strength and speed. Cardano appears to focus on smaller, frequently ignored markets, making it a new approach. In contrast to Solana, which is only sometimes the case, the Cardano network is also quite dependable. How long you want to wait for the value to be unlocked is one of the things you will need to consider. Cardano, after all, moves slowly, but when something is finished, it is finished. Solana is far more affordable yet appears to be less reliable. Both networks have a good chance of surviving and thriving in the future, but they might be put to quite different uses.
We at Markovate have been developing blockchain-based applications for almost ten years. This implies that we can advise you on which blockchain platform is most appropriate for your particular situation and create your solution from scratch.
Get your project going right away by getting in touch with our blockchain development team for further details!
Cardano vs Solana: FAQs
1. Will Cardano be better than Solana?
Yes, in some ways. Cardano has a secure two-layered design. This enables Cardano to handle transactions and deploy smart contracts.
2. Which is faster: Solana or Cardano?
Solana’s blockchain network can process over 3,400 transactions per second, and Cardano’s blockchain network can only process over 250 transactions per second. Hence, Solana is faster than Cardano.
I’m Rajeev Sharma, Co-Founder and CEO of Markovate, an innovative digital product development firm with a focus on AI and Machine Learning. With over a decade in the field, I’ve led key projects for major players like AT&T and IBM, specializing in mobile app development, UX design, and end-to-end product creation. Armed with a Bachelor’s Degree in Computer Science and Scrum Alliance certifications, I continue to drive technological excellence in today’s fast-paced digital landscape.