- What is Solana (SOL)?
- What is Polkadot (DOT)?
- Solana vs Polkadot: Comparative Analysis
- SOL vs DOT Price Trends
- Should you buy SOL or DOT coin?
- How to invest in DOT or SOL coin?
What is Solana (SOL)?
Solana is an open-source project that utilizes blockchain technology’s decentralized nature to provide DeFi solutions that majorly focus on speed and low cost. Though the initial work on the project started in 2017, the crypto community finally got a glimpse of Solana when the Solana Foundation officially launched it in March 2020.
The Solana protocol is designed in such a way that it enables the creation of a decentralized app also known as DApp via deploying smart contracts onto its blockchain. Solana aims to improve scalability by presenting a proof-of-history (PoH) consensus combined with the underlying proof-of-stake (PoS) consensus of the blockchain. As of today (2 March 2022), the SOL crypto price is $104.69 with an ATH of $260.06 achieved on 6 November 2021.
Because of its speed and low-cost model, it is possible to verify payments sent on the Solana chain within seconds and costs an average of $0.00025. This also functions as the USP for Solana, as most of the issues surrounding crypto involve transaction fees and speed. Solana’s innovative hybrid consensus model makes it possible for both small-time traders and institutional traders to enjoy the platform equally. A significant focus for the Solana Foundation is to make decentralized finance accessible on a larger scale.
Additional Read: Ethereum Killer: Solana
What is Polkadot (DOT) crypto?
The Polkadot ecosystem signifies the next generation of blockchain networking. It provides a platform that helps link several blockchains into one combined or united network. The broader vision behind Polkadot is to give individuals behind the web an opportunity that precedes the internet monopoly. The Polkadot networking is built on the previously groundbreaking results of blockchain while offering various other fundamental advantages to its users.
The two main features that separate Polkadot and make it future-ready are its scalability and easy-to-upgrade feature. It allows blockchains to transfer data across one another and also helps multiple chains to be functional within a single network. The Polkadot project is an open project from the house of Web3 Foundation. The organization is co-founded by Gavin Wood, who also previously administered the Ethereum blockchain.
The main aim of the Polkadot ecosystem is to speed up public and private blockchain communications. The DOT crypto captured a whopping $5 million market cap within the first two weeks of it being listed as a coin. As of today (2 March 2022) the DOT coin price is $18.85 with an ATH of $55.00 on 4 November 2022.
The unique features of the Solana Coin are:
- SOL’s consensus mechanism is known as PoH (Proof of History) which enables every node to have its own clock and take decisions, without consulting each other.
- The Byzantine Fault Tolerance (BFT) algorithm of Solana makes sure that a particular node failure does not impact the working of the entire system.
- The Solana ecosystem enables multiple smart contracts to work at the same time.
The unique features of DOT Coin are:
- Polkadot’s ecosystem has a sophisticated governance system in place that enables every stakeholder to have a voice.
- The Polkadot (DOT) community is truly interoperable as it enables cross-blockchain transfers of any type of data or asset and is not restricted to just tokens.
- Polkadot provides smooth transactional scalability by spreading the transactions across multiple parallel blockchains.
Additional Read: Solana Price Prediction
Solana vs Polkadot Comparative Analysis
|Comparison Basis||Solana (SOL)||Polkadot (DOT)|
|Founders||Anatoly Yakovenko and Greg Fitzgerald||Dr. Gavin Wood, Robert Habermeier and Peter Czaban|
|Blockchain Protocol||Solana Protocol||Polkadot Protocol|
|Use Case||Faster transaction with minimal fees||Ability to transfer any type of data along with tokens.|
|Circulation Supply*||320,598,399.89 SOL||987,579,314.96 DOT|
|Consensus Method||Proof Of History (PoH)||Hybrid Consensus|
DOT vs SOL: Price Trends (Monthly)
Additional Read: Solana Technical Analysis
Should You Buy SOL Coin vs DOT Coin
At present SOL coin price is attempting very hard to maintain the bullish trend. As commented by various analysts, the asset might see a bearish phase due to SOL facing uncertainty owing to some external factors, and hence no major flip with the price may be experienced until the crisis-like situation settles itself. Therefore, considering the crypto markets to stabilize in the next couple of hours, the price may rise high to hit $120 levels very soon.
Polkadot Coin’s para chains’ main intention is to ease congestion and increase speed. It is because of DOT’s design that each application on Polkadot has its mini-blockchain or parachain connecting back to the Rely chain. With this design, the Polkadot team intends to keep the transitions safe and accurate while using minimal computing resources. However, users can get additional benefits from customizing the Parachains according to their needs.
Several factors besides the unique feature of both Solana (SOL) and Polkadot (DOT) play an important role in the now bulling uptrend potential that they show. While both SOL and DOT coin price have been taking a turn in running a bullish and bearish market, it is advisable to DYOR and choose the token that suits your portfolio needs.
Additional Read: Polkadot (DOT) Price Prediction
How to invest in both SOL and DOT coin
Investing in crypto has never been simpler, safer, and more secure with CoinDCX. It doesn’t matter whether you want to invest in the SOL or the DOT coin, we have got you covered. CoinDCX, India’s safest and simplest crypto investment app is here for you to buy a Solana coin.
All you need to do is follow these 3 simple steps to buy your first crypto with the CoinDCX app.
- Sign up on CoinDCX
- Link your bank details
- Buy Solana (SOL) or Polkadot (DOT)
Additional Read: Terra LUNA vs Polygon MATIC
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