Because of its fast transaction speed, Solana is among the preferred blockchains for dapps and non-fungible tokens (NFTs).
Solana, like today’s Ethereum, uses proof-of-stake for consensus. On top of that, Solana is a hybrid blockchain that, unlike many proof-of-stake blockchains, also uses a “proof-of-history” consensus process.
The similarities between Ethereum and Solana create the obvious imagery that there is a rivalry between the blockchains – given that they compete in the same niche of offering similar services.
However, that is not at all Solana’s mindset – according to Solana’s co-founder Anatoly Yakovenko.
In an appearance on Decrypt’s gm podcast, Yakovenko talked about the alleged rivalry between the two blockchains.
“We do sometimes track our success against Ethereum in terms of developer adoption,” Solana Labs co-founder Anatoly Yakovenko told Decrypt. “I think it’s really important because they are the market leader.”
Furthermore, Yakovenko dismissed the idea of labeling Solana as an “Ethereum killer”.
The Solana co-founder completely disregarded the rivalry while claiming that the two blockchains are “so different,”. In many ways, the two proof-of-stake blockchains are “nearly complementary,” he added.
What is PoH (Proof-of-History)?
Proof of History is a computation sequence that can be used to cryptographically prove the passage of time between two occurrences.
It employs a cryptographically safe function that is built in such a way that the output cannot be anticipated from the input and must be entirely performed to produce the output.
The function is executed in sequence on a single core, with the previous output serving as the current input and a periodic record of the current output and the number of times it has been called.
Solana (SOL) is a hybrid consensus technique that combines Proof-of-Stake with Proof-of-History (PoH).
One major feature of Proof of History is that the blockchain is highly fast while still ensuring security in a decentralized manner.
The SHA256 hash algorithm is used to hash all events and transactions on the Solana blockchain.
This function takes input and creates an outcome that is impossible to anticipate. Solana takes a transaction’s output and feeds it into the next hash. The transaction sequence is now included in the hashed output.
How Solana Differs Itself From PoS Ethereum
According to Yakovenko, Ethereum is centered on the premise that validators must be inexpensive.
He stated that the developers are sacrificing everything else in order to reach this goal and that Ethereum’s distributed network and future plans are entirely focused on the concept of cheap validation
The Solana co-founder believes that this “opens up the space to a decentralized network”. Yakovenko also claims that these differences in consensus unlock possibilities for his blockchain.
“There are use cases that you can’t run on Ethereum that you can run on Solana, and this is where I start seeing devs really pick Solana over Ethereum.”.
