Coin Wars: Ethereum Vs Solana - Which is A Better Investment? - Transcripts

May 04, 2022

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Episode Summary:

In this episode of the Crypto Breakdown, I compare Solana to Ethereum, talk about their NFT projects as well as their future plans.

Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Transcript

Hey everybody. My name is Joe Dewitt. And this is the crypto breakdown on here. I'll be getting you caught up on everything you need to know regarding crypto any relevant news. Anything that you missed. Don't worry about it. We'll cover all that good stuff in the morning before you go out and start trading. Hey everybody happy Wednesday. My name is joe and welcome back to another episode of the crypto breakdown. Today we'll be doing a coin war between ethereum and Selena. Now as well as uh talking about the differences between the two coins were also going to touch on the networks and some of the N. F.

T. Opportunities that these both provide. Now taking a look at ethereum, it is the world's most popular layer one Blockchain network. One ethereum is currently sitting at $2840. While Selena is now the seventh token by market cap sitting at $87 for once. Alana, there is quite a large price difference between the two. Although their networks are very similar now, Selena has a market cap of 44 billion. While ethereum has a market cap of 343 billion. So the market caps are quite different here. Um ethereum has um quite a bit of a difference. And as you can see by the to market caps, ethereum does have about a five times larger market cap than Selena does. Now as far as consensus mechanisms, ethereum is still yet to implement their East two point oh and switch over the network to the proof of stake consensus.

So therefore they are currently running on proof of work which is the outdated consensus mechanism where Selena has been built on the proof of stake which actually uses liquidity to verify transactions. And Selena actually implemented something called proof of history which is a new consensus mechanism which actually chronologically orders transactions to. And as well as that proof of stake, consensus Solano has actually also implemented a proof of history consensus mechanism which actually chronologically orders transactions to improve scalability. Now this is great for their network. Their network actually has um incredibly fast transaction times and very very minimal gas fees where ethereum if you're dealing with the ethereum network, you're gonna be working with very um large gas fees until they move over to that two point oh now, as far as overall N. F. T. S on their network, they both provide um a great diverse pool of N. F. T. S to choose from. Although ethereum would be considered more of the blue chip ftse Now the N.

F. T. Project that most people have heard of mostly live on the ethereum network, Those board apes, the crypto punks, the doodles, um all of those Kleenexes, all the fancy me bits, all those projects are sitting on the ethereum network now, although Selena does have a large selection of N. F. T. Projects on their network. Um The cost per project is much much lower than any ethereum project. Some of the top projects on the Salon A network vary for a few $1000. Where ethereum projects you're looking at about 40 $50,000 for those blue chip projects that I mentioned now. It's interesting to look at the popularity on the Salon A network compared to ethereum due to the gas fees, It is theorized that most traders on the Salon A network are essentially trading due to the accessibility and essentially how easy it is to actually trade in the Salon A network with no gas fees at all. Now putting into perspective two point oh if that ever rolls out, it has been teased for quite a while They have been talking about on the next quarter of 2022. So if that were to roll out um that would be absolutely huge for ethereum, we would like to see what happens with the change in gas prices.

If the salon a network will continue to hold its current value or if more traders will move over to ethereum as they're able to trade um more N. F. T. S. For less of a gas fee. Overall, these two layer ones provide great utility for traders that are looking to trade in FTS or trade the coin itself theory on being a larger network does have a little bit more variety and it is a more established network due to it being around much longer. On the other hand, Selena is a great network for those looking to trade in FTS or just get started trading in FTS to kind of um diversify themselves into different projects while not having to worry about those gas fees. Yeah, I think it's really, I think it's pretty much good and that's all the time we have for today guys, thank you so much for tuning in. You can follow subscribe to the podcast which will all be description below, have a great day quickly. I just want to say that this is not financial advice. I encourage everyone out there to please do your own research before investing in cryptocurrencies as they are very volatile assets. Did you know nearly all stock price changes of 10% or more result from a single news headline.

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