Since its debut, Ethereum has dominated the smart contract platform arena. While Cardano, Polkadot, and BSC try real hard to compete, Solana and Elrond are the actual dark horses in this race. Both of these blockchains have emerged as the most formidable rivals to their peers, with a lot in store for users in the days ahead.
Popular Crypto analyst and Youtuber Ben Armstrong has made his case for Solana and Elrond.
He believes they can “possibly unseat the big boys” i.e Ethereum, Cardano, Polkadot, and BSC.
In his opinion, What gives Solana an edge on Bitcoin and Ethereum is its speed and scalability.
Solana has the capacity to process 50000 to 60000 transactions per second. Adding to the list of pros, it can process thousands of smart contracts at the same time without affecting efficiency and has minimal transaction fees.
Armstrong says these pros are the reason why FTX founder Sam Bankman-Fried (SBF) launched the Serum decentralized exchange on the Solana blockchain.
“With a cost of only $10 per 1 million 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.”
As for Elrond, Armstrong believes, its major selling points are speed and developer friendliness. On Elrond, smart contracts can be written in a variety of programming languages thanks to the open-standard WebAssembly format.
“Elrond can handle a huge number of transactions at scale to the tune of a mighty 15,000 per second. From a developer’s point of view, Elrond is an enticing prospect…”
He also mentions Elrond has the 2nd strongest community only after Cardano, according to Picolo Research. Also, Elrond will never raise its total supply beyond its current level of roughly 31 million. This creates a scarcity similar to Bitcoin, which has obvious benefits for its devoted community.
At the time of writing, Solana is trading at $30.09 up by 2.6% in the last 24 hours. Elrond is trading at $63.12 up by only 0.5% in the last 24 hours.