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ToggleThe crypto space has come a long way since the introduction of Bitcoin’s whitepaper back in 2009. With such momentum in the adoption of the crypto space, the number of crypto assets to choose from expanded from a mere few tokens to tens and thousands of tokens as of 2023!
What is more interesting is that each one of the tokens cater to one problem or another and yet they are all a part of the cumulative new world, commonly referred to as Web3. Some of the tokens this article will cater to are, Solana and Polkadot. For more information on various other crypto tokens, keep a tab on Crypto vs Crypto by CoinDCX.
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
Latest news Solana
With the upgrades set in place by the Solana competitors, Ethereum and Polygon, the SOL network is not far behind! Back in February 2023, the Solana network mentioned its ongoing work on deployment of oracles as Helium is looking to improve its scalability and reliability. Soon after, the Helium network confirmed that announcement on March 27, 2023, and stated that the transition of the network will be taking place over 24 hours.
Helium’s team commented, “This upgrade will encompass all wallets, Hotspots, and Helium Network state, and will take place over a 24-hour transition period commencing at approximately 1500 UTC / 10:00 AM ET.”
Helium Wallet users can now preview @Solana functions for the wallet (Settings > Preview Solana) for testing on Devnet. Token balances on Devnet are only for testing and are not real tokens. Helium is not yet on Solana Mainnet. Feedback can be provided on the Helium Discord. 🧪 https://t.co/LHByZyojkR
— Helium🎈 (@helium) March 16, 2023
Solana Use Cases
- DeFi: This use case of Solana includes crypto exchanges, DEXs or Decentralized Crypto Exchanges, digital wallets, and automated financial contract systems.
- NFT: Solana has been home for many digital creators who work with NFTs. The blockchain allows its users to mint and trade their digital artwork.
- Web3 Apps: One of the most important issues that Solana is catering to, is enabling the developers to create applications by leveraging some of the latest technologies that are available on the internet. For example: Audius.
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.
Latest news Polkadot
So many decisions were to be made for the crypto space to reach where it is today. With Polkadot’s sophisticated governance mechanism, and to cater to day-to-day decision making, Polkadot is launching OpenGov. Previously referred to as Governance v2, after a rigorous test on Kusama, the proposal for it to be deployed on the Polkadot blockchain was made.
It’s happening! 🎉
PR #6701, introducing OpenGov into @Polkadot is now merged. This PR also removes Gov1 from @kusamanetwork, and needs to be included in a release to propose a runtime upgrade, that will be up for vote by the community.https://t.co/gZ6y3Ip4IK
— R.I.Rtti (@nachortti) March 21, 2023
Polkadot Use Cases
- Scalability: One of the main challenges facing blockchain networks is scalability. Polkadot’s multi-chain architecture caters to the scalability problem, as it is designed to address the slowdowns by allowing multiple blockchain networks to come together and operate in parallel.
- Interoperability: The network allows different blockchains to connect and interact with each other by using its relay chain. This helps in enabling cross-chain transactions.
Governance: The DOT’s governance model is designed to be more inclusive and decentralized. This allows the stakeholders to participate in the decision-making process.
Key Takeaways:
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.
Solana vs Polkadot Comparative Analysis
Comparison Basis | Solana (SOL) | Polkadot (DOT) |
Launch Date | 2020 | 2016 |
Founders | Anatoly Yakovenko and Greg Fitzgerald | Dr. Gavin Wood, Robert Habermeier and Peter Czaban |
Blockchain Protocol | Solana Protocol | Polkadot Protocol |
Token Type | Altcoin | Altcoin |
Use Case | Faster transaction with minimal fees | Ability to transfer any type of data along with tokens. |
Market Cap* | $33,434,225,824.05 | $18,495,920,185.26 |
Circulation Supply* | 320,598,399.89 SOL | 987,579,314.96 DOT |
Consensus Method | Proof Of History (PoH) | Hybrid Consensus |
Source: CoinMarketCap
Solana Price Prediction
- The SOL price has been running at $22.38 with an upward trajectory of 0.64% today; March 22,2023 with a market cap of $8,587,470,170.
- The SOL price has been down by 0.97% in the last 24 hours, however, given the current scenario continues, SOL price might have to first deal with a very wide consolidation range between $28 and $46.
- The price trajectory shows that it can reach around the $35 level by the end of Q1 2023 and if the activity remains similar, by the end of Q3, 2023, the prices might reclaim the positions above $40 and the levels could reach above $50, by the year end.
Additional Read: Solana Price Prediction
Polkadot Price Prediction
- The Polkadot price is running at $6.32 today with a 24-hour trading volume of $224,304,245 and a market value of $7,401,489,741; as on March 22, 2023.
- Polkadot’s value has been up by 2.54% in the last 24 hours. If the current scenario persists, the price may see a downward trend, but the introduction of OpenGoc can influence the price.
- Experts believe that the DOT price can reach a double figure by the end of 2023 which might sustain until the beginning of 2024.
Additional Read: Polkadot (DOT) Price Prediction
DOT vs SOL: Price Trends (Monthly)
Source: TradingView
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. Because of DOT’s design, 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.
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)
Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.
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