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Home CURRENT AFFAIRS BUSINESS Cryptocurrency Update: Is Solana, the infamous Ethereum-killer, the next cryptocurrency to die?

Cryptocurrency Update: Is Solana, the infamous Ethereum-killer, the next cryptocurrency to die?

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Cryptocurrency Update: The cryptocurrency market consists of cycles of enterprises that declare themselves to be giant-killing behemoths. Altcoins that were purported to be a substitute for conventional currency first appeared in the early history of Bitcoin (BTC), for instance.

All of these cryptocurrencies were founded on the justification that they were quicker and more affordable than Bitcoin, however this did not help their projects become very well-known. This is supported by both Litecoin (LTC) and Bitcoin Cash (BCH).

Although both altcoins reached the top 10, they were unable to keep their ranking due to a lack of demand for new Bitcoin or an inability to adapt to market changes and offer worthwhile incentives for accumulation.

Cryptocurrency Update: Solana; The ETH killer

Solana was created to be a leader in decentralised finance, but its NFT market has seen the most growth in the blockchain industry. Its network successfully makes it possible to create dApps, or decentralised applications.

To achieve scalability, the coin uses a hybrid proof of stake (PoS) and proof of history (PoH) consensus methodology. As it is made to keep costs low for apps with billions of users, it also has a low transaction cost.

These characteristics unquestionably position Solana as a formidable rival to Ethereum. But once more, it appears that history is repeating itself, and a project that claims to be a “killer” of its forerunner continues to lose market share.

Solana was a leader

No altcoin claiming to be an Ethereum killer, in the opinion of BitMEX co-founder Arthur Hayes, has the power to overtake the industry standard for smart contracts. The businessman thinks that the developer’s skill matters much more than the story of quick and inexpensive transactions.

“A few thousand engineers work on Ethereum. There may be a few hundred on the following blockchain, and that is all that matters. These developers build the ecosystem. The apps are made by them.”

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