What are the best alternatives to Solana (SOL) in 2022?

Solana (SOL) is a blockchain open-source which allows the development of smart contracts and decentralized applications. It was designed to solve the scalability problem that most blockchain networks face.

In less than 2 years, it has been a resounding success, establishing itself as one of the best platforms in terms of scalability, speed, security and transaction costs. In addition, it requires very few computer resources, which makes it more environmentally friendly.

However, the stability of the network, the high number of tokens held by project members, and the relatively small amount of active projects and nodes on the platform are met with much criticism. Additionally, Solana is facing objections that it does not have a fixed token supply, and therefore could be more exposed to inflation.

In this article, we introduce you to some blockchains that could be considered the best alternatives to Solana in 2022.

Ethereum (ETH)

First, we have Ethereum. Although the platform is plagued with problems of scalability, energy heaviness, slow speed and additional cost, it remains the main focus for the development of smart contracts, DeFi applications, NFTs and other services related to the blockchain. Additionally, Ethereum has the most number of implemented solutions and validators. This makes it a highly decentralized and secure network. Although Solana has a higher TPS, Ethereum has a whole host of resources that it lacks. On the other hand, upgrading to Ethereum 2.0 promises more flexibility, less power consumption and lower costs.

Binance Smart Chain (BSC)

Binance Smart Chain is a blockchain network developed by Binance, the leading cryptocurrency exchange. It allows you to take advantage of low gas costs (6.6 Gwei on average compared to 43.4 Gwei for Ethereum). It also offers relatively low block times, on the order of 3 seconds. BSC also benefits from a large community of developers thanks in particular to the notoriety of Binance and its compatibility with the Ethereum virtual machine (EVM). On the other hand, BSC waives a certain threshold of decentralization to guarantee a significant increase in load and an optimal flow of data.

Cardano (ADA)

Cardano enables transaction processing and the deployment of smart contracts. The network reduces costs and transaction processing time. In addition, the deployment of its Ouroboros consensus mechanism has made it possible to substantially reduce the energy load of the network. Cardano achieves up to 257 transactions per second (TPS). However, it plans to implement a solution of layer 2, to exceed two million GST.

Polkadot (DOT)

One of the most promising platforms in terms of scalability is Polkadot. To ensure a certain increase in load, the network proposes to use secondary chains called parachains. These are data structures relevant to each application that can be checked by mainchain validators. They make it possible to absorb part of the workload of the mainnet, which helps to unclog the main chain. Additionally, Polkadot also guarantees advanced interoperability with other blockchains.

Avalanche (AVAX)

Avalanche is known as one of the most advanced blockchains in the ecosystem. It owes this reputation to its rather special architecture. In reality, this project is made up of three blockchains rather than just one. Each of them allows you to perform specific tasks. The execution time of smart contracts on Avalanche is relatively low. Moreover, it can support more than 4500 TPS. In addition, with minimal hardware requirements, the platform is intended to be inexpensive and more eco-responsible.

Elrond (EGLD)

Elrond is a blockchain that tries to offer very high transactional speeds by relying on the sharding adaptive state. This approach consists of dividing the data into small chunks and distributing them over different shards of the network. Elrond claims to be the internet-scale blockchain. In addition, it would be able to perform up to 15,000 transactions per second. Additionally, the protocol boasts a block time of around six seconds along with an estimated average transaction cost of $0.001.

Algorand (ALGO)

Algorand is a blockchain protocol that uses a variation of the consensus mechanism Proof-of-Stake (PoS) to optimize its transactions. In addition, its two-layer structure allows it to limit congestion and increase the speed of exchanges. As a result, the platform can handle over 1,200 TPS. It also plans to expand to 45,000 GST in the coming years. Along the same lines, the platform offers a finality of only five seconds.

Polygon (MATIC)

Polygon is an Ethereum-based scaling solution that reduces the execution time and cost of transactions performed on the blockchain. As such, it offers a performance of almost 65,000 transactions per second, which is the equivalent of Solana’s TPS. Indeed, Polygon is one of Solana’s most serious competitors in terms of scalability. In addition, this network ensures significant interoperability of applications based on the Ethereum architecture. However, with the changes brought to Ethereum 2.0, Polygon might become less relevant.

Solana is currently considered a reference in terms of scalability. However, to achieve this objective, it must abandon certain aspects such as security and decentralization. Given this situation, some might want to turn to more or less advantageous substitutes. The list above outlines a few of them. Of course, the mention of these projects is not intended to orient investors towards them, but rather to give them a more global perspective. Solana is still a recent project. There is no doubt that its potential will be much greater in the future.

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I came to blockchain out of curiosity and stayed with it out of passion. I was amazed by the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.

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What are the best alternatives to Solana (SOL) in 2022?

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