Hedera Boasts Speed and Low Fees – Is It Enough to Topple Solana?

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Hedera Boasts Speed and Low Fees – Is It Enough to Topple Solana?
  • Altcoin Buzz delves into Hedera Hashgraph’s potential to surpass Solana.
  • The video emphasizes Hedera’s appeal for high-volume applications like micropayments due to its ability to handle up to 10,000 transactions.
  • They also compare its centralization and governance model to Solana’s more decentralized proof-of-stake approach.

Crypto YouTube channel Altcoin Buzz recently dropped a video talking about the capabilities of Hedera Hashgraph and the possibility of it beating Solana. Talking about Hedera, Altcoin Buzz highlighted that it offers some compelling capabilities that set it apart. Created by academics and researchers, it utilizes the hashgraph distributed consensus algorithm enabling fast, fair ordering of transactions with timestamps attached to prevent tampering.

The video stated that the network can process up to 10,000 transactions per second with low fees and immediate finality. Altcoin Buzz mentioned that this makes it highly attractive for applications like micropayments that require reliable, high-volume throughput.

Hedera also provides smart contract functionality, allowing developers to build dApps using familiar Ethereum tools like Solidity. Tokens can be easily minted and managed on the network. The native HBAR token powers the ecosystem, including providing network security through its staking model.

However, the video pointed out that Hedera is more centralized than some competitors. They also mentioned that its governing council system gives major companies, like Google and IBM, significant control over the network’s direction.

Solana, in contrast, uses a more decentralized proof-of-stake consensus built on novel technologies like Proof of History. It can also handle 50,000+ TPS but has faced criticism for frequent outages under high loads.

As the competition heats up, Hedera’s enterprise backing and hashgraph algorithm give it strong technical foundations. HBAR and SOL, however, are quite distant when it comes to the price factor. According to CoinmarketCap, SOL is trading at $21.29, with a 2% drop in value over the last 24 hours. However, HBAR is hovering around $0.006233 with a 2% drop in value and has a long way to go to reach SOL’s position in terms of price.

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