GeneralTechnology

This Crypto Will Be the Ethereum of 2022

real time crypto news

Ethereum has had an incredible year, but there is another cryptocurrency that has the potential to significantly affect it.

 

Key Points:
  • Ethereum has the potential to be a terrific investment, but it is also extremely pricey.
  • Solana is a more economical choice that has undergone explosive growth in recent years.
  • You should think about the dangers and risks involved before making a purchase, and it is not the best investment for everyone.

 

Real time crypto news: ETH (CRYPTO:ETH) has proven to be one of the most successful investments of 2021, with its price increasing by more than 437 percent since January. It is, nevertheless, one among the most expensive cryptocurrencies, with each token costing slightly less than $4,000 USD.

Ethereum will become even more expensive as the cryptocurrency’s popularity grows. A more affordable cryptocurrency with similar development potential is Solana, which you should investigate if you’re searching for a more affordable investment with similar growth potential (CRYPTO:SOL).

In the cryptocurrency industry, Solana is one of the rising stars, and while it does have certain drawbacks, it has the potential to become the Ethereum of 2022.

Is It Already Time for ‘SolaNow’? 

real time crypto news

Solana is presently the fifth most popular cryptocurrency, having a market cap of about $52 billion. (For perspective, Ethereum presently has a market cap of more than $452 billion). This puts it in a favorable position, as it’s achieved enough traction to compete with the major companies in the crypto market, but it still has lots of space for expansion.

It also bears many similarities with Ethereum. Both networks are smart contract platforms that may host projects such as decentralized finance applications and non-fungible token (NFT) exchanges.

However, Solana has one important benefit over Ethereum: speed. Ethereum can currently process roughly 15 transactions per second, while Solana can purportedly handle up to 65,000 transactions per second. Because of this speed, many developers have rushed to Solana’s network, enabling it to become the fastest-growing blockchain ecosystem.

Risk To Consider

While Solana appears to be one of the most promising cryptocurrencies to emerge from the year 2021, it is not without its dangers. Some critics believe that Solana has placed a greater priority on speed than on safety, and that the company has been subjected to a number of cyberattacks that have raised security concerns.

DDoS attacks, the most recent of which occurred on the network, have caused significant disruption. Despite the fact that Solana stayed online, the attack caused investors to lose trust. This caused its price to plummet by more than 20% in the days that followed the incident, and it is currently down by about 30% from its peak in November. And this isn’t the first time the network of the European Union’s Solana has been compromised; the network was knocked offline for almost 17 hours in September.

Some analysts are also concerned that Solana’s security will continue to be a source of contention. The cryptocurrency Solana, according to a new analysis from institutional investing firm Grayscale, employs a consensus technique that is not commonly used by other cryptocurrencies. 

It makes use of a proof-of-history protocol, which is more efficient than other systems but may not be as secure as other systems. Because of this, Solana may be more prone to attacks than other networks in general.