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Solana, vs, egld, compete into Web3, blockchain business ecosystem!

Time : 25/11/2021 Author : yzd3nt Click : + -
        Solanavsegld and two popular cryptocurrency blockchains compete to become the main Web3 blockchain business ecosystem in the future. This paper will compare and summarize each project, provide useful data for potential investors, pledgers and verifiers, and put forward high-level positive comments and criticisms on each project. Egld and Solana are decentralized proof of interest (POS) layer 1 blockchain protocols. Both support defi, NFT market, decentralized exchange (DEX), games, metaworld and payment DAPP. Both are competing to become the main Web3 blockchain business ecosystem in the future, with high scalability, fast transaction and low cost.
 
        Egld hopes to become an "Internet scale blockchain". The core of the technology is the "proof of security" consensus mechanism (SPOS) and expansion through adaptive state slicing. Elrond's native token is egld. Elrond was founded by beniamin and Lucian mincu in 2017. The agreement was publicly released in 2019. Elrond network is a private company that supports the development of the network. It is composed of the founder and 23 other technical and business professionals. Due to its mixed POS and proof of history (POH) consensus mechanism, Solana protocol is considered to be one of the most technologically advanced protocols in the industry.
 
        Solana was founded by Anatoly yakavenko in 2017. Its main network was officially launched in early 2020. Currently, the Solana foundation supports the open source infrastructure and development of the protocol. The foundation is composed of many Silicon Valley technology leaders and experts. Both Solana and Solana use a variety of technologies to achieve relatively high scalability, fast transaction and low cost. However, they have deployed different types of technologies to achieve their desired effects. Let's look at the details. Egld uses adaptive state slicing to increase scalability and SPOS consensus to improve speed and security.
 
        These two technologies work together to make egld realize the capacity of 15000 transactions per second (TPS), and the average cost of each transaction is US $0.001. Adaptive state slicing: allows egld to expand, because the blockchain divides key processes (accounts, smart contracts, etc.) into separate "slices". Separating workloads reduces latency, allowing the blockchain to take on more work. The working mode of SPOS consensus mechanism is similar to the traditional POS mechanism (for example, they all choose pledged verifiers to propose new blocks to the blockchain), but there are some differences. First, the SPOS system allocates a verifier to handle a specific fragment.
 
        Secondly, the system uses a special algorithm to randomly select verifiers in each partition to propose the blocks of the partition. Third, SPOS then safely merges these individual chunks into a common blockchain ledger. Elrond currently has 3200 active verifiers. Solana adopts a mixed POS and poh consensus mechanism. According to the in-depth analysis of consensus mechanism, POS and poh, this hybrid system seems to be producing the expected effect, because Solana currently has a capacity of 50000 TPS and the average transaction cost is US $0.00025. Proof of interest: Solana has achieved a fairly standard POS.
 
        Solana's 1895 verifiers were randomly selected to propose the next block. The chance of the verifier being selected is proportional to the number of sol pledged. Other verifiers either accept or reject the proposed block; If you pass the verification, the selected verifier will be rewarded. The principal (any person holding sol) is free to pledge with any verifier they like. History has proved that Solana generates fast transactions because poh allows verifiers to efficiently and quickly verify the correct order of transactions between each other. Each verifier runs an "encryption clock", which runs in synchronization with all other encryption clocks on the network.
 
        These clocks are synchronized because each verifier must submit only one CPU to continuously run the SHA-256 algorithm to maintain time. Single global state: Solana's hybrid method creates a blockchain without the need for additional layer 2 or sharding solutions. Solana said that this single global state creates efficient and seamless communication on the blockchain without fragments. Elrond and Solana both support NFT and defi markets, decentralized exchanges, games, metadomains and payment dapps. However, the development speed of the two is quite different. Defi and lending: the market value of 73 defi projects is US $2.1b, and the average transaction cost is US $0.18.
 
        Decentralized exchanges: Solana currently hosts several decentralized exchanges, including solanium, Alf agreement and enrex. Egld and sol are native tokens of Elrond and Solana, respectively. Both are used for transaction, payment of network fees, pledge, verifier and pledge rewards and governance. However, there are some differences in adoption and token economics. It is intended to be more stored as electronic value. Hence the name. Therefore, the token is designed to have a relatively tight maximum supply. The current circulation supply is 22.9 million egls, and the total maximum supply is 31.4 million.
 
        The maximum supply will be reached in 2031. Newly minted coins are released into the ecosystem through verifier and pledger rewards. There is no fixed maximum supply of inflation tokens. The current circulating supply is 345m. Although there is no maximum supply, the inflation rate of sol operates according to a fixed schedule. By the end of 2020, the inflation rate of sol will be 8% per year, decreasing by 15% per year until sol reaches the inflation rate of 1.5% per year, which will be maintained for a long time. The newly generated sol is distributed into the ecosystem by pledging rewards to verifiers, principals and general pledgers. Elrond and Solana are both competing to become the leading blockchain business ecosystem on the Internet.
 
        Both give priority to expansion, fast transaction and low cost. However, each uses different technologies, has relatively different performance statistics, and has different positives and criticisms. Elrond has an excellent development team and excellent token economics. But so far, its ecosystem seems to be underdeveloped. Solana's performance statistics are excellent, and it has a very rich metacosmic ecosystem. However, the system wide disruptions in the past two years have raised real doubts about the soundness and scalability of its technology.
 
        
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