This summer, Ethereum (ETH 1.78%) is probably 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, unless you already have an Ethereum position in your portfolio, you’ve missed out on this cryptocurrency’s stratospheric price increase. Over its lifetime, Ethereum has grown by a whopping 155,584.06%.
The good news is that there is another crypto — Saltworks (SALT -2.98%) — that could be just as attractive, if not more so, than Ethereum. And much of the easy money in Solana has yet to be made, with this cryptocurrency currently still trading around $40. 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 level 1 blockchain, meaning it is the cornerstone of everything currently being created in the blockchain world. In non-technical terms, this means you can build on Solana, just like you can with Ethereum. Ethereum has NFT (non-fungible tokens) and NFT markets as well as Solana. Ethereum has smart contracts and so does Solana. Ethereum has decentralized finance (DeFi) applications and exchanges, as does Solana. You got the idea: anything Ethereum can do, Solana can do too.
The only difference, of course, is that Solana is faster, cheaper and more efficient than Ethereum. You see, while Ethereum is converting 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 sound like a minor technical difference, but it has very important consequences for transaction speeds and transaction fees. This is 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 is not energy intensive at all. No need for mining. So far, Solana is superior to Ethereum in almost every way. For this reason, major media publications routinely refer to Solana as the “Ethereum killer.”
Cheers to the blockchain newbie
Quite simply, developers and users would rather use a cheaper, faster and more efficient blockchain. If you’ve ever used Ethereum, for example, you’ve probably heard about the heavy “gas fees” associated with almost every transaction. If you buy NFTs, you may pay more in fuel fees than you would for digital assets. Solana doesn’t have those same high crypto gas fees and that’s why Solana is gaining so many new supporters 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. It’s a perfect situation if you missed out on Ethereum and are now thinking about Solana. This means you can get access to a new blockchain with arguably the same features as the market leader, all at a discounted price. The time to get involved is now, before everyone else realizes why Solana is superior to Ethereum in many ways.
The best blockchain for Web3
Currently, the Internet is still in the Web 2.0 phase. You can think of this as the big social media era in Silicon Valley. But we’re about to enter a bold new phase of development known as Web3. This is the era of fully decentralized applications running on top of the blockchain. This is likely to lead to new social experiences, new gaming and entertainment experiences, and new ways to transfer value around the world.
It is obvious that blockchain becoming the main platform for Web3 will get a huge boost in the crypto market. Right now, Solana is showing that he can lead and lead this new Web3 construction. Most importantly, Solana will soon ship the first crypto phone. This will be a mobile device that is fully optimized for the world of crypto and blockchain. And Solana completely revolutionized the world of blockchain gaming with the move-to-earn game STEPN, which rewards users in cryptocurrency for physical exercise.
A bright, sunny future for Solana
If you missed Ethereum, don’t worry. Saltworks could eventually provide the same kind of advantage when it comes to price appreciation. If Solana ever becomes the Ethereum-killer everyone thinks it will be, you’ll be glad you waited for this chance to get in.