Coin Telegraph reports that Bank of America will acquire Ethereum's market profit because it allows for a number of benefits during transactions and other uses. More than 50 billion transactions and around 5,7 non-fungible tokens are used in the crypto market. However, various critics condemn the move due to the decentralized network and long-term profitability.
Solana brings several benefits to the table
Coin Telegraph quoted Bank of America digital asset strategist Alkesh Shah as saying, “Its ability to deliver high throughput, low cost and ease of use creates a blockchain optimized for consumer use cases such as micropayments, Defi, NFT, decentralized networks (Web3) and games. "
“Ethereum favors decentralization and security, but at the expense of scalability, which has led to periods of network congestion and transaction fees that are occasionally greater than the value of the transaction sent. Solana prioritizes scalability, but a relatively less decentralized and secure blockchain has trade-offs, illustrated by several network performance issues right from the start, ”he added.
The data shows that there are more than 1.700 visa transactions every second, the visa network is equipped to handle 24.000 transactions per second. The efficiency of Ethereum is 12 transactions per second at the moment; on the other hand, visa transactions for Solana can reach up to 65.000 transactions per second.
Recent problems are a cause for concern
Solana recently witnessed several significant network issues, including withdrawal issues on July 12. Reports suggest a performance shutdown on Jan.7 and a DDoS attack on Jan.5. Solana also encountered network congestion due to mass botting last year in December.
Austin Federal, head of communications at Solana Labs, said the developer is constantly eliminating network and performance issues to improve transaction and optimization for other services. The professional team is committed to providing the best experiences in the market and scaling the growth chart by introducing advanced attributes into the system.
Mike Tyson goes “All In” on Solana
Former heavyweight champion Mike Tyson recently tweeted "all-in on Solana". The legendary boxer also attached a non-fungible Catalina Whale (NFT) token issued on top of the Solana blockchain.
Tyson also started promoting Dream (quotation DREAM), a dubious ERC-20 token, arguing that the token could "revolutionize" the space and help the community deal with mental health problems.
"Iron Mike" asked Twitter to decide whether to choose Ethereum or Solana in September. In June, he asked his five million followers the same question about Bitcoin and Ethereum. In July, the boxer announced his first NFT line after partnering with the 1ofone creative agency. Its launch took place in August.
Competition between the two chains is becoming increasingly fierce. Both JPMorgan and Bank of America recently predicted that Solana will continue to eat the market share of its bigger rival.
However, the various technical problems encountered in recent months show that the network may not be ready for mainstream adoption yet.
In 2015, he got into the Bitcoin game by launching a Las Vegas-based ATM after partnering with Bitcoin Direct. The project was met with allegations of scam that were vehemently denied. The former boxing champion also launched a Bitcoin wallet in partnership with Bitcoin Direct in 2016.