The CEO of the FTX exchange, Sam Bankman-Fried, believes that the Solana cryptocurrency can take the place of Bitcoin, but for this it needs to overtake its main competitor – ether.
Sam Bankman-Fried suggested that a scalable cryptocurrency with very low commissions should come out on top in terms of cryptocurrency market capitalization, and SOL could become it. To do this, the Solana blockchain must process tens of millions of transactions per second, and Bankman-Freed believes that Solana has a real chance to do so. However, before the SOL coin takes the place of Bitcoin, it needs to overtake its main competitor – ether.
Bankman Freed recognizes the value of BTC, but Bitcoin’s blockchain is rarely used to build any applications. As for Ethereum, many DeFi and NFT projects are being developed based on this network. In addition, Ethereum developers have already begun the transition to Ethereum 2.0, and the Proof-of-Stake (PoS) consensus algorithm can solve the main problems associated with scalability. However, Bankman-Fried does not think so and is pessimistic about Ethereum 2.0.
He spoke about sharding, which involves dividing the Ethereum infrastructure into smaller parts (shards) to speed up transaction processing. According to Bankman-Fried, the disadvantage of sharding is that it does not imply native layout between transactions in different shards. Competition between network participants in different shards will automatically put all users at a disadvantage and create “chaos” in the Ethereum network.
Solana Labs co-founder Raj Gokal said this month that the project has no goal of “killing” Ethereum, and there is room for everyone to grow in the crypto space.
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