Ethereum uses a consensus mechanism called Proof of Work (PoW) which is the process by which nodes in the Ethereum network agree on changes to the ledger. It has proven itself to be decentralized, secure and anonymous so far, but there are some disadvantages associated with it.
Proof of work is an economic measure to deter denial of service attacks and to control the creation of new blocks on the blockchain. It requires a node in the network to solve a difficult mathematical puzzle in order to create a new block and be rewarded with cryptocurrency. This process is known as mining.
However, Proof of Work comes at a cost. Not only does it require significant energy resources, but it also takes time and can be expensive. This is because miners need powerful hardware in order to compete in the mining process.
This is where Solana comes in. Solana is a blockchain platform that uses Proof of History (PoH) instead of PoW. PoH is a consensus mechanism that relies on timestamping rather than mining. This makes it more efficient and faster than Ethereum.
Solana also uses a technique called pruning, which removes unnecessary data from the blockchain in order to reduce storage requirements. This makes Solana more scalable, so it can support more users than Ethereum.
Ethereum is a blockchain-based platform that allows for the creation of decentralized applications (dapps). It aims to democratize the way dapps are created by allowing developers to use its own programming language, making it easier for people without much technical knowledge to create their own dapps.
However, its technology has some limitations.
In contrast, Solana uses Proof of History as a way of determining who creates each block. It also allows any programming language to be used for dapp creation, which is a significant advantage over Ethereum's Solidity.
Further advantages include high transaction throughput and high scalability. This means that Solana
scalable than Ethereum, as it can handle more transactions per second.
Solana is still in development, but it looks promising and has the potential to overtake Ethereum.
If you have more questions on Solana, check out their website at https://solana.com/ and watch their explainer video!
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