The Battle of the Blockchains: XDC vs Solana
Cryptocurrency has been in the news for the past year for a plethora of reasons — and one of the most important is its environmental impact. From investors and experts to world governments, cryptocurrency has been in the spotlight.
Crypto giants like Bitcoin and Ethereum, especially, are under scrutiny for their energy-intensive Proof-of-Work model that utilises enormous amounts of energy and leaves a gigantic carbon footprint.
Fortunately, there are green alternatives like XinFin’s XDC and Solana. XDC and Solana are popularly known as Ethereum killers and for good reason. They offer sustainable solutions to nearly every problem posed by Ethereum.
How XDC and Solana overcome Ethereum’s Limitations
Ethereum’s plans to upgrade their technology to the Proof-of-Stake consensus could potentially reduce their energy requirements by nearly 99%, but there are a few things you need to know about the drawbacks of Ethereum 2.0.
Although the upgrade will significantly reduce the size of Ethereum’s carbon footprint, there still remains the issue of scalability. For every transaction carried out on Ethereum, one has to pay a gas or transaction fee, irrespective of the nature of the transaction. One transaction alone can cost up to $150 and given the sheer volume of transactions that are carried out on Ethereum, the costs are extremely volatile and unpredictable. In comparison, XDC and Solana cost a mere fraction of a dollar. Whereas an average transaction on Solana costs $0.00025, the XDC network operates at a cost of $0.000000000008.
XDC vs Solana
Both XDC and Solana have their own burgeoning ecosystems with a variety of tools and applications required to build smart contracts, dApps, DeFi, etc. With the cryptocurrency market becoming increasingly competitive, it’s essential to make informed choices before taking the plunge or making a shift. Read to find out which cryptocurrency is more likely to have the upper hand.
A deeper look into the Solana and XinFin Ecosystem
XDC commands a market capital of $1.1 billion and a token price of $0.093 compared to Solana’s market capital and token price that currently stands at 74 billion and $246.35 respectively. Solana’s block interval is 4 milliseconds while that of XDC’s network is 2 seconds.
Additionally, Solana’s native coin SOL has a total supply of 508.59 million tokens with a circulating supply of 302.6 million tokens, whereas XDC has a total supply of 37.6 billion tokens and 12.3 billion tokens in circulating supply. However, the XDC network uses the XDPoS(Delegated Proof-of-Stake) model that promises privacy, security, and most importantly, resource optimization, compared to Solana’s PoS/PoH model.
XDC is KYC compliant and EVM compatible while Solana is neither KYC compliant nor EVM compatible, but a two-way token bridge enables assets to move freely between the Ethereum and Solana blockchains.
The Solana Ecosystem
- Serum Dex: Serum is a decentralized exchange (DEX) that combines traditional and modern values. Users can trade cross-chain assets at high speeds and low costs, and conduct their transactions in an on-chain order book that replaces that Automated Market Maker. This matches buyers and sellers and gives users control and flexibility over their trades.
- Raydium: Raydium is a popular Automated Market Maker (AMM) built on Solana that facilitates lightning-fast trades, has new yield earning features and shared liquidity. Built on the Solana blockchain, Raydium boasts its own ecosystem that consists of a native currency — Ray, SPL Wallet, Raydium Swap, Raydium Trade, and many more.
- Coin98 Finance: This is an all-in-one solution for decentralized finance (DeFi) that offers a wide range of DeFi products including yield farming, crypto incubators, and also facilitates frictionless token swaps across nearly 20 different blockchain platforms. Its native currency — the C98 token, a trio of development projects i.e Coin98 Ventures, Coin98 Labs, and Coin98 Media make Coin98 Finance a one-stop-shop for DeFi products and services. At the core of Coin98 Finance is its liquidity aggregator and the interoperability that makes cross-chain borrowing and lending seamless and cost-efficient.
- Solanium: Solanium is the go-to launchpad for products designed on Solana — it’s a decentralized blockchain that offers decentralized fundraising, time-weighted token staking, liquidity pools, and governance voting. The emphasis on the user interface (UI) and user experience (UX) interface ensures Solana is easily accessible for new users.
The XinFin Ecosystem
- Plugin: Plugin is a decentralized oracle platform that provides cost-effective solutions to any smart contract built on the XDC network. It collects data, consolidates it for the user to access at any time. Its key feature is its low cost compared to other oracle platforms, and its scalability, reliability, and security.
- Ledgermail: Ledgermail is the world’s first decentralized email service that prioritises the protection of its users’ digital rights. Powered by Pingala software and built on an XDPoS consensus, it combines the power of blockchain and cryptographic algorithms to deliver a highly secure and tamper-proof, and customized email solution that users can adopt with their existing email IDs.
- BlocksScan: BlocksScan is a block explorer for XDC and ETH. It displays all the necessary information at a glance making it simple for users to be informed at all times. Its goal is to facilitate a seamless search experience for users using multiple blockchain networks — all in one search engine.
- StorX: StorX is the ultimate decentralized cloud storage service. In just 4 easy steps, data is stored on StorX via a split and encryption model that splits an encrypted file into fragments and stores it in multiple hosting nodes worldwide. This ensures maximum security and provides 100% autonomy to users. Additionally, users with spare storage in their accounts can rent out the extra space and earn SRX tokens.
- Blockdegree: Tying in with XinFin’s mission of truly decentralizing finance is their edtech venture — Blockdegree. Through Blockdegree, XinFin gives opportunities to engineers and developers to take courses about blockchain development from the basic to the professional level. Armed with the latest knowledge about the increasingly competitive blockchain industry, Blockdegree empowers engineers to use XinFin’s cutting-edge technology to develop applications on the XinFin ecosystem.
XDC’s game-changing partnerships with industry leaders
Apart from the variety of applications on XDC, XinFin has also been spotlighted in the media for making waves in the global finance industry. XinFin’s XDC network is the world’s first blockchain platform to join The Global TFD initiative — an initiative of the International Trade and Forfaiting Association (ITFA) to boost automation and transparency in trade asset and risk distribution. Through this significant move, XinFin has joined the ranks of major global financial institutions like Santander Asset Management, ING Bank, SMBC, Commonwealth Bank of Australia and more.
Earlier this year, XinFin was in the news for partnering with Tradeteq, a technology provider for trade finance asset distribution to execute the world’s first trade finance-based non-fungible token (NFT) transaction. This collaboration sets the stage for all future NFT-based trade finance transactions.
XinFin has also entered a strategic partnership with WadzPay, a leading blockchain-based payments platform that will enable the use of XDC on Wadzpay and enhance Wadzpay’s offering of products and solutions.
In keeping with XinFin’s continuing efforts to make XDC a platform that’s sustainable, they joined Globiance, a Singapore-based global financial services group that launched Fiat pegged stable coins EURG and SGDG on the XDC network. Globiance chose XinFin to leverage the speed, cost-effectiveness, and high-speed transactions to offer native currency payments and trading to global clients. As transaction costs for stable coins are extremely low in comparison to others, these green coins have a minimum negative environmental impact
The final verdict
Solana is popularly known as the Ethereum Killer but experts say it may be too soon to predict whether Solana will take over Ethereum. As the world’s second-largest cryptocurrency, Ethereum holds a market share that’s 7 times larger than Solana’s. Additionally, Solana’s average transaction fees of $0.00106675 (0.000005SOL) exceed XDC’s transaction fees of $0.000000000009 (0.000000000096955 XDC). Furthermore, XinFin’s pattern of developing strategic partnerships with global companies serves to strengthen the XDC ecosystem in a 360° manner. These collaborations offer a wider variety of products and services to users that make XinFin a truly end-to-end blockchain platform.
So what do you think, Who is Ethereum killer? XDC for Solana? Write down your thoughts in the comment.