The non-fungible tokens are now more popular than ever before. The non-interchangeable units are given the fine way of selling their artwork, videos, audio scripts, 3D models, and any kind of digital items. NFT marketplaces such as OpenSea, Axie, and Rarible are great to go for, whereas for IT companies plunging into the Blockchain Ocean, providing an NFT marketplace development service is a rewarding choice.
Here in this article, we will review three popular blockchains from a development perspective. Investors who are betting money on Ether, are facing a constant slow down after the rough month of September. The crypto touched its highest $4818.97 in the first week of November, whereafter, there has been a continuous disappointment in comparison to the competitive polygon. Till 30th December, the crypto estimates at $3717.xx quite lower than its rise. The pioneering crypto Bitcoin lost 7 percent during September. On November first week, we noticed the speed of Bitcoin, where it rises to $67582.60, but came down to $47xxx.xx by end of the somewhat gloomy 2021.
The roller coaster price chart of the digital currency shows the troublesome time for ether, which also raised concern for investors. Expert says that Ethereum is probably losing from rival blockchains such as Solana and Polygon. But can the exchange be only the criteria for comparison?
Ethereum is the building block for the NFTs, Decentralized finance, and smart contracts. But despite its popularity, the platform is facing challenges in fending off the competition. Since the hustle around various DApps and NFTs, there has been intense competition between layers one protocol. NFT marketplace development companies rely on the long-runner ETH, whereas the year 2021 witnessed the rise of another layer one protocol like Polygon and Solana, which promised a higher transaction speed and lower cost. Ethereum comparatively offers both features in Ethereum 2.0 upgrade, hopefully, to beat others.
While all three blockchains Ethereum, Polygon, and Solana have their share of supporters, the most popular Ethereum reigns the list by offering the most transparent ecosystem of DApps. There are some significant differences between these rivals, which cannot be ignored. Whether you are new to NFT or the owner of an NFT marketplace development company, the article will give you a hawk-eye review of the differences between the three blockchains.
Here is a quick introduction of each of these three rivals:
Ethereum is the community-built blockchain technology that abodes digital money, apps, and global digital payments. The blockchain has established a profitable economy which is open for everyone. The platform has data-friendly services and thousands of apps which we use today, available for everyone, regardless of the location and background. All the programs which are linked to the ethereum platform need computing power. Ethereum supports Ether, a cryptocurrency that is a scarce digital currency similar to Bitcoin.
With Ether, you can perform your request operations like payment to someone on the network, etc. Worth mentioning, Ethereum has been a strong wire puller for the boom of digital collectibles in 2021, therefore a primary choice of NFT marketplace development service providers, who wish to play safe.
Polygon, also known as the Matic network, is also referred to as the Internet of Blockchain for Ethereum. One of the major goals of Polygon is to facilitate the multichain Ethereum ecosystem. The network is made interoperable with all existing and future infrastructure of Ethereum. Also, Polygon is aligned for giving interoperability with the layer-2 solutions. Polygon is also known for being the fastest in transactions.
Solana is the decentralized Blockchain. Solana is built for powering scalable and user-friendly applications. It is the fastest Blockchain and the efficient and fastest ecosystem with more than 400 Defi, Web3, and NFTs. The happy faces of blockchain development services providers are the actual feedback for Solana. The core reason behind its success is efficiency and speed.
The Solana Blockchain conducts 3000 transactions per second, where it has the superb capability to handle between 50k to 65k transactions per second. The difference between Solana and Polygon (Matic) are giving a rivalry to Ethereum whereas each of them possesses some serious qualities. Let’s dive into the difference between each of them from the perspective of the NFT development service.
Consensus mechanism is the common agreement procedure which all blockchain peers agree upon for present state. Let’s understand how three platform differs:
Ethereum 1.0 is currently used for different applications. The Blockchain uses the Proof-of-Work, which is also the same mechanism, confidently used by Bitcoin. The platform is secured by the hundreds of miners, who actively participate in the process of consensus. The process takes the computing power and makes it tough to participate in the network. Thus the network is always decentralized and secure while giving a reduced performance, the issue which is being solved with Ether 2.0.
This Blockchain uses the sequence of computations for providing a way for verifying the time between two events. It uses a cryptographic secure function for predicting the output. Solana does not rely on Proof of Work, instead, it relies on the hybrid consensus of Proof of Stake and Proof of History. Primarily, Solana can carry out 50k transactions per second.
Polygon uses a mix of technologies for creating the speedy Blockchain and link to the main Ethereum. Polygon uses the different consensus mechanism known as PoS(Proof of Stake) to create a new Matic and secure the network. It means the way you gain money on MATIC is by staking.
Validators do the job of verifying the transactions and adding them to the Blockchain. In exchange, validators receive the cut and new MATIC. Becoming the validator needs you to run a full-time node, where if any error occurs, you may lose Matic. Via validators, Delegators stake the Matic using the full-time validators. If you make an error, you could lose some of your staked MATIC.
Some Blockchains maintains state, whereas some do not. A contract is considered stateless, when it does not do any state change aka do not change the storage variable values.
Ethereum has a Stateful nature, which means that all the transactions are recorded in the state. Whenever any new transaction occurs, the entire network needs to update the copy for reflecting the new transaction.
For example, if Alice is sending $10 to Bob using Ether, then the network of miners has to update the records for reflecting the architecture. This process costs high and this is why ethereum 1.0 is considered slower than the stateless blockchains.
At the core of architecture lies the Solana cluster. Solana cluster is the set of validators, who work together for serving the client transactions and maintain the ledger. A cluster has a leader, where the role keeps on rotating among all validators. The cluster leader bundles and timestamps the incoming transaction using the Proof of History algorithm. Solana is stateless, where the entire state need not be updated upon every transaction. The stateless architecture makes Solana highly scalable.
Polygon offers the core tool and component for joining the new, borderless society and economy. The sidechain functions like other POS blockchains. The only difference is that the exchanges are clustered and at the ethereum mainchain. Matic is the resource of Polygon Blockchain, used for exchange.
Read Also: How to Create Your Own NFT?
Speed of the Blockchains are a big factor while transaction. Speed is the crucial factor while comparing the platforms.
Ethereum works on the distributed network, where every participant in the network holds an identical copy of the ledger. The network is operated and managed by the distributed ledger holders. Ether can process limited transactions per second. Moreover, it is highly crowded, where either you pay a high fee or wait in line (reason for disgruntled small NFT development services), creating a good chance for other blockchains to grow.
Solana uses tBFT(Tower Byzantine fault tolerance), which is an improved version of pBFT(Practical Byzantine fault tolerance). It eliminates the need for real-time communication between nodes, improving overall efficiency. Also, Solana uses the GulfStream (mempool less forwarding standard), which pushes the transaction to the edge. Network validators can carry out transaction faster, which enable the network to process more than 50000 transactions per second.
Polygon is unbeatable today in terms of scalability and speed. It can process 65000 transactions per second. Whether you are a developer or a user, Polygon Matic is great to use. It is cheap to build the Ethereum decentralized apps on Polygon.
A Blockchain needs to be scalable for facilitating the transactions. Lest compare the three blockchains depending upon the scalability.
Ethereum can process approximately 15 transactions per second, which makes it slower than its competitors. The layer two scaling solutions like sidechains and Plasma are accomplishing, what ethereum lacks. Ethereum can support the multichain network for enhancing scalability such as Polygon/Matic.
Solana resolves the scalability issue with the high-performance protocol. Its protocol uses the revolutionary time architecture, efficient consensus model, and faster transaction processing, which makes it one of the fastest layer-1 networks.
ETH2 making ethereum scalable
ETH2 collectively is a set of interconnected upgrades which make ethereum more scalable, sustainable, and secure. The upgrades are built by multiple teams across the ecosystem.
Scalable: ETH2 makes the ether more scalable. It needs the validation of 1000s of transactions for faster and cheaper applications.
Secure: The blockchain needs to maintain more security. As the adoption grows, the protocol needs to become secure against all kinds of attacks.
Sustainable: Ethereum needs to be harmless to the environment. The existing ecosystem requires too much energy and computing power. New ETH2 can signal the end of energy-intensive mining.
Read Also: How Much Does Blockchain App Cost?
Let’s take a look at the raw differences between the Blockchains:
|Number of Transaction per second||13-15||65000||Upto 65000|
|P/L||Solidity||Rust, C and C++||Golang, solidity and Vyper|
|Consensus mechanism||POW||PoH and PoS||Plasma-Enabled Sidechain, PoS|
|Famous Projects||Cryptokitty, cryptopunks, OpenSea, Rarible, Nifty Gateway, Decentraland||Degenerate App AcademySolPunks, Sollamas, Solsea||SportX, ZED RUN, Easy Fi, QuickSwap|
NFTs are high in demand. Coming years may see a great growth of digital collectables. Different industries are taking part while creating their focus on NFT. Hiring blockchain developer for NFT projects needs a set of skills that is hard to decide for your non-tech HR team. Ensure it be the vision instead of just a job role.
Ethereum and other blockchains are evolving and managing to provide the most feasible solution. Ethereum provided the most pivotal role in building the backbone of Decentralised Finance, therefore it has a strong footing in the industry. Solana and Polygon are the new kid comparatively and striving to give a strong reason for hiring NFT developers with the same skill, regardless of their hockey-stick growth. Who wins in the long term is hard to say, but given that ETH has been there for so long.