1. Architecture and Consensus
Solana $SOL uses the Proof of History (PoH) consensus mechanism combined with Proof of Stake (PoS). PoH allows for efficient ordering of transactions, making processing faster.
Ethereum$ETH , after the upgrade to Ethereum 2.0, exclusively uses Proof of Stake (PoS). This model improves energy efficiency and scalability over the old Proof of Work (PoW).
2. Speed and Scalability
Solana is known for its high speed, being able to process tens of thousands of transactions per second (TPS). This is achieved thanks to its performance-optimized architecture.
Ethereum has a lower TPS, although Ethereum 2.0 improved scalability with the introduction of sharding. Even so, it doesn't reach Solana's numbers.
3. Transaction Costs
Transaction fees on Solana are extremely low, often fractions of a cent, which makes it attractive for high-frequency applications.
On Ethereum, gas fees can be very high, especially during periods of high demand, although PoS and future upgrades aim to reduce these costs.
4. Decentralization
Ethereum is widely considered to be more decentralized, with thousands of validators distributed globally.
Solana, while fast, is often criticized for its lower decentralization as it requires more robust hardware to operate nodes, limiting accessibility.
5. Purpose and Ecosystem
Solana focuses on being a high-performance platform for decentralized applications (dApps) and DeFi, excelling in use cases that require speed, such as NFTs and games.
Ethereum has a more mature and diverse ecosystem, making it the leading choice for smart contracts, DeFi, and other innovative use cases.
6. Stability and Resilience
Solana has faced network outages before due to its complex high-performance architecture.
Ethereum, although it has faced scalability challenges, is known for its robustness and reliability over time.
In short, Solana is a performance-oriented, low-cost blockchain that is ideal for applications that require high speed. Ethereum, on the other hand, prioritizes decentralization, security, and a consolidated ecosystem, making it the most versatile and reliable choice for many developers.