Various blockchains can serve many purposes in the digital and real-world alike. Syscoin and Solana have some intriguing similarities but also opt for diverging paths. Therefore, it is essential to understand the differences between the two, as they can make or break a project.
The Success of Solana
No one can deny Solana has gained a lot of momentum throughout 2021. The blockchain ecosystem is fast, efficient, accessible, and supports many concepts, including DeFi, NFTs, and more. Additionally, the network has proven very successful, especially as popular chains like Ethereum tend to suffer from high transaction fees or network congestion somewhat regularly.
While better speed and lower fees are promising in the blockchain space, it will only prove beneficial if the network is stable. Considering the blockchain provided unstable in September 2021 – although that was resolved quickly – there is still room for improvement on that front. Moreover, one has to consider a few hundred projects on Solana, which is far lower than most other prominent blockchains on the market today.
There is also the concept of inflation to consider. More specifically, Solana has no hard cap on the amount of SOL that can exist. However, as inflation is a prominent concern in the real world, it may be something investors prefer to avoid in the digital world.
The last thing to consider is building regulatory compliant applications, products, and services on the Solana blockchain. Like most other blockchains, developers need to take care of these matters themselves rather than having protocol-level support. That may end up being a core weakness in many public blockchains.
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How Syscoin Goes The Extra Mile
Similar to Solana, the Syscoin ecosystem provides high speed and efficiency. However, the ecosystem has a much better scaling potential than most public blockchains through the use of ZK-rollup technology. That technology allows for even better scaling and going beyond speeds that most networks will ever achieve. The ZK-rollup rollout is part of Syscoin’s NEVM upgrade, bringing the best of Bitcoin and Ethereum and allowing a throughput of up to 210,000 TPS.
More specifically, Syscoin benefits from the security provided by Bitcoin’s network through merge mining. Additionally, it leverages EVM compatibility and smart contract capabilities, making it easy for developers to build on Syscoin. That security aspect provided by Bitcoin’s network will prove essential when Syscoin completes its Validium upgrade – part of NEVM – by Q3 2022, raising the network throughput to 4 million TPS.
Going beyond scaling and efficiency, NEVM introduces another crucial aspect to the Syscoin blockchain. The native opt-in features providing regulatory compliance at scale to projects and their asset’s transactions is a gamechanger in the industry. Additionally, Syscoin’s approach doesn’t require custodians, allowing for unprecedented applications of securities in decentralized finance, decentralized exchanges, and other emerging fintech opportunities.
Closing Thoughts
While both Solana and Syscoin have a high-efficiency rate and offer low-fee solutions, the projects are very different at their core. Solana prioritizes accomodating DeFi, NFTs, and other functionalities but lacks the necessary regulatory compliance features that Syscoin brings to the table. Although not all projects will require a regulatory compliance aspect today, that situation can change quickly.
Regulators worldwide keep close tabs on developments in the blockchain and cryptocurrency space. As a result, any project looking toward the future may explore that aspect at the protocol level without worrying about it later. Syscoin and NEVM provide that option, creating a competitive edge not found in most other public blockchains today.
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