The Solana crypto is often cited at the top of the "Ethereum killers" list. However, the founder of Solana, Anatoly Yakovenko, does not see it that way. For him, Solana is closer to a complement to Ethereum than a killer; back his statements.
Solana and Ethereum: two complementary cryptos?
In a Decrypt podcast, Anatoly Yakovenko spoke about the role of Solana and its position on Ethereum. The founder of Solana readily acknowledges that Ethereum is the market leader. Challenging to do otherwise when we look at the capitalization and the place of the two cryptos in the world ranking:
- Ethereum: 164 billion capitalization – 2nd place worldwide
- Solana: 11 billion capitalization – 9th place worldwide
That said, Yakovenko does not share the idea that Solana belongs to the category of "Ethereum killers",” i.e., cryptos that compete with Ethereum.
What's funny is that people call Solana an Ethereum killer, but we're so different" Anatoly Yakovenko.
For him, the two blockchains are "almost complementary" in many ways.
Ethereum and Solana are "so different."
The Solana crypto was launched in March 2020. Thanks to its fast transaction speed, the Solana blockchain has become famous for decentralized applications (Dapps) and NFTs (non-fungible tokens).
Ethereum has used the "proof-of-stake" (or POS) consensus algorithm ever since The Merge. The Solana blockchain, on the other hand, uses a mixed consensus that mixes "proof-of-stake" and "proof-of-history."
According to Anatoly Yakovenko, it is interesting to see what type of developers choose Ethereum over Solana. For him, the main concern with Ethereum is that validation must be extremely cheap.
This paves the way for a consensus-optimized decentralized network at the speed of light," Yakovenko told Decrypt. "There are use cases that you can't run on Ethereum that you can run on Solana, and that's where I'm starting to see devs really choosing Solana over Ethereum. »
No multi-channel future
Even if Yakovenko considers Ethereum and Solana complementary, he does not necessarily see the two cryptos cohabiting and leading to a multi-chain future.
I don't know what's going to happen, whether we're going to have a multi-channel future or not," he said. "Right now, when you're using an app, you're always aware that you're using a Solana or Ethereum app. And maybe users who are crypto-native care about making that distinction. »
Yakovenko highlighted the growth of the NFT market and the increase in the number of new users. For him, future users will not necessarily care which blockchain they use. On the other hand, they will continue to use the "killer app" which brought them there.
This killer app defines the environment," Yakovenko says, "which can lead to a world that's not multi-channel but something more like Amazon Web Services (AWS) or competitive distribution based on the cloud. »
Yakovenko does not, however, reject the possibility that several blockchains coexist. According to him, we are moving towards "a world where a huge part of the transactions, perhaps 90% of them, take place in a single environment".
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