Avalanche (AVAX) vs. Solana (SOL): Which is a better investment?
Avalanche (AVAX) and Solana (SOL) are both platforms for decentralized applications (Dapps) that emerged in 2020. In this article, we will compare AVAX and SOL.
Solana and Avalanche aim to provide a decentralized structure by greatly increasing scalability. Avalanche's biggest difference is that it is keeping a close eye on Ethereum. Avalanche is trying to surpass it, especially in the area of smart contracts. Nevertheless, there are positive developments in both areas, and they may soon become more valuable.
Avalanche has been called the "Ethereum killer." It is 100 times faster than Ethereum and promises to become the most popular new blockchain for smart contracts.
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Solana, on the other hand, is a platform that offers solutions through a hybrid consensus mechanism to run decentralized applications.
Similarities between Avalanche and Solana
- Open Source: an open source platform for both Dapps.
- Scalability: both projects focus on bringing decentralized funding to the global level with less congestion.
- Multiple uses: they are both cryptocurrencies and service token, and they have many uses. For example, securing the network through stealing, paying for gas, participating in management, and sending money between nodes.
- Limited supply: AVAX has a limit of 720 million and SOL has a limit of 489 million tokens.
- Blockchain: Avalanch uses 3 different blockchains to perform its tasks. Solana has a blockchain.
- Consensus: AVAX uses a protocol (DAG) to reach consensus, while SOL uses a hybrid consensus: a combination of proof of ownership (PoH) and proof of ownership (PoS).
- Interoperability: Avalanche can exchange data and share data across its three blockchains; Solana is incompatible.
- Speed: Solana can perform 50,000-65,000 operations per second. Avalanche, on the other hand, can approve smart contracts in less than a second.
Both Avalanche (AVAX) and Solana (SOL) are relatively new coins compared to Bitcoin and Etherium and have little price history to evaluate.