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COMPARING THE LEADING BLOCKCHAIN PLATFORMS: Ethereum v/s Solana v/s Polygon

Since the evolution of blockchain technology different decentralized platforms have emerged with their unique set of features. 

This makes it difficult to analyze and decide which one is best suited to the needs of your business. 

While this proliferation of blockchain platforms provides developers with an array of options, it can also make finding the right platform challenging.

Considering the diversity of features offered by different blockchain platforms, it becomes imperative to set out on substantial research, analysis, and comparison. We’ve put together three different leading blockchain development platforms, so you can find ‘The Chosen One’ for your business.

Ethereum

Next to Bitcoin, the most popular blockchain platform is Ethereum. 

It is considered the pioneering platform for NFTs, with the advantage of democratizing accessibility irrespective of the location or background of the individual. Ethereum provides its own cryptocurrency (Ether) and platform for developing decentralized applications. 

This feature largely contributes to its segmentation as one of the most favoured blockchain platforms by users and ethereum blockchain developers alike. 

Features
  • Smart Contracts development and deployment.
  • With it, users have the ability to interact with contracts using the Ethereum Virtual Machine.
  • It allows the users to create consolidated apps, which are decentralized applications.
  • Ether is the digital token of Ethereum, which can also be earned as a reward.
  • The users can use it to create democratic decision-making with complete transparency, also known as Decentralized Autonomous Organizations (DAOs), in which there is no one leader overseeing everything.
Pros 
  • Ethereum emphasizes features and improvements. 
  • Most stable platform as it seldom goes through any issues.
  • Stateful architecture makes it better for app development and Ethereum developers. 
Cons
  • Needs high processing power leading to minimum involvement of miners.
  • High requirement for resources takes a toll on the performance. 
  • Slower transaction processing speed.

Solana

Features
  • In this blockchain model, entries are allowed and restricted according to PoH (Proof of History) consensus.
  • The transactions are waited in a memory pool using the Gulfstream system. It holds over 1,00,00 transactions at one go.
  • Enables multiple smart contracts simultaneously, saving cost and time.
  • Fast data processing through multiple hardware connected through networks.
  • Utilizes different blockchain nodes in smaller packets for speedier transactions.
Pros
  • Follows a stateless architecture.
  • Speedy transactions (up to 50,000 transactions a second).
  • High-performance protocol for scalability.
Cons
  • Comparatively costlier hardware support.
  • It is not decentralized enough.

Polygon

Polygon is sort of a hybrid blockchain platform with combined features of Ethereum and Solana. Hence it is fast, functional, and majorly facilitates the multi-chain Ethereum ecosystem. This also gives it an edge over other decentralized blockchain platforms. Polygon also offers a network for interoperability between previous and present infrastructure scenarios of Ethereum. 

Features
  • Interoperability of elements based on the previous and existing architecture of Ethereum
  • It is completely compatible with Ethereum  
  • Higher performance with a transaction speed of up to 65,000 transactions per second
  • Provides multi-chain architecture for better scalability. 
Pros
  • Polygon development is secure due to the results of the validation system
  • Polygon is built to scale with the increasing volume of transactions
  • Provides a similar experience to that of Ethereum
Cons
  • With developments in Ethereum 2.0, Polygon might not be required as the second layer

Difference between Polygon, Solana, and Ethereum

Having discussed the major points of all three blockchain platforms, which one should you choose as a blockchain app developer?

Let’s delve into the differences between these blockchain platforms to understand their suitability for multiple blockchain applications.

Consensus

Consensus mechanism in a blockchain is meant to allow participants to reach an agreement on the existing state of work. It is an integral procedure for all blockchain platforms. 

The consensus mechanism that Ethereum follows is PoW (Proof of Work). Ethereum does not allow multiple participants in this, on account of its high processing power requirements. This deters the performance but the security factor still remains intact. However, it does allow miners worldwide to participate in the consensus.

In Polygon, the consensus is based on PoS (Proof of Stake). Users associated with the Polygon network can earn rewards in Matic tokens form. Consensus can be achieved faster here as it offers a combination of technologies. 

Solana can be termed as a hybrid consensus combining the features of PoW, PoS, and PoH (Proof of History). The method uses a range of computations to determine the ideal method for verifying time gaps between two events. It provides the fastest transaction speeds, efficient operation and more flexibility in sorting transactions.  

Transaction Speed

Ethereum: 13-15 transactions per second

Transaction speed acts as a deciding factor for developers when selecting a blockchain platform. Ethereum is the most popular of the lot and there are many users waiting to verify their transactions. Moreover, every participant possesses the digital ledger copy and has to look after the network. Consequently, there is a considerable waiting period or a huge fee to be paid for verifying transactions. This limits the transaction speed in Ethereum to 13-15 per second. 

Solana: 65,000 transactions per second

Solana depends on Tower Byzantine Fault Tolerance (Tower BFT). It prevents real-time communication between the nodes to reduce time consumption and increase overall efficiency.  

Polygon: 65,000 transactions per second

Polygon, on the other hand is one of the fastest blockchain platforms. Since it provides a hybrid environment, it has the fastest transaction speed of 65,000 transactions a second.  This very feature makes it an ideal choice for Polygon developers.

Architecture

Architecture in a blockchain entails the state of the blockchain network which is also considered by developers as an important factor. It outlines the blockchain’s ability to modify variable values.

Developers immensely prefer Ethereum for creating apps given its stateful architecture.  Every transaction on the platform is recorded in its existing state, and copies of the latest transactions are immediately minted. Despite this effectiveness, it is slower than stateless networks. 

Polygon operates like a POS blockchain and exchanges occur in the form of clusters. 

In contrast, Solana uses a cluster architecture with Solana clusters. There are a number of validators that together maintain the ledger and address client transactions. There is a validator for every cluster, and their roles continue to rotate among each other. Transactions are built and timestamps are issued by the leader of the cluster based on PoH consensus. Since Solana architecture is stateless, it does not need to be updated every time. Thus, Polygon and Solana promise faster, more efficient transactions and make it to the list of most stable and efficient blockchain platforms.

Scalability

The efficiency of transaction completion by a network defines its scalability.  

While Ethereum’s transaction speed is slower than its counterparts, its layer 2 scaling with multichain network support takes care of the scalability issue. 

In Solana, there are no scalability issues as it can process around 50,000 transactions a second. The users get access to an efficient architecture, a better consensus model, and faster transactions. This same feature also makes it an ideal choice for Solana blockchain developers. 

The scalability of Polygon is similar to Solana, but the transaction speed is even faster.

Profit and Loss

Profit and loss mechanisms on Ethereum exhibit Solidity. 

Solana incorporates an innovative Proof-of-History (PoH) mechanism that is both decentralized and protocol-based. As a result, its Proof-of-Stake (PoS) protocol operates more efficiently.

In the case of Polygon, it follows Solidity, Golang, and Vyper in the p/l equation.

Prominent Projects

Ethereum: Cryptokitty, Crypto Punks, OpenSea, Rarible, Nifty Gateway, Decentraland. 

Solana: Degenerate App AcademySolPunks, Sollamas, Solsea. 

Polygon: Plasma-enabled Sidechain, PoS SportX, ZED RUN, Easy Fi, QuickSwap.

Comparison Table 

Dapps Mint

Regardless of your specific requirements or goals, there is a blockchain development platform that can meet them. Knowing what’s out there and building the ideal blockchain solution will help you make informed decisions. We hope this blockchain comparison helps you with it.

Dappsmint uses blockchain to create innovative business models and help our clients venture into the flourishing technology market. We provide expert consulting and development services for digital blockchain platforms along with the uncompromising security of your customer data.

If you are looking for an experienced team for your blockchain development project, don’t hesitate to reach us at sales@dappsmint.com

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