September 28, 2022
  • September 28, 2022

Missed Ethereum? Buy this cryptocurrency now

By on August 3, 2022 0

This summer, Ethereum (ETH 4.76%) is arguably the most exciting cryptocurrency in the world. And for good reason – its upcoming merger has huge implications, not only for the future price of Ethereum, but also for the future direction of the broader crypto market. The only problem is that unless you already have an Ethereum position in your wallet, you have missed out on the stratospheric price appreciation of this crypto. Over its lifetime, Ethereum has grown by 155,584.06%.

The good news is that there is another crypto — Solana (FLOOR -3.45%) – which could be just as attractive, if not more so, than Ethereum. And much of the easy money in Solana has yet to be earned, with this crypto still trading around $40 right now. While Ethereum has a total market cap of nearly $200 billion, Solana has a market cap of just $14 billion.

The battle for blockchain supremacy

Just like Ethereum, Solana is a layer 1 blockchain, which means it is the cornerstone of everything being created in the blockchain world right now. In non-technical terms, this means you can build on top of Solana, just like you can with Ethereum. Ethereum has NFTs (non-fungible tokens) and NFT markets, just like Solana. Ethereum has smart contracts, just like Solana. Ethereum has decentralized finance (DeFi) applications and exchanges, as does Solana. You get the idea: Anything Ethereum can do, Solana can do too.

Image source: Getty Images.

The only difference, of course, is that Solana is faster, cheaper, and more efficient than Ethereum. You see, as Ethereum moves from a proof-of-work blockchain to a proof-of-stake blockchain, Solana already has a proof-of-stake blockchain.

The difference between “proof of work” and “proof of stake” may seem like a minor technical distinction, but it has very important implications for transaction speed and transaction fees. This is the reason why Ethereum went “all-in” on the merger. Proof of work requires mining, is very energy-intensive, and is simply not scalable for the future. On the other hand, Proof of Stake uses a consensus mechanism to verify transactions called “staking” and does not consume any power at all. There is no need for mining. For now, Solana is superior to Ethereum in almost every way. For this reason, mainstream media publications regularly refer to Solana as the “Ethereum killer”.

Rooting for the blockchain upstart

Quite simply, developers and users prefer to use a cheaper, faster and more efficient blockchain. If you’ve ever used Ethereum, for example, you’ve probably heard of the onerous “gas fees” associated with almost every transaction. If you buy an NFT, you might pay more in gas fees than for the digital asset. Solana doesn’t have those same high crypto gas fees, and that’s why Solana is gaining so many new adherents in the NFT world.

However, since Ethereum is so entrenched as a dominant player in the market, many people may not have heard of Solana. This is the perfect situation if you missed out on Ethereum and are now considering Solana. This means you can access an upstart blockchain with arguably the same outlook as the market leader, all at a discounted price. Now is the time to get in, before everyone understands why Solana is superior to Ethereum in so many ways.

The best blockchain for Web3

At present, the Internet is still in its Web 2.0 phase. You can think of this as the era of the great Silicon Valley social media giants. But we are about to enter a brave new phase of development known as Web3. This is the era of completely decentralized applications running on top of the blockchain. This will likely lead to new social experiences, new gaming and entertainment experiences, and new ways to transfer value across the world.

Clearly, the blockchain that is becoming the go-to platform for Web3 is going to see a tremendous boom in the crypto market. Right now, Solana is showing that she can lead and direct this new version of Web3. Most notably, Solana will soon deliver the first-ever crypto phone. It will be a fully optimized mobile device for the world of crypto and blockchain. And Solana has completely revolutionized the world of blockchain gaming with the move-to-earn game STEPN, which rewards users in crypto for physical exercise.

A bright and sunny future for Solana

If you missed Ethereum, no worries. Solana could possibly offer the same type of upside when it comes to price appreciation. If Solana ever becomes the Ethereum killer everyone thinks he will be, then you’ll be glad you waited for this opportunity to get in.