Blockchain technology advancing with new technological advancements toward growing demands! Blockchain technology is influencing various sectors with a wide range of scalability and security features.
Cryptocurrency and Dapp operate based on the blockchain network. The core part of decentralization platforms lay over the technologies that confine the capability, security, and quality of the dapp and other products.
In looking at the Blockchain Ethereum has its dominance as the first and most widely used blockchain network in the crypto industry. Ethereum was the first and widely adopted blockchain network for cryptocurrency and dapps.
The blockchain and crypto industry is growing exponentially with new blockchain networks like BinanceSmartChain, Tron, & Solana, etc. Let us check the benefits of using BinanceSmartChain and Solana Blockchain individually
Binance Smart Chain
In late 2020, Binance exchange released a Blockchain platform called BinanceSmartChain BSC. BSC blockchain network facilitates high scalability, low transaction fees, rapid block times, high transaction speed, and smart contracts.
Key Features of Binance Smart Chain
The node or user involved in validating transactions on the BSC network is limited to 21 validators. Users having a huge amount of BNB can stake their assets and validate a transaction on the blockchain network.
BSC facilitates the users to convert their USDT, ETH, or BUSD to BSC. This is going to provide efficient interoperability for dapp development for various business transactions.
The BinanceSmartChain is efficient with low transaction costs and high transactions per second (TPS). The blockchain network limits the number of validators and execution of Delegated Proof of Stake (DPoS) and Proof of Authority (PoA) consensus mechanisms.
Solana is a blockchain platform with smart contract functionality launched in 2017. Solana uses its SOL cryptocurrency for network validations. Solana has faster transaction times and lower costs than its main competitor, Ethereum. Solana attains consensus utilizing a proof-of-stake (PoF)mechanism, as well as a “proof-of-history” (PoH)mechanism. Solana states that PoF & PoH improves scalability without deviating from decentralization and security.
Key Features of Solana
The Solana platform uses a Proof of History (PoH) consensus mechanism. Consensus validates the time disparity between two events through a series of computational steps. This protocol guarantees a proper track record of transactions. Besides, the network makes use of Tower BFT to implement the PoS (Proof of Stake) mechanism, guaranteeing resistant security and stability.
The program doesn’t recall the state of the blockchain resulting in less usage of memory that enables higher efficiency and makes Solana a preferable network for dApp development.
The network guarantees excellent performance without compromising on decentralization. A large number of validators are required to attain the consensus for a transaction to be executed.
BinanceSmartChain Vs Solana
Scalability and Block Time
BSC and Solona are highly scalable. There is a difference in their block time and transaction throughput. BinanceSmartChain has an average block time network of around 3 seconds and can handle 160 transactions per second.
Solana has an average block time of 0.610 seconds and allows 700 transactions per second.
Both the blockchain networks feature low transaction fees. The average transaction cost in the Binance Smart Chain is 0.0009348 BNB whereas Solana is 0.000005 SOL.
Security and Centralization
In order to determine the level of security, decentralization can correspond to the number of validators involved in the consensus mechanism of both the competing blockchain networks.
The decentralization is achieved with an unlimited number of validators in the consensus mechanism. The security levels of the BSC and Solana networks are checked and handled by the PoS mechanism.
BinanceSmartChain and Solana are both blockchains that have their own benefits and features. A quick review of the Binance smart chain and Solana blockchain presented in this blog makes you choose one. Get ready to launch your own platform with opt choices. One can choose either BinanceSmartChain or Solana according to their business requirements.