Ethereum Co-founder Vitalik Buterin Acknowledges Solana’s Scalability

Ethereum (ETH) co-founder, Vitalik Buterin, recently praised Solana as the most scalable blockchain during a conference. This statement has caused a stir in the community as it suggests Buterin agrees that Solana surpasses Ethereum in terms of scalability.

The token used by Solana’s blockchain, SOL, is expected to rebound in price and market value following this strong declaration by Buterin, the public face of Ethereum’s leadership. Solana’s architecture enables dApps and their tokens to be hosted and boasts the well-known Proof-of-Stake (PoS) consensus mechanism and Proof-of-History (PoH) method for stronger and more efficient financial dealings. Notably, PoH enhances the network’s accurate timekeeping mechanism.

Despite Ethereum being an early pioneer in the blockchain ecosystem capable of supporting decentralized applications, distributed finance, and smart contracts, its scalability remains a significant drawback. Network congestion and high gas prices occur as a result of its high volume and delayed transaction times. In contrast, Solana appears to be the best current option for scalability.

SOL 1D graph coinmarketcap jpeg

Despite all the recent developments, SOL’s pricing has not changed much, hovering between $19 and $20, and at the time of writing, it traded at $19.49, down over 1.59% in the previous 24 hours, according to CMC data.

Compiled by Coinbold

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