Cryptocurrency trader and analyst Ben Armstrong believes that the battle for dominance among smart contract blockchains is well underway.
In a video, Armstrong says Solana (SOL) and Elrond (EGLD) are the newest blockchain platforms that could “possibly unseat the big boys” such as Ethereum (ETH), Cardano (ADA), Polkadot (DOT) and Binance Smart Chain.
The cryptocurrency trader says that Solana beats the two biggest blockchain networks by market cap handily in terms of speed and scalability.
“With a processing capacity between 50,000 to 65,000 transactions per second and a theoretical limit of over 700,000 per second, Solana is light years ahead of Bitcoin and Ethereum in transaction per second.”
Armstrong adds that Solana can also process thousands of smart contracts simultaneously without sacrificing efficiency. Coupled with its low transaction fees, the crypto trader says this is the reason FTX founder Sam Bankman-Fried (SBF) launched the Serum decentralized exchange on the Solana blockchain.
“But Solana has a runtime built to process tens of thousands of contracts in parallel…
With a cost of only $10 per 1 million transactions, you can see why dApps developers everywhere are so keen to jump on board. SBF chose Solana for the Serum DEX precisely because it was the fastest smart contract crypto on the market.”
Per Armstrong, one of Elrond’s strongest selling points is its speed and developer-friendliness as smart contracts can be written in a variety of programming languages since it supports an open-standard format known as WebAssembly.
“Elrond can handle a huge number of transactions at scale to the tune of a mighty 15,000 per second.
From a developer’s point of view, Elrond is an enticing prospect. A platform with real utility to build on, support for WebAssembly, where you can write smart contracts in a host of programming languages.”
Armstrong adds that other appealing aspects of Elrond include a fixed supply and a strong community supporting the project.
“According to Picolo Research, Elrond has the second-strongest community in all of crypto. Second only to Cardano. Elrond will never upscale beyond its maximum total supply of around 31 million. This gives it a scarcity akin to Bitcoin, which has obvious upside for its strong and committed community.”
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Featured Image: Shutterstock/Tithi Luadthong
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