What is the difference between Solana and Cardano?

Solana (SOL) and Cardano (ADA) are similar cryptocurrencies but have differences in how they work. Both named as potential “ETH killers”, Solana (SOL) and Cardano (ADA) offer smart contract functionality, while offering reduced fees and faster transactions than Ethereum.

Differences:

Solana and Cardano validate transactions using different consensus protocols. Cardano uses proof of stake (PoS), whereas Solana uses proof-of-history (PoH). Cardano uses a specialised PoS called the Ouroboros consensus mechanism that processes transactions in slots so the network is not overloaded. Solana’s PoH allows it to process large amounts of transactions quickly and for lower fees than Cardano. 

Use cases:

Launched in March 2020, Solana has 100s of dApps being developed on it, such as NFT marketplaces, lending platforms and DEXs (decentralised exchange). Cardano, launched in 2017, takes a research-led approach by publishing peer-reviewed papers that outline its next steps for development. In 2021, Cardano had an upgrade to offer smart contracts — so although similar to Solana in many ways, time will tell if one of these platforms will prove to be an eventual ETH killer.

Keep reading…

What is the difference between Cardano and Ethereum?
What’s the difference between Solana and Ethereum?
What is proof of stake?