The growing prevalence of cryptocurrencies has transformed the world extensively. What started with Bitcoin in 2009 has evolved, with more than 17000 cryptocurrencies serving different purposes in the market. Most recently, decentralized finance (DeFi) and smart contract technologies have become very popular.
Ethereum was the oldest Blockchain network to facilitate the smart contract mechanism in the crypto world. But then Solana. Another Blockchain network came into the picture and soon became a worthy contender. These developments have led many to wonder about the consequences of a Solana vs. Ethereum feud.
Comparing two smart contract platforms is never easy since there are many criteria you need to consider here. However, security remains the dominant factor, given the volatile nature of the market. So let’s dive in and determine which is the most secure Blockchain.
Ethereum Blockchain: The Revolutionizing Concept
Ethereum is a decentralized platform that runs on the potential of Blockchain technology. The Blockchain network also has a native token called ETH. People can use this Blockchain to create different sorts of secured digital technologies.
The native token, ETH, is primarily used to compensate people who keep the Blockchain running. But besides that, you can even use your ETH tokens to pay for other tangible services and goods as long as the vendor accepts the token.
The Ethereum Blockchain offers unmatched security and better decentralization, scalability, and programmability. In addition, it supports an imperative tool facilitating the operation of decentralized platforms called smart contracts. As of now, most DeFi platforms run on the Ethereum Blockchain.
What About The Solana Blockchain?
Solana is another prominent Blockchain designed for hosting scalable and decentralized applications. The open-source project has been around since 2017, under the supervision of the Geneva-based Solana Foundation. However, the Blockchain was built by Solana Labs based in San Francisco.
Solana has also earned an extensive reputation for facilitating high-speed transactions at highly affordable prices. This Blockchain also has a native token called the SOL that increased its valuation by about 12000% in 2021. Besides that, the token has a staggering market cap of about $11.71 billion, making it the ninth-largest cryptocurrency.
Security Considerations: Ethereum Vs. Solana
Now that we have a better understanding of both the Blockchain networks and their cryptocurrencies, it is time to get into the security intricacies of Solana vs. Ethereum Blockchain.
Here, Blockchain security is a complex subject that requires detailed analysis to get the actual picture behind all complications. So we will look at different security aspects of both Blockchains to better understand the matter.
Adoption And Age Of The Platform
It is easy to derive conclusions from Solana vs. Ethereum price predictions but understanding the security of a Blockchain is more complex. This is why one must evaluate the Blockchain’s age and adoption. Since Blockchain technology has been around only for a decade or so, the technology is still under development on many fronts.
This means the older your Blockchain is, the better the chances it determines and rectifies its security issues. That said, Ethereum has been around since 2015, while Solana came along later in 2017 and ultimately launched in the market in 2020. This makes it evident that Ethereum has a larger community and more contributors. As a result, it is more likely that Ethereum has addressed more security vulnerabilities than Solana.
Virtual Machine And Programmable Language
By now, you are well aware that smart contract platforms are designed to help developers create applications. Hence every node in the network is responsible for hosting a virtual machine that executes instructions when added to the digital ledger. The programming languages in these platforms support these virtual machines, which again impacts the platform’s security.
Developers will make fewer mistakes in programming languages they are familiar with. Then automatically, this builds a foundation for stronger nodes offering better stability. Ethereum comes with a custom-built virtual machine called Ethereum Virtual Machine (EVM). Its custom languages include Vyper, Solidity, Fe, and Yul or Yul+.
On the contrary, Solana uses more established programming languages, including C. Rust and C++. Yet the platform comes with a more complex architecture that supports multithreading and the forwarding mechanism called Gulf Stream transaction. Hence, Ethereum and Solana tie in this criteria as one comes with a complex architecture and the other deals with relatively less experienced developers.
With the recent Ethereum Merge, we must discuss the consensus mechanism of both Blockchains. The Ethereum Blockchain recently started using the Proof-of-Stake (PoS) mechanism, while Solana relies on the Proof-of-History (PoH) mechanism. The primary reason behind Ethereum’s sudden shift can be attributed to energy consumption and better scalability.
The way Ethereum has recently implemented its PoS mechanism, there is little room for any security breach here. Yet Solana’s PoH mechanism still overpowers the PoS mechanism in terms of security since one has to order transactions in this case. Besides that, there is no way one can manipulate the time in the PoH system when executing any MEV attacks.
Whether we discuss Solana vs. Ethereum NFT or cryptocurrencies, decentralization is at the heart of Blockchain. Decentralization of Blockchains is imperative for facilitating better efficiency and offering better security while enhancing resilience.
With Ethereum’s shift to the PoS system, many raised concerns that parties with the largest stakes will earn greater rewards than other network contributors. But it is worth noting that Everstake controls a significant proportion of Solana’s stake. Given this, it is fair to say that Ethereum still offers more decentralization which further helps facilitate better security on the Blockchain network.
Several Blockchains are available in the market, yet there is no perfect Blockchain. Like every other Blockchain network, you can think of, even Ethereum and Solana have shortcomings. However, both Blockchain networks also come with unique advantages, further setting them apart.
So, consider this information when choosing the suitable Blockchain for your project. You can even evaluate the conclusions of Solana vs. Ethereum NFT volumes to understand the matter better.
Besides, considering that ETH is a layer 1 consensus network and Solana it’s layer 2 adoption, could SOL beat its parent Blockchain in the future?