Solana came into the crypto scene relatively unannounced. It was a small blockchain based development platform, which was good but nowhere on the level of Ethereum. However, over the many months that it has been active, Solana has managed to grow exponentially. In fact they have been able to make a development platform on the same level as Ether.
But unlike Ether, which was slow and expensive, Solana was significantly faster and cheaper. It was a dream come true for most traders and investors, as it was everything that Ether is but fails to be. And even though Ether will soon be coming out with their new update that can reduce prices, all information about it is leading to the contrary. Many experts believe that Ether will increase in price, even if it does manage to get faster.
But recently, Solana saw a massive bump on its road to success. Their entire netowrk managed to crash, leaving many to wonder what happened. While they have yet to come out with the official story about what happened, the service is back online.
More surprisingly, developers on the platform are not losing sleep despite the network crashing earlier. In fact, they are still very confident in its ability to bounce back and provide exactly what they need, value. The value that developers get from using Solana is nothing short of amazing.
While Ethereum was processing 2,000 transactions every second yesterday, Ether was only able to manage 14. But if that was not enough to bring in developers, the transaction fee for Solana is also significantly lower. Ethereum charges upto $5 for every transaction that it completes. On the other hand, Solana charges their developers less than a penny for their transactions.
And despite their 2,000 transactions every second feat was quite impressive, it does not even come close to their all time highest. Before the crash, Solana was able to process over 400,000 transactions in a single second. That is faster than bitcoin and ethereum combined. But as they work towards the newest version of their service, they are quickly fixing the problem.
Solana has already started competing with Ethereum in its earliest stages. With everything that they offer, experts believe that they will be one of the first companies to help create a multi blockchain economy.
Essentially, developers will be able to choose the blockchain platform that is right for them by comparing each one’s pros and cons. And as Ethereum’s monopoly over the entire market finally starts to decline, people will finally have more options.