As the Crypto space continues to grow we are getting more and more options for layer 1 blockchains to use, two of these being Solana and Kadena. SO without further ado I bring you the battle of two layer 1 blockchains:
Kadena Vs Solana
What is Kadena?
Kadena is a layer 1 blockchain built for its high level of security which can be compared to Bitcoins, its interoperability which is crucial as we head into a multi-chain landscape and for its developer friendliness.
Kadena has been built to help onboard companies into the space and give them a blockchain where they can safely build dApps that can scale and be reliable, this is done through its consensus mechanism known as Chainweb and its programming language Pact.
Kadena works as a proof of work (POW) consensus mechanism which allows miners to process transactions in return for rewards in the form of Kadenas native token KDA. Remember this for later in the article when we talk about Solanas consensus mechanism.
Pact was designed to combat the downfalls of Ethereums programming language Solidity, mainly its security issues. By using Pact and Kadena developers are able to build and update dApps as they wish without sacrificing any security.
Kadena was founded in 2016 by Will Martino and Stuart Popejoy who come from a JP Morgan background. With an extensive traditional finance background they decided to team up to build Kadena. They also have Stuart Habar on the team as an advisor who is one of the most cited people in Satoshi Nakamotos whitepaper for Bitcoin.
Transaction speeds is an area the Kadena team is focusing on to help improve scalability, the team claims that Kadena is capable of processing upwards of 480,000 transactions per second and believe the network will be capable of processing 1 million transactions per second in the near future.
Traditionally networks that run on a proof of work consensus mechanism are rather slow such as Bitcoin and Ethereum before the recent merge, the main benefit of POW is the high level of security it brings, hence why Kadena has chosen to adopt it.
However, in Kadenas case they have used a braided, parallelized version that is very unique and allows for an increased transaction speed while still maintaining Bitcoin level security through proof of work.
This is where Kadena really takes the cake compared to the majority of other layer 1 blockchains out there.
Basically zero fees! Kadena touts no-cost transactions making it essentially free to send transactions on the network. However from what I can figure out it does cost somewhere in the area of $0.00000001 per transaction which lets be real may as well be zero.
Pair this with their near instant transactions times and we have one of if not the fastest and cheapest to use layer 1 blockchains in Kadena.
Scalability and Security
As mentioned previously Kadea is built for its security and scalability, through its sharding mechanism it is able to scale almost indefinitely and through its unique proof of work mechanism Kadena is able to maintain a very high level of security some would say on par with Bitcoins security.
Now no matter how good a blockchain is on paper what really matters is if anyone is using and building on top of it.
Kadena has an established ecosystem which seems to continuously grow, boasting 53 apps currently using the blockchain. We can tick Kadena off as a blockchain people are taking notice of and actually using/building on top off.
Due to Kadenas performance capabilities it is being positioned perfectly to have a thriving NFT and DeFi sector which are two sectors that are crucial to mass adoption and onboarding of new users.
What is Solana?
Solana is a layer 1 network most known for its booming NFT sector and its rise to fame during the 2020 bull run. Built for its low transaction costs and fast transaction speeds, Solana quickly became a leading network even surpassing Ethereum in daily wallets.
Solana runs a proof of stake (POS) consensus mechanism where users can stake their Solana to contribute towards a node which keeps the network up and running. Due to this Solana can process transactions a lot cheaper and faster than other networks such as Ethereum running on a proof of work mechanism.
Solana has near instant transaction speeds which is one of the reasons it rose to fame so quickly, making it perfect for DeFi and trading NFTs its fast transaction speeds make Solana a very user friendly chain to use.
Solana has had some hiccups along the way with network outages due to congestion of the chain especially during some of the more hyped up NFT mints as bots plagued the network. The team over at Solana was quick to roll out an update to try to combat these bots and it seems to have been successful as the network has not suffered a severe outage since.
This is where Solana truly shines. With transaction fees as low as $0.000025 per transaction sometimes it feels like there aren’t any fees at all.
This is where Solana really shone compared to Ethereum when it comes to its NFT space. With such low transaction fees we have seen Solanas NFT trading volume explode as people can afford to actively trade NFTs more sparingly with such low transaction fees.
Scalability and Security
During the 2020 bull run we also saw a huge NFT run which partially took place on Solana. This is when Solana saw a huge amount of transaction volume and did experience some congestion due to bots.
The Solana team has constantly been rolling out updates to help with Solanas scalability that have been working and is now allowing the network to process over 4,000 transactions per second without an outage in months. With a total combined amount of transactions totaling over 109 billion (yes billion with a B) I think Solana has proven it can scale and more importantly the team has proven themselves with the consistent new updates rolled out.
In fact at one point Solana was processing more transactions than any other blockchain.
Security wise, Solana itself has not had any major breaches however a lot of protocols on the network have had breaches such as the recent Mango where the DeFi protocol based on Solana was hacked and lost $117 million dollars.
We also saw the mass wallet drain hack that happened earlier in the year that left people baffled as to how it happened, you can read more about this hack and how it happened here.
These hacks however cannot be blamed on the network as they were done at a protocol level.
This is where Solana truly thrives, as mentioned before a huge NFT bull run took place on Solana where we saw hundreds if not thousands of NFT collections being launched every day.
This quickly evolved Solanas NFT sector into one of the leading NFT sectors in the space.
Solana also boasts a handful of DeFi protocols and upcoming games however it is the NFT space where Solana truly thrives.