Opinion pieces are based on the author’s personal opinion, and they do not constitute investment advice, financial advice, or trading advice. Securities.io does not recommend that any cryptocurrency should be bought, sold, or held by you. Conduct your own due diligence and consult a financial advisor before making any investment decisions.
Blockchain development has never been bigger and faster than it is today. With multiple massive trends dominating the crypto industry right now — including DeFi , NFTs, metaverse, and more — finding a good development platform is crucial.
Whether you are interested in developing a project yourself or selecting the best platform to try out other projects and dApps built upon it, you want it to be the best one possible, with the great diversity of projects. Solana can definitely offer that, but it would be unfair to say that it is the only one out there that has a great offering.
With that said, today, we are interested in looking into Solana alternatives, and we came up with 6 different chains for you to consider. 1. Ethereum
The first on our list is Ethereum , which is an obvious choice when it comes to development platforms. As the oldest blockchain-based development platform in the world, Ethereum is the parent figure to all others, and also the most diverse one.
It is no secret that Ethereum struggles technologically, however. In fact, its lack of scalability and high gas fees are what drove people to blockchains like Solana and others on this list in the first place. However, it is also worth remembering that Ethereum still leads in terms of dApps, existing projects of all sorts, as well as other trends. Plus, Ethereum did not give up on developing its system and improving it.
It is still working on fully implementing Ethereum 2.0, and it is expected that, once ETH 2.0 finally sees full launch, the project might once again become a competitive development platform. Whether or not that can actually happen still remains to be seen, but right now, it is definitely still too early to say that Ethereum is out of the game.
To learn more about this token visit our Investing in Ethereum guide. 2. Binance Smart Chain
In the second place we have Binance Smart Chain . Developed by Binance, the world’s largest crypto exchange according to trading volume, BSC is Binance’s second blockchain, running alongside the original Binance Chain. However, Binance Chain was built to support Binance’s BNB transactions, and not for developing dApps, metaverse projects, and alike. Binance actually launched BSC when it realized the potential of DeFi, but just like Ethereum itself, BSC became a multi-purpose development platform that does not discriminate against crypto trends.
Binance realized that it needs its own version of Ethereum, but better in terms of speed, scalability, and the TPS count. So, it created Binance Smart Chain, which truly does exceed Ethereum in all of its technical capabilities. However, it still doesn’t have Ethereum’s reputation and brand, nor the equal amount of projects and content that Ethereum has to offer.
But, like Solana, BSC is now fighting to become the go-to development platform, and thanks to the fact that it is backed by Binance itself, it might actually have an advantage over other similar projects.
To learn more about this token visit our Investing in Binance Coin guide. 3. Polkadot
Next on the list is Polkadot . This is a project that created its own way of dealing with issues like scalability and speed, by introducing parallel chains. The so-called parachains run alongside Polkadot’s main chain, and they are capable of taking over the portion of the work that the network has to deal with.
However, they also have another ability which is what makes this project the key for solving a much larger issue in crypto, which is interoperability. Through its parachains, Polkadot can connect its own network to other blockchains in the crypto industry , and use them for the transfer of data and money.
Essentially, parachains can be used to build a network of multiple projects, with Polkadot in the center of it. All of this is still in very early stages, of course, and it does not mean that Polkadot will be the project to bring forth Web 3.0. However, Polkadot did point out a method of doing it that could work. Whether it will end up being the one to do it, or if some other project uses the same principle — remains to be seen. For the time being, however, Polkadot […]
Protected by Patchstack