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Solana (SOL)
Solana is a decentralised blockchain platform created for scalability first and foremost. It is one of the fastest blockchains on the market, with a transaction speed of almost 65,000 per second. It accomplishes this through the unique Proof of History consensus mechanism, which allows nodes to synchronise time across the network.
Solana has been one of the fastest-growing projects in the DeFi space and is widely called an “Ethereum-killer”.
Pros of Solana
Solana is one of the fastest blockchains on the market, making it highly popular among investors.
The platform also has very low transaction fees, with an average of $0.00025.
Cons of Solana
Solana is not easily interoperable with Ethereum, thus restricting its smart contracts to those built for the network.
Solana has experienced several network outages that have made it unreliable for its users.
Ripple (XRP)
Unlike other general-purpose tokens, XRP is focused on creating payment solutions for banks and financial institutions. It solves several problems with competing systems like SWIFT for international settlements. Instead of requiring several hours or days for transfers to be finalised, XRP allows such settlements to be completed in a matter of seconds.
Read more: What is Ripple (XRP)
Ripple has made traditional finance much more accessible for users through the efficient application of blockchain technology.
Much faster than its competitors like SWIFT.
Expand access to banking and international settlement by lowering barriers to use.
Cons of Ripple
The network is highly centralised as all transactions are confirmed by a federated group of financial institutions.
Ripple Labs is engaged in a legal battle with the US Securities and Exchange Commission.
