Solana vs Elrond 2021 (Top 2 Altcoins For ASTRONOMICAL Gains)

For the main event. Today, we have two channel favorites for you: fighting out of Silicon Valley by way of Ukraine, weighing in at $30, the so-called ‘ETH killer’, SOLANA, and its native token SOL. And for those of you new to the channel, you can learn more about why we’re so bullish on Solana by clicking the link above. In the other corner, fighting out of Romania by way of… Rivendell, and weighing in at $74, another channel favorite – the great and powerful Elrond, and its native token EGLD. If you’ve been watching Bitboy Crypto you’ll know we’re big fans of both these blockchains. And for full disclosure, we’ve even partnered with Elrond, and are hoping to do the same with Solana in the near future. So no bias from us. Just two smart contract powerhouses trying to claim a smart contract title. Blockchains: touch gloves. Keep it clean. And protect yourselves at all times.

Solana

Solana launched its mainnet in March 2020, but the concept behind it burst onto the scene in 2017, with an explosive white paper published by its founder, Anatoly Yakovenko. Yakovenko’s genius was figuring out a way to encode passages of time as data. This led to his creating a unique and permissionless system for determining the time of the transaction, known as Proof of History. Why is Proof of History such a game-changer? Well, when used alongside proof of stake, Solana’s decentralized clock function creates a unique process; a series of hashed transactions in the form of a verifiable order of events. This means the blockchain can work at incredible speed, without sacrificing security or decentralization.

To say Solana was fast, efficient, or economical in its functions, would be an understatement. Think, the Anderson Silva of blockchain technology. The result? A formidable blockchain with mind-bending scalability and throughput. Let’s dive into some numbers. With a processing capacity between 50,000 to 65,000 transactions per second and a theoretical limit of over 700,000* per second, Solana is lightyears ahead of Bitcoin’s modest 4 to 5, and Ethereum’s current average of 3.

I can confirm that Anatoly Yakovenko is no slouch in the brains department either. In fact, we all owe a great deal to Yakovenko, during his 12 years at Qualcomm he pioneered a lot of the cell phone technology we take for granted today. With Solana, he’s practically invented the Muay Thai of blockchain technology. The team behind Solana has pioneered 8 core innovations; powerful tools that combine to give the time-keeping King of crypto the elegant functionality of a Swiss watch. I mean, is it a coincidence that the Solana Foundation is based in Geneva.

We’ve already touched on Proof of History, but one of the other the 8 weapons in Solana’s arsenal is Sealevel: the world’s first parallel smart contracts run-time. Do you know of any fighter that can throw an uppercut while landing a spinning back kick? Exactly. But Solana has a run-time built to process tens of thousands of contracts in parallel. In fact, it runs so well, an entire class of applications only theoretically possible before are now a reality. Oracles running on Solana can provide price feed updates every 400 milliseconds, and with costs of only $10 per 1,000,000 transactions, you can see why dapps developers everywhere are so keen to jump on board. SBF chose Solana for the Serum Dex precisely because it was the fastest smart-contract crypto on the market. But that’s just the tip of the iceberg: Solana’s ecosystem is growing larger by the day. In fact, it’s booming. And the reasons why this blockchain is garnering so much hype are clear. It’s a worthy contender, and definitely one we’ll be following extremely closely.

Elrond

Next into the octagon is Elrond. It may be named after a fictional Elf, but don’t be fooled: this blockchain might just be as powerful as the Gandalf himself. To learn more about why we’re such big fans of Elrond and its native token EGLD, check out the link above.

But back to business: how does Elrond square up to the fearsome Solana? Pretty well, as it happens. Known as ‘The Internet Scale Blockchain’, Elrond’s founders make no bones about Elrond’s ambitions on the world stage. Elrond’s speed, scalability, and security are beyond impressive. And as a fighter needs great striking, grappling, and take-down defense to compete at the highest level, Elrond blows the ‘Blockchain Trilemma’ right out the water. First identified by the superintelligence known as Vitalik Buterin, the challenge for blockchains is combining true decentralization, scalability, and security. These are simple enough on a case-by-case basis, but few blockchains have been able to meet the demands of each, without somehow sacrificing the other.

Let’s start with scalability and Elrond’s phenomenal stats. One feature worth mentioning is that when it comes to its native token EGLD, Elrond will never upscale beyond its maximum total supply of around 31,000,000. With the first 20,000,000 already minted, the remainder will be distributed as rewards to validators across the network. This gives it a scarcity akin to Bitcoin, which has obvious upside for its strong community. As for scalability on the network, it’s a very different story. This is thanks to its foundational innovation known as Adaptive state sharding. Elrond’s team of developers took some of the lessons from other blockchains sharding, like Ethereum 2.0 and Zilliqa, combining them into a blockchain that can meet the demands of defi, NFT’s, and of course regular peer-to-peer transactions. In brief, sharding means splitting the blockchain into smaller pieces known as shards, increasing speed by dividing the transactions between different clusters of validator nodes. And while this concept isn’t unique to Elrond, they’ve raised the bar by implementing three different types of sharding: state, transactions, and network.

Thanks to parallel processing, Elrond can handle a huge number of transactions at scale. To the tune of a mighty 15,000 per second. And according to runs on the testnet, that’s even said to move up to the hundreds of thousands. The secret sauce to this Adaptive state sharding is Elrond’s Secure Proof of Stake consensus mechanism, which uses random sampling of consensus groups to ensure optimal network security while guaranteeing the validity of each transaction. Elrond might not have infinite resources backing them, but they have an incredible team behind it, some of the best tech, and are combining it to create a super functional platform and seamless user experience. From a developer’s point of view, Elrond is an enticing prospect; a platform with real utility to build on, support for web assembly, where you can write smart contracts in a host of programming languages, more than Solana’s C/C++, Rust, and Libra Move. This broad appeal is reflected by Elrond’s thriving ecosystem. To list them all would take me well past my bedtime. But as they say, a picture speaks a thousand words.

A great example of Elrond’s footwork is in the Maiar Wallet, the mainnet interface for its hundreds of thousands of users. This product packs some serious punching power. It’s not simply limited to EGLD, but also lets you send and receive BNB and Ethereum. And it may well prove the key to unlocking the billion-plus users they aim to have on the blockchain by the end of the decade. Now as these two smart-contract blockchain throw their hats into the octagon, you probably can’t hear the legions of Elrond fans cheering on their favorite piece of technology. That’s because they’re quiet, nerdy types. Because according to Piccolo Research, Elrond has the second strongest community in crypto. Second only to Cardano. This is in part thanks to their pioneering tech, but also the team’s engagement with the community at large, who do their part by staking well over 50% of the circulating supply, acting as both validators and delegators on the blockchain. Earning some pretty decent APY in the process. Yes, if you dare mess with Elrond, don’t be surprised to find yourself answering to an army of devoted elves.

Who will emerge the winner of this bout? The truth is it’s too soon to say. 5 championship rounds may take 5 years. And given the potential of both Solana and Elrond, there’s a good chance they’ll both end up operating as part of a multicoin, multi-protocol world. There really is only one way to find out. And that’s to stick around for the long term. And sometimes it’s good to remind ourselves just how early we are. Who knows, maybe Ethereum 2.0 will have launched by then. But whatever the outcome, we’re in for an exciting ride.