Solana vs Polkadot – Is DOT Better Than SOL?
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What Are Polkadot and Solana
With more and more projects coming up to “defeat” ETH, SOL and POL are two of the most known ones. Obviously, they would be compared to each other, however, they certainly beat ETH in many aspects like their goal. If we were to compare them for what they aim at, it would be easy to say they both achieved their goal.
This isn’t to say that there is a case to be made for them to be at the second rank behind Bitcoin just yet. Nevertheless, if a project promises something and achieves it, that is usually a great thing in the crypto world.
When you compare the two together, and how they approach the problem, SOL has speed and simplicity whereas POL has a complex but long-term solution handled. Polkadot uses a multi-chain network system, it is not working only for crypto but all kinds of data to be stored and transmitted thanks to this technology.
This makes DOT a lot more complex but also a solution that can stand the test of time. SOL, on the other hand, is a bit easier to understand, it is simple ETH but thousands of times faster version of it, which makes it free and fast just like how we all love.
How Are Polkadot And Solana Similar?
They have basically the same speed, which makes things a lot easier for them. When you send something in both of them, you pay nothing and you get it in mere seconds. Considering how this is the path they wanted to take, they have achieved a marvelous accomplishment. In the day and age of $100 approval/swap costs over at ETH, it is definitely something to congratulate both of these tokens for what they have managed to do.
Another similar aspect of them is the smart contract world. Both of these coins could be used to build your own projects, which opens a whole new world for them. As we all know ETH did not grow all by its self. We had dozens of amazing and huge projects under ETH blockchain and this allowed ETH to be used as gas fee payments.
This resulted in ETH being used so much that the price of ETH increased rapidly the more projects started out. This means if DOT and SOL get these types of huge projects in their blockchain, they could increase in price as well.
Obviously, they need to attract these projects and convince them to use their blockchain instead of ETH. So far it is not close to ETH and there is a vast gap in project sizes, but nothing that can’t be closed in the future.
How Are Polkadot And Solana Different?
Polkadot is a proof of stake coin whereas Solana is a proof of history coin. Proof of History is something that makes sure that each block is lined up perfectly back to back. Instead of the Proof of Works old system where miners clock in what they mined themselves, SOL has a system that does it automatically and according to the queue that it should be following.
This makes sure it is faster, it has a good list at hand to proof and it makes it faster. Dot on the other hand is using world-famous proof of stake that even ETH is planning to move with more developments called “ETH 2.0” so it is certainly not a new idea.
Another difference between them would be the pace as well. Even though Dot is superbly faster than ETH, it could be seen as a bit slower compared to a max speed of SOL. Even though the “pace” of it could be as high as 150 thousand transactions per second at max, the load will not be sustained at that level.
This means the real speed of Dot is 1000 transactions per second with a 6-second block timer. This is still incredibly fast but it is dwarfed by the 65 thousand transactions per second from SOL. SOL certainly takes the cake when it comes to comparing the speed of their transactions.
Tokenomics SOL and DOT
SOL
Max Supply : Estimated 550 million coins
Total Supply : 509,600,403
Circulating Supply: 303,778,579
Inflation: Starts with %8, over 8 years drops to %1.5
DOT
Max Supply : None
Total Supply : 1,103,303,471
Circulating Supply: 987,579,314
Inflation: Around %10
Read also:
- Best Solana (SOL) Wallets (Mobile, Desktop, Hardware)
- BSC to Solana Bridges – How To Send Coins From BSC To Solana Blockchain?
- How To Convert From Ethereum to Solana – ETH/BSC/Polygon To SOL Bridges
- Best NFT Marketplaces on Solana [2021] – Solana NFT Marketplaces List
- Best Dex on Solana – Swap Solana Tokens on Decentralized Exchanges
- Ethereum to AVAX Bridge – How To Transfer Coins From ETH To Avalanche Blockchain
- How To Stake Polkadot on Polkadot.js, Ledger, Binance, Crypto.com
- What is Polkadot?
- Best Projects on Polkadot – Top dApps on Polkadot To Invest In
- Solana vs Cardano – Is ADA Better Than SOL?
- Solana vs Algorand – Is ALGO Better Than SOL?
Conclusions
Both of these coins are top 10 in ranking by market cap right now. This means that they both deserve the recognition they got and should be applauded. However, this doesn’t make the road ahead of them both any less challenging. They have proven so far that they are both faster than ETH, they also proved that if the entire ETH chain were to be on their network they could sustain it for free or near-free prices and quite fast.
However, we do not see that move towards either of them right now. Yes there are some projects starting in their networks and that is a good start, but they need much more money involved in their ecosystems.
The clearest conclusion out of their comparison is that they have built something better than ETH but failed to attract as many investors so far. With an easier and faster approach, SOL seems to be the better candidate right now for sure. However only time will tell which one of them will be able to grow their ecosystem for the win.
FAQs
Is Polkadot better than Solana?
There is really no true comparison between them yet until they grow a bigger ecosystem. However, right now it could be easier to say SOL is ahead by a hair by looking at their market cap
How many transactions can Solana do per second?
65.000 Transactions per second is the benchmark SOL has achieved so far. With more developments on the way.
Why is Polkadot good?
Because it has provided a much better approach to what ETH does. This means not only it has built something better, but it also shined a better path for the future of crypto as well.
Where can I stake Polkadot?
Binance, Kraken, Fearless, and Ledger Live all provide Polkadot staking options.
Where can I stake Polkadot?
Yes, Polkadot is a “nominated” proof of stake coin. This means nominators back a validator and the validator pays the stakers for this nomination.
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